Insolvency Bill introduced in Rajya Sabha, Oppn says rushed

The Insolvency and Bankruptcy Code (Second Amendment) Bill was distributed among the MPs on Thursday morning, the Opposition said. They wanted the Bill to be sent to a standing committee.

Sitharaman explained that the amendment was necessary as “there is a lot of doubt in the mind of small home buyers and others saying will the whole process be waiting for years, can they have some clarity, and so on.”

“So, if we have to bring in clarity, some amendments are required in addition to what we did in July, and therefore, I have come back,” she said.

Responding to the Opposition’s protests, Sitharaman said, “You are just obstructing because you do not want legislative changes to be shown for the people of India. This government is responding speedily, and I do not want the Opposition to appear as though they do not want the government to function. Please do help us function.”

Ahead of Sitharaman introducing the Bill, Congress’ Adhir Ranjan Chowdhury said that as per Direction 19 by the Speaker, the Bill had to be distributed two days before it was introduced. “A few days earlier also, this House passed another amendment under Insolvency and Bankruptcy Code. One after another, amendments are being brought in and getting passed. It simply implies the inconsistency of this government in so far as managing of our finance and economy are concerned.”

“The Ministry has been taking the entire Parliament for a ride. That is our objection. Everything is being bulldozed because it has the majority on its own,” he said.

TMC’s Saugata Roy suggested that the government can ask the Speaker to do away with Direction 19, but BJP’s Nishikant Dubey pointed out that the Speaker has the powers to give directions.