Rajya Sabha passes Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020
The Bill was tabled by Finance Minister Nirmala Sitharaman amends the Insolvency and Bankruptcy Code 2016 which provides a time-bound process for resolving insolvency in companies and among individuals
The Rajya Sabha on Saturday (September 19) passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020. The Bill was tabled by Finance Minister Nirmala Sitharaman amends the Insolvency and Bankruptcy Code 2016 which provides a time-bound process for resolving insolvency in companies and among individuals.
During the discussion, Congress MP Vivek Tankha questioned several provisions of the Bill urging that these must be relooked for the interest of the public. He said that the new amendments will only benefit the big companies and prove to be detrimental for the small companies including MSMEs.
Joing the discussion, Dinesh Trivedi of TMC said that legislation must not be brought in hurry without larger consultation. Samajwadi Party MP Ravi Prakash Verma said that NPA is continuously rising in the country and the number of willful defaulters has also increased.