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COVID-19 Rehabilitation and Relief Fund has been set up by CII

COVID-19 Rehabilitation and Relief Fund has been set up by CII

The Confederation of Indian Industries has set up a fund to assist rehabilitation of micro, small and medium enterprises. The fund will be raised with the help of members of the confederation.

Key Points:

  • Late repayment of loans has been allowed by the Government of India for the MSMEs. Sections under the Insolvency Bankruptcy Code (IBC) code such as Section 7, Section 9 and Section 10  are suspended for six months in case the situation continues till 30 April 2020. 
  • Under Section 7 of IBC, the Government or the creditor can file an application to start the insolvency procedure.
  • Corporate insolvencies can be started under section 9.
  • Under section 10,  the defaulting company has the power to approach an adjudicating authority to declare it insolvent.
  • The steps like travel bans, closure of theatres, Lock Down of malls and educational institutions have been taken to restraint the virus.

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