New Delhi (NVI): Parliament today passed the crucial Insolvency and Bankruptcy Code (Amendment) Bill 2020, with Finance Minister Nirmala Sitharaman asserting that the government is committed to protect the right and security of every home buyer.
The Bill, which was passed by the Lok Sabha on March 6, was approved by Rajya Sabha today.
Replying to a debate on the legislation, the Finance Minister said the amendments brought in by the government are a mechanism to incorporate viable changes in the legislation.
“As on January 1, 2020 out of around 43,000 cases disposed off by National Company Law Tribunal, nearly 15,000 cases were resolved based on Insolvency and Bankruptcy Code,” she said.
Speaking on Micro, Small and Medium Enterprises, MSME, Sitharaman said the banks have been asked to pay dues to stakeholders in order to maintain the liquidity.
Earlier, moving the bill, Finance Minister said, it is the necessity of the time to amend the present bill to keep pace with the development across the globe.
The IBC Bill came into force in 2016, has already been amended thrice.
