Parliament passes bills on insolvency and Nabardhttps://indianexpress.com/article/india/parliament-passes-bills-on-insolvency-and-nabard-5011436/

Parliament passes bills on insolvency and Nabard

The amendments substitute the year 2017 with 2018 as the bills were finally passed in the new year.

The amendments substitute the year 2017 with 2018 as the bills were finally passed in the new year.(Express file photo)

The Lok Sabha on Thursday approved amendments made by the Rajya Sabha in two bills- The National Bank for Agriculture and Rural Development (Amendment) Bill, and Insolvency and Bankruptcy Code (Amendment) Bill- passed by it earlier.

Minister of State for Corporate Affairs P P Chaudhary tabled the amendments which the House passed by a voice vote, giving Parliament’s nod to the two crucial legislations.

The amendments substitute the year 2017 with 2018 as the bills were finally passed in the new year.

The NABARD bill seeks to increase its authorised capital by six times to Rs 30,000 crore and enable the transfer of Reserve Bank of India’s share to the government.

The second bill replaces an ordinance which was promulgated in November to bar wilful defaulters as well as those with NPA accounts from bidding in auctions to recover bad loans through insolvency proceedings.