Govt introduces Bill boost investment in financially distressed sectors

The Centre on Thursday introduced a Bill in the Lok Sabha with provisions seeking removal of bottlenecks and streamline the Corporate Insolvency Resolution Process (CIRP) aimed at protection of last mile funding to boost investment in financially distressed sectors, a move faced sharp objection of the opposition requesting to sent it to the Standing Committee.

The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 was introduced by Union Finance Minister Nirmala Sitharaman.

The Bill was opposed by Opposition members including Congress' Adhir Ranjan Chowdhury and Trinamool Congress' Saugata Roy who raised questions about the needs of the new Bill in spite of a similar Bill was passed in the monsoon session.

They also attacked the government of not giving the opposition enough time to study the Bill according to the norms and even Speaker's permission was not taken.

"I would like to oppose the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019. A few days earlier, the House had passed one another amendment under insolvency and bankruptcy code. One after another, one amendment is brought and passed by the government. It is simply implies the inconsistency of the government. In so far as managing of our economy is concerned," Chowdhury said.

"In so far as legal perspective is concerned, no Bill shall be included for the introduction in the list of business until their copies are available for the use of members for at least two days before the day the Bill is proposed. The Bill was brought yesterday and now they want to pass it expeditiously."

He said, "This kind of indulgence should not be given to the government". "The Ministry has taken entire Parliament for a right. That is our objection. They cannot bulldoze if they are in the majority. We got it today morning. Why we (opposition) have been deprived from enjoying our legitimacy."

"I request the Bill to be sent in Standing Committee because the Minister has been suffering from inconsistency. They (government) have also taken you (Speaker) for granted."

Countering the allegation, BJP's Nishikant Dubey said nobody can take Speaker for granted. "The paper has been laid only after the Speaker's permission."

The TMC MP also raised the issue requesting to "withdraw" the Bill.

Birla said he had agreed to the request to the Minister for the introduction of the Bill as only two days had been left for the conclusion of the winter session.

Sitharaman said an amendment Bill was brought in July and a second amendment Bill was being brought as there were some doubts in the minds of home buyers.

She also asked opposition members to avoid "contempt and sarcasm" for industry, saying they were job creators and operate in accordance with law.

The Bill was approved by the Union cabinet on Wednesday.IANS