Opposition to move resolution against IBC (Amendment) Ordinance, 2021 today
Opposition leaders will on Tuesday move a resolution in Lok Sabha disapproving the Insolvency and Bankruptcy Code (Amendment) Ordinance. The ordinance was enacted to amalgamate laws relating to the insolvency resolution of business firms. It lays down clear-cut and faster insolvency proceedings to help creditors, such as banks, recover dues and prevent bad loans.
An ordinance is a law promulgated when Parliament is not in session.
Finance minister Nirmala Sitharaman on Monday introduced the Insolvency and Bankruptcy Code (Amendment) Bill 2021, in Lok Sabha. The proposed law aims at reworking some of the processes to deal with small businesses going belly up. The bill was necessitated by the financial stress wrought by the pandemic.
Sitharaman was supposed to make an explanatory statement on the Bill. She tabled it amid pandemonium as Opposition members resumed protests no sooner than the House began its proceedings.
Adhir Ranjan Chowdary, Adoor Prakash (Congress), and Trinamool Congress’s Saugata Roy will be among the leaders who will move the resolution.
Congress leader Manickam Tagore also plans to move for the adjournment of business in Lok Sabha for the third time for discussion on the Pegasus snooping row “in the presence of Prime Minister or home minister”.
Union ministers Sarbananda Sonowal and Smriti Irani are scheduled to table Marine Aids to Navigation Bill and Juvenile Justice (Care and Protection of Children) Amendment Bill in Rajya Sabha. Protests over alleged snooping prevented them from tabling the bills last week.