Lawstreet Journal

Rajya Sabha Passes Bill to Temporarily Suspend Initiation of Corporate Insolvency Resolution Process under IBC [READ BILL]

Lawstreet Journal 23 Sep 2020 1:04am

Image courtesy: Lawstreet Journal Executive Rajya Sabha Passes Bill to Temporarily Suspend Initiation of Corporate Insolvency Resolution Process under IBC [READ BILL]

The Rajya Sabha recently adopted an amendment to the Insolvency and Bankruptcy Code Bill, 2020 by voice vote after rejecting opposition amendments. Replying to a brief discussion, Finance Minister Nirmala Sitharaman justified the promulgation of the ordinance saying that the step was necessitated in view of the COVID-19 pandemic situation. She said, there were apprehensions that the country’s economy was likely to be adversely affected.

The Finance Minister said the government had settled thousands of disputed cases involving several lakh crores of rupees without any dissent. She said the Insolvency Bankruptcy Code (IBC) Bill is helping to resolve the dispute much before it is entering the NCLT. This is due to the ecosystem created because of the IBC. The Minister said the number of disposed of cases even before admission in NCLT, as of 31st of July 2020 related to Section 7 is 2,789 company cases, whereas the amount is over Rs 1.96 lakh crore. She said, under Section 9, 11,581 cases have been disposed of whereas under Section 10- 140 cases disposed of amounting to Rs 1.53 lakh crore.

K. K. Ragesh of CPI-M alleged that the government was trying to protect corporate houses. He was supported by several opposition members. Vivek Tankha of Congress, Anuj Singh of BJP, Dinesh Trivedi of Trinamool Congress, A. Vijaya Kumar of AIADMK, Dr. Amar Patnaik of Biju Janata Dal, Ravi Prakash Verma of Samajwadi Party, P. Wilson of DMK, Rama Chandra Prasad Singh of Janata Dal-United, Prof. Manoj Kumar Jha of RJD, Anil Desai… Continue Reading...

Tagged: Rajya Sabha  
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