As per The Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 explain the suspension of initiation of corporate insolvency resolution process of a corporate debtor.

The Insolvency and Bankruptcy (Second Amendment) Code, 2020 has inserted section 10A in the Code for suspension of initiation of corporate insolvency resolution process. It states that: Notwithstanding anything contained in sections 7, 9 and 10 no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of six months or such further period, not exceeding one year from such date, as may be notified in this behalf. Moreover, the said provision shall not apply to any default committed under the said sections before 25th March, 2020. Provided that no application shall ever be filed for initiation of corporate insolvency resolution process of a corporate debtor for the said default occurring during the said period. The above stated provision was inserted vide Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 in light of COVID-19 pandemic that has impacted business, financial markets and economy all over the world, including India, and created uncertainty and stress for business for reasons beyond their control. This ordinance was repealed by the said Second Amendment 2020 in the Code.