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Mar 12, 2020

Parliament passes Insolvency and Bankruptcy Code (Amendment) Bill 2020

Insolvency and Bankruptcy Code (Amendment) Bill 2020 has been passed by the Parliament with Rajya Sabha giving its nod today. It was already passed by the Lok Sabha earlier. Replying to the discussion, Finance Minister Nirmala Sitharaman said that the current government is both responsive and is committed to deliver to its promises in tune with changing times. She said that the amendments brought in by the government are a mechanism to incorporate viable changes in the legislation. She emphasized on the importance of the ordinance before the bill and said that it was needed to avoid any hiatus. The Minister said, as on 1st January of this year, out of around 43 thousand cases disposed off by National Company Law Tribunal, nearly 15 thousand cases were resolved based on Insolvency and Bankruptcy Code.

Ms. Sitharaman asserted that the government is committed to protecting the right and security of every home buyer. Speaking on Micro, Small and Medium Enterprises, MSME, she said, the banks have been asked to pay dues to stakeholders in order to maintain the liquidity. Earlier, moving the bill, Finance Minister said, it is the necessity of the time to amend the present bill to keep pace with the development across the globe.

Initiating the discussion, Jairam Ramesh of Congress suggested that the government should revisit the Insolvency and Bankruptcy Code in relation MSME to safeguard their interests. He said, under the present law, the recovery rate is only 10 percent which is a matter of grave concern. Manas Ranjan Bhunia of Trinamool Congress said, since the passing of the bill in 2016, the government has introduced three ordinances and four amendments for rectification, which shows a lack of knowledge and confusion of the government. He said, the Finance Ministry should examine the application of the GST mechanism to MSME under the present structure. Ravi Prakash Verma of Samajwadi Party, KK Ragesh of CPM, Satish Chandra Misra of BSP participated in the discussion.

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