Opposition MPs oppose Ordinance on amendment to Insolvency and Bankruptcy Code Bill; Finance Minister Piyush Goyal defends

Congress MP M Veerappa Moily on Tuesday said under the new dispensation the autonomy and decision making powers of the banks have been 'shattered'.

Published: 31st July 2018 03:48 PM  |   Last Updated: 31st July 2018 03:49 PM   |  A+A-

Veerappa Moily speaks on the IBC Bill at the Lok Sabha on July 31, 2018. (Screengrab | LS TV)

By UNI

NEW DELHI: The Opposition members, including from Congress and RSP, opposed the promulgation of the much talked about Ordinance on Insolvency and Bankruptcy Code Amendment saying the government has shown unnecessary hurry in bringing in the new law.

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Speaking on the Bill in the Lok Sabha, Congress MP M Veerappa Moily on Tuesday said under the new dispensation the autonomy and decision making powers of the banks have been 'shattered'.

"You raise the issue of legacy but let us know what corrective steps you have taken to correct the legacy," said Mr Moily, who is also chairman of the Parliamentary Standing Committee on Finance.

Suggesting that there is an attempt to help someone, he said that means the Ordinance is "tainted" and insisted that the Standing Committee should examine the bill in details.

The former Union Minister for Corporate Affairs said the government wants to "bulldoze" the Bill and they have been apparently taking suggestions from 'outside sources'.

"The Bill should be referred to the Standing Committee, we have many brilliant members in the panel including Kirit Somaiya of BJP," Mr Moily said.

He charged that there is an atmosphere of "intolerance" and maintain "to nurture democracy, there is need for highest form of tolerance".

He said more often the NDA dispensation has been ignoring the suggestions and recommendations of the parliamentary panels.

The government, however, strongly defended the decision to promulgate the much talked about The Insolvency and Bankruptcy Code Ordinance.

Finance Minister Piyush Goyal said the Ordinance route was necessary to initiate action against big defaulters of loan and said it has also helped save jobs of thousands of workers in various sectors.

"Several companies have been saved from getting closed," Mr Goyal said.

Moving the statutory resolution on the same, RSP member N K Premachandran opposed the Ordinance and accused that the government has shown unnecessary hurry in bringing in the new law.

"The government has not applied its mind on various provisions of the Bill," he alleged and demanded that the draft law should be referred to the Standing Committee for the necessary scrutiny. This is "abuse" of the provisions of the law, he accused.

BJP MP Kirit Somaiya defended the government move and said bringing in a new law has been necessitated as during 10 years of Congress-led UPA rule, huge public money was given away to big industrial houses as loan.

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