Lok Sabha passes Insolvency and Bankruptcy Code Amendment Bill
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The bill prohibits certain persons from submitting a resolution plan in case of defaults.
These include wilful defaulters, promoters or management of the company having an outstanding non-performing debt for over a year.
The Bill also has provisions to bar the sale of property of a defaulter to such persons during liquidation.
Replying to a debate on the Bill, Finance Minister Arun Jaitley rejected the claim of Congress that the Non-Performing Assets(NPA) of banks have increased during NDA regime.
He accused the previous UPA government of hiding the real figure of NPA by restructuring the assets. He said the Narendra Modi government has revealed the real figure of NPA.
The Minister also said there was an extreme urgency to bring an ordinance to address the issue of insolvency.
Earlier participating in the debate, Gaurav Gogoi accused the government of manipulating the GDP data and other ratings. He also alleged that the bill aimed at providing benefits to crony capitalists. #casansaar (Source - NewsonAir)
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