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Rajya Sabha passes the
Rajya Sabha passes the Insolvency and Bankruptcy Code (Amendment) Bill

The Rajya Sabha on Monday passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2019.

The Bill seeks to amend the Insolvency and Bankruptcy Code (IBC), 2016 which provides a time-bound process for resolving insolvency in companies and among individuals.

Replying to a debate on the bill, Finance Minister Nirmala Sitharaman highlighted the need of amendment in the IBC 2016.

She said the Insolvency and Bankruptcy Code Amendment Bill has been brought to remove ambiguity and ensure that no interpretations which are against the original intent of the Act prevail. She said the amendments is to ensure bringing more clarity in the debt resolution process.

The Minister said it is intended to provide a time-bound and smooth resolution of the matters.Earlier, participating in the discussion on the bill, Kapil Sibal of Congress while pointing out several pertaining issues with regard to insolvency, demanded referring the Bill to the Select Committee for detail discussion.

He also said India’s economy is passing through a difficult time and sectors like manufacturing and real estate are facing challenges.

Bhupendra Yadav of BJP stressed the need for this amendment bill and supported it. Manish Gupta of TMC, Ravi Prakash Verma, Binoy Viswam of CPI, Suresh Prabhu of BJP, Jairam Ramesh of Congress and others also expressed their views.(updated on july 29h, 2019)