Amid protest from Opposition, Finance Minister​ introduces bill to amend insolvency law

Explaining the rationale, Sitharaman said the amendment has been necessitated because there was lot of doubt in the mind of small home buyers and others.

Published: 12th December 2019 03:13 PM  |   Last Updated: 13th December 2019 10:12 AM   |  A+A-

Union Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman. (Photo | PTI)

By Express News Service

NEW DELHI: Amid strong protest by the Opposition, Union Minister for Finance Nirmala Sitharaman introduced the Insolvency and Bankruptcy Code (Amendment) Bill in the Lok Sabha on Thursday.
While the minister argued that the Bill has been brought to address the urgency, the Opposition slammed the practice of the government in bypassing the mandatory two days of notice before introducing the legislative proposal.

Leader of the Congress in the Lok Sabha Adhir Ranjan Choudhary slammed the government saying the
Bill was introduced within hours after copies of it were circulated on Thursday morning.Sitharaman said that the Bill has been necessitated to address concerns of the homebuyers and also to protect the interests of the banking institutions. She sought the cooperation of the Opposition so that the government could address the emerging economic challenges.

Lok Sabha Speaker Om Birla ruled that the Chair has allowed the introduction of the Bill. Incidentally, the IBC law was also amended in July this year.

The Opposition urged the Speaker to intervene and refer the legislative proposal to the Parliamentary standing committee for in-depth scrutiny by the members along with consultations with the stakeholders, while criticizing the government for getting Bills passed in a hurry and coming back to the Parliament with fresh amendments.The IBC was passed by Parliament in 2016 and so far, it has been amended thrice.


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