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Parliament highlights: Rajya Sabha passes amendment to Insolvency Act

Parliament Monsoon Session: Cutting across party lines, members in the Rajya Sabha on Monday supported a bill that seeks to regulate unregulated deposit schemes in the country and protect the money of poor depositors

By: Express Web Desk | New Delhi |
Updated: July 29, 2019 9:35:04 pm
Parliament LIVE updates: Insolvency Act amendment a response to Essar Steel bankruptcy, says Sitharaman Union Finance Minister Nirmala Sitharaman (File/ PTI Photo)

Parliament Monsoon Session: Finance Minister Nirmala Sitharaman on Monday told the Rajya Sabha that the proposed amendments in the Insolvency and Bankruptcy Code are aimed at ensuring greater clarity in the debt resolution process. She said the Insolvency and Bankruptcy Code Amendment Bill has been brought to remove grey areas and ensure that no interpretations which are against the original intent of the Act prevail.

Lok Sabha witnessed an uproar as soon as its proceedings began as Samajwadi Party MP Azam Khan tendered an apology for his “sexist remarks” against BJP’s Rama Devi who was looking over the proceedings of the House on July 25. “I have been an MLA for nine times, a minister several times, a Rajya Sabha member too. I was a parliamentary Affairs Minister too. I know legislative procedures. However, if my words hurt anyone, I hereby apologise,” Khan said.

On the other hand, an uproar was created in the Rajya Sabha as the opposition brought up the Unnao incident and demanded a CBI investigation in the accident. On Sunday, Unnao rape victim, who had accused BJP MLA Kuldeep Singh Sengar of sexually assaulting her in 2017, and her lawyer were critically injured and two of her aunts were killed when the car in which they were travelling collided with a truck in Gurubakshganj area of Rae Bareli.

Live Blog

Highlights from the ongoing Monsoon session:

20:47 (IST)29 Jul 2019
Lok Sabha passes bill to scrap 58 archaic laws

Lok Sabha on Monday passed a bill to repeal 58 old laws which the government said are a source of inconvenience to people.
Moving The Repealing and Amending Bill, 2019, Law Minister Ravi Shankar Prasad said that after the BJP-led government came to power "we have repealed 1,428 old and archaic Acts".

"Today we are (going to repeal) 58 old Acts," the minister said and noted that from 1950 to 2004, only 1,929 old laws were repealed.
Most of these laws, he said, date back to the British era.

19:06 (IST)29 Jul 2019
Lok Sabha Passes 'The Repealing and Amending Bill, 2019'

Lok Sabha Passes 'The Repealing and Amending Bill, 2019'

18:56 (IST)29 Jul 2019
Lok Sabha passes the National Medical Commission Bill, 2019.

Lok Sabha passes the National Medical Commission Bill, 2019.

18:54 (IST)29 Jul 2019
IBC Amendments to ensure greater clarity: Sitharaman in Rajya Sabha

The minister said four out of the eight set of amendment being brought in are explanatory in nature.

"There is a fear that probably the original intent wit which this Parliament brought Insolvency and Bankruptcy Cod is probably getting diluted. We should not allow its dilutio just for want of clarity," she said while moving The Insolvency and Bankruptcy Code (Amendment) Bill 2019, for consideration and passage in Rajya Sabha.

The Minister said until the Insolvency and Bankruptc Code 2016 was brought in, the country's insolvency framework was all scattered and fragmented leading to sub optima realisation or outcome of the legislative intent of the bill itself.

(PTI)

18:48 (IST)29 Jul 2019
Insolvency Act amendment a response to Essar Steel bankruptcy: Sitharaman

Insolvency and Bankruptcy Code amendment a response to Essar Steel bankruptcy case where secured creditors were treated at par with operational creditors: Sitharaman in Rajya Sabha 

18:45 (IST)29 Jul 2019
Sitharaman speaks in Rajya Sabha on amendments to Insolvency act

Amendments to Insolvency and Bankruptcy Code are in response to events that eroded legislative intent of IBC: Finance Minister Nirmala Sitharaman in Rajya Sabha

18:39 (IST)29 Jul 2019
Piyush Goyal cancels his visit to China for extended Parliament session

Commerce Minister Piyush Goyal, who was due to visit Beijing this week to take part in the 8th round of RCEP Ministerial meeting, has cancelled his trip to participate in the proceedings of the extended Parliament session, Indian officials said. Goyal, who also heads the Ministries of Industries and Railways, was to visit Beijing from August 2 to 3 to take part in the Regional Comprehensive Economic Partnership (RCEP) Intersessional Ministerial meet.

The minister will not be coming as he is due to take part in the extended session of the Parliament, Indian officials here said.
On Thursday, the government decided to extend the Parliament session till August 7 to complete its legislative agenda. The ongoing session was scheduled to end on July 26. (PTI)

16:03 (IST)29 Jul 2019
Parliament passes 'The Banning of Unregulated Deposit Scheme Bill, 2019'

Parliament passes 'The Banning of Unregulated Deposit Scheme Bill, 2019', after Rajya Sabha clears it.

15:44 (IST)29 Jul 2019
293 big dams in country over 100 years old, Lok Sabha told

As many as 293 big dams in the country are more than 100 years old, Union minister Gajendra Singh Shekhawat said on Monday as he introduced a bill on dam safety in Lok Sabha.

The bill seeks to set up the National Dam Safety Authority for proper surveillance, inspection and maintenance of specified dams as well as address unresolved issues between states. Besides the National Dam Safety Authority, the government has proposed setting up A National Committee on Dam Safety in order to prevent dam failure-related disasters.

According to the bill, the committee would maintain standards of dam safety and also evolve policies for ensuring safety of dams. (PTI)

15:18 (IST)29 Jul 2019
National Medical Commission bill to be biggest reform: Harsh Vardhan

Genuine concerns over the National Medical Commission Bill have been addressed and the legislation will be one of the biggest reforms, Union minister Harsh Vardhan said in Lok Sabha on Monday.

The bill would replace the 63-year-old Medical Council of India (MCI) with the commission to reform the medical education sector. It also seeks to repeal the Indian Medical Council Act 1956, stating that the council that was set up was corrupt. It has been alleged that the process by which the MCI regulated medical colleges was flawed.

Moving the bill for consideration in Lok Sabha, Vardhan said it seeks to put in place a new structure to tackle challenges in the medical education sector. (PTI)

15:15 (IST)29 Jul 2019
Rajya Sabha members support bill to regulate unregulated deposits schemes

Cutting across party lines, members in the Rajya Sabha on Monday supported a bill that seeks to regulate unregulated deposit schemes in the country and protect the money of poor depositors.

CPI-M leader Elamaram Karim, however, moved a resolution opposing the ordinance route taken by the government to bring this bill just before Lok Sabha polls. Asserting that he does not question the merit of the bill, Karim said it was not a good practice to bypass Parliamentary procedure and bring an ordinance. Every bill should be debated in Parliament.

The Banning of Unregulated Deposit Scheme Bill, 2019 has already been passed in the Lok Sabha. (PTI)

14:19 (IST)29 Jul 2019
Lok Sabha continues discussion on NMC Bill

Lok Sabha continues the discussion on the National Medical Commission Bill, 2019. 

13:08 (IST)29 Jul 2019
Lok Sabha adjourned

Lok Sabha adjourned till 2:10 pm

13:01 (IST)29 Jul 2019
Rajya Sabha adjourned

Rajya Sabha adjourned till 2 pm

12:22 (IST)29 Jul 2019
Venkaiah Naidu breaks down as Rajya Sabha mourns death of Jaipal Reddy

Rajya Sabha Chairman M Venkaiah Naidu on Monday broke down as he read out an obituary reference for his old friend and former union minister S Jaipal Reddy, saying he was pained by his death. When the House met for the day, Naidu read out an obituary reference for Reddy, who passed away on Sunday at the age of 77. Reddy, who represented the state of Andhra Pradesh in the Upper House for two terms -- from April 1990 to April 1996 and from September 1997 to March 1998, was union minister holding different portfolios during 1997-98 and 2004-14, he said. "In passing away of Shri S Jaipal Reddy, the country has lost a veteran parliamentarian, an outstanding orator and an able administrator," he said. (PTI)

12:03 (IST)29 Jul 2019
RS discusses Banning of Unregulated Deposit Schemes Bill

Rajya Sabha discusses the Banning of Unregulated Deposit Schemes Bill, 2019

11:46 (IST)29 Jul 2019
Uproar in Rajya Sabha over Unnao incident

Bringing the Unnao incident in the House, the opposition created an uproar in Rajya Sabha and appealed that CBI should investigate the case. On Sunday afternoon, Unnao rape victim, who had accused BJP MLA Kuldeep Singh Sengar of sexually assaulting her in 2017, and her lawyer were critically injured and two of her aunts were killed when the car in which they were travelling collided with a truck in Gurubakshganj area of Rae Bareli.

11:43 (IST)29 Jul 2019
Lok Sabha discusses The National Medical Commission Bill

Lok Sabha discusses The National Medical Commission Bill, 2019. Union Health Minister Dr Harsh Vardhan tabled the Bill.

11:42 (IST)29 Jul 2019
Azam Khan apologises for objectionable remarks against BJP leader Rama Devi

Warned of strict action for his objectionable remarks in Lok Sabha, Samajwadi Party MP Azam Khan Monday apologised to senior BJP member Rama Devi. "I did not have any wrong feelings towards the Chair. The whole House is aware of my conduct. Despite all this, if the Chair thinks my statements were derogatory, I apologise," Khan said. Read more

11:35 (IST)29 Jul 2019
RS proceedings adjourned for 15 min following smoke from mike console

Rajya Sabha proceedings were on Monday adjourned for 15 minutes after smoke started to emit from a voting-cum-mike console on a seat in the treasury benches. After the House mourned the death of former union minister and ex-Rajya Sabha member S Jaipal Reddy and congratulated Indian sportspersons for winning medals in a boxing event in Indonesia, BJP's K J Alphons complained of smoke emitting from the voting-cum-mike console on his fourth-row seat. He and his party colleague Parshottam Khodabhai Rupala left the seat and moved to another seat as smoke started to emit. Chairman M Venkaiah Naidu asked the Rajya Sabha staff to attend to the problem but adjourned proceedings for 15 minutes when members said it could be a short circuit. (PTI)

parliament LIVE, parliament proceedings, parliament monsoon session, parliament monsoon session live, lok sabha live, rajya sabha live, monsoon session live, rajya sabha, lok sabha, monsoon session, nirmala sitharaman, indian express, india news The Speaker might decide today on Azam Khan's apology or suspension today. (Express photo by Vishal Srivastav)

The Lok Sabha will discuss the Consumer Protection Bill, 2019, in its proceedings today. The bill, which aims to enforce consumer rights, and provides a mechanism for redressal of complaints regarding defect in goods and deficiency in services, will be moved by Union Minister Ram Vilas Paswan.

On the other hand, Finance Minister Nirmala Sitharaman will table two bills in the Rajya Sabha - The Insolvency and Bankruptcy Code (Amendment) Bill, 2019, and Banning of Unregulated Deposit Schemes Bill, 2019.

Meanwhile, on Friday, expressing “serious concerns” over the passage of bills without any scrutiny in Parliament, a total of 17 opposition parties on Friday shot off a letter to Rajya Sabha chairman M Venkaiah Naidu and asked him to intervene in the matter.

The ongoing process of passing bills in a “hurried” way is a diversion from the established practice, the letter read.

As the Lok Sabha heard matters of urgent public importance, a debate over Azam Khan's remarks towards Speaker Rama Devi created a ruckus in the Lower House.

Condemning the remark, Finance Minister Nirmala said, “there is no democracy in the house if a man can get away for abusing a woman or judging her.”

Union Minister Smriti Irani said the issue is not only a woman's problem but is a shame for all the legislators. She added that regardless of the political parties or gender, "you cannot misbehave with a woman and get away with it," adding that the incident took place outside the house, it would involve the police.

BJP MP Sanghamitra Maurya also demanded an apology from Azam Khan who made objectionable remarks about Rama Devi yesterday.

The members supported the motion and condemned the incident, urging the speaker to take strict action against the member.

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