Lok Sabha speaker refers bankruptcy code amendment bill to standing committee
PrintListen to this Article
Four other bills, introduced in the Winter session of Parliament, were referred to different standing committees for further examination, the Lok Sabha secretariat said in a bulletin. The bills relate to anti-piracy, welfare of labourers, and 'maintenance' of parents and senior citizens."Members are informed that the Speaker, Lok Sabha has referred the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019, as introduced in Lok Sabha, to the Standing Committee on Finance for examination and report within three months," the Lok Sabha secretariat said.
The bill seeks to amend the Insolvency and Bankruptcy Code (IBC) so successful bidders of insolvent companies will be ring-fenced from any risk of criminal proceedings for offences committed by previous promoters of companies concerned.It was passed by the Cabinet and subsequently introduced in the Lok Sabha during the Winter session earlier this month.
The Speaker has also referred the anti-maritime piracy bill, which proposes stringent punishment, including death penalty or life imprisonment, to those involved in piracy at sea, to the parliamentary standing committee on external affairs chaired by former Union minister P P Choudhary.
The bill, which aims to promote the safety and security of India's maritime trade, and the safety of its crew members, was introduced on December 9 in the Lok Sabha by External Affairs Minister S Jaishankar.The speaker also referred two bills for the welfare of labourers -- the Industrial Relations Code, 2019 bill and the Code on Social Security, 2019 -- to the standing committee on labour for examination and report within three months.
The draft code on industrial relations has been prepared after amalgamating, simplifying and rationalising the relevant provisions of three Central Labour Acts -- The Trade Unions Act, 1926, The Industrial Employment (Standing Orders) Act, 1946 and The Industrial Disputes Act, 1947.The social security code bill proposes to set up a social security fund using the corpus available under corporate social responsibility. The fund will provide welfare benefits such as pension, medical cover, and death and disablement benefits to all workers, including gig workers.
The Maintenance and Welfare of Parents and Senior Citizens (Amendment) Bill, 2019 was referred to the standing committee on social justice and empowerment for examination and report within three months.The bill seeks to punish those who intentionally abuse their parents or senior citizens under their care and protection or abandon them may be sentenced to six months' imprisonment or slapped with a fine of Rs 10,000 or both.#casansaar (Source- PTI Economic Times)
Category : Insolvent Professional | Comments : 0 | Hits : 212
The National Company Law Tribunal (NCLT) on Monday ordered insolvency proceedings against media baron Subhash Chandra on a plea filed by Indiabulls Housing Finance. A two-member Delhi bench of the NCLT directed initiation of personal insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL) Chairman Emeritus Chandra, who was a guarantor for a loan given to Essel group firm Vivek Infracon Ltd. The NCLT bench, consisting members Ashok K Bhardwaj and Subrata K Das,...
The Insolvency and Bankruptcy Board of India (IBBI) invites suggestions/comments from public and regulated entities, on the Regulations for simplifying, easing and reducing cost of compliance. The suggestions are invited in pursuance of the announcement made in the Union Budget for FY 2023-24 by the Union Finance Minister: “To simplify, ease and reduce cost of compliance, financial sector regulators will be requested to carry out a comprehensive review of existing regulations. For th...
To make surety bond business more attractive, the government is looking at making relevant changes in the Insolvency and Bankruptcy Code (IBC) to consider insurers as financial creditor in case of default of infra projects. The surety bond issued by a general insurance company is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee). The surety is a company that provides the fina...
The National Company Law Tribunal Delhi recently observed that the Insolvency and Bankruptcy Code cannot be used as a recovery tool. “We are of the view that in the present case the applicants are already having demands drafts of amount exceeding the defaulted amount in this petition and moreover IBC cannot be used as a tool for recovery; the settlement has been arrived between the parties. The amount has been paid in excess of the default amount and Ld. Counsel for the applicant has al...
India’s turbulent aviation sector will likely see another player go belly up with Go First of the Wadias filing for voluntary insolvency before the National Company Law Tribunal (NCLT). The budget carrier said it is cancelling all flights on May 3, 4, and 5 and will refund the full fares to the passengers. The Directorate General of Civil Aviation (DGCA) has questioned the cancellation and issued a show-cause to the airline. Go First has been asked to submit its response within 24 ho...
Comments