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Home News India

Debts due to COVID-19 will not be included in the category of ‘default’: Finance Minister Nirmala Sitharaman

by Janam Web Desk
May 17, 2020, 12:09 pm IST
in India

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

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