New Delhi: Union Finance Minister Nirmala Sitharaman on Sunday said that minimum threshold to initiate insolvency proceedings raised to Rs. 1 crore from Rs 1 lakh, which largely insulates MSMEs.
Special insolvency resolution framework for MSMes under Section 240A of the Code to be notified soon.
Empowering Central Government to exclude COVID-19 related debt from the definition of “default” under the Code for the purpose of triggering insolvency proceedings.
Debts due to COVID19 will not be included in the category of 'default': Finance Minister Nirmala Sitharaman pic.twitter.com/jOPQuPWXbJ
— ANI (@ANI) May 17, 2020
