New Delhi, Dec 29: All India Trinamool Congress member Saugata Roy on Friday said the Government
needs to give a fresh look on the Insolvency and Bankruptcy Code (Amendment)
Bill, 2017 and attacked the dispensation for taking the Ordinance route for
the passing of the Bill.
The Bill seeks to amend the Insolvency and Bankruptcy Code
(IBC) to plug potential
loopholes and prohibit certain persons, such as wilful defaulters, from submitting resolution plans to let them take charge of the company.
It proposes changes to help streamline the process of selecting buyers for stressed assets.
The Bill also seeks to provide punishment for contravention of the provisions where no specific penalty or punishment is mentioned.
Taking part in the Lok Sabha discussion on the Bill, Prof Roy said this Bill seeks to amend the Insolvency and Bankruptcy Code, 2016 and asked that why in one year it became necessary to bring amendment.
Attacking the Government for taking the executive order route, Prof Roy said, ' This ordinance is a desperate step by a desperate government.'
Congress party's KV Thomas criticised the Government for demonetisation and bringing the Goods and Services Tax in a hurry.
The Congress member said NPAs of Public sector banks are increasing at an alarming
rate.
' This is the time when we have to look into financial situation in the country,' he said.
Bharatiya Janata Party's Sanjay Jaiswal said the objective of the Bill is to bring new people who want to run the company.
The proposed law, he added, seeks to prevent those people who want to capture a company from the back door.
Bhartruhari Mahtab (Biju Janata Dal), P Venugopal (All India Anna Dravidra Munnetra Kazagham), Jayadev Galla (Telegu Desam Party) and Vinod Kumar Boinapalli (Telangana Rashtriya Samiti) also took part in the discussion. UNI
loopholes and prohibit certain persons, such as wilful defaulters, from submitting resolution plans to let them take charge of the company.
It proposes changes to help streamline the process of selecting buyers for stressed assets.
The Bill also seeks to provide punishment for contravention of the provisions where no specific penalty or punishment is mentioned.
Taking part in the Lok Sabha discussion on the Bill, Prof Roy said this Bill seeks to amend the Insolvency and Bankruptcy Code, 2016 and asked that why in one year it became necessary to bring amendment.
Attacking the Government for taking the executive order route, Prof Roy said, ' This ordinance is a desperate step by a desperate government.'
Congress party's KV Thomas criticised the Government for demonetisation and bringing the Goods and Services Tax in a hurry.
The Congress member said NPAs of Public sector banks are increasing at an alarming
rate.
' This is the time when we have to look into financial situation in the country,' he said.
Bharatiya Janata Party's Sanjay Jaiswal said the objective of the Bill is to bring new people who want to run the company.
The proposed law, he added, seeks to prevent those people who want to capture a company from the back door.
Bhartruhari Mahtab (Biju Janata Dal), P Venugopal (All India Anna Dravidra Munnetra Kazagham), Jayadev Galla (Telegu Desam Party) and Vinod Kumar Boinapalli (Telangana Rashtriya Samiti) also took part in the discussion. UNI
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