09:11 (IST)
Rajya Sabha LATEST Updates
Ordinance says no insolvency proceedings to be initiated by corporate debtors
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020, came as a response to the COVID-19 pandemic, which had created uncertainty and stress for businesses. It was also felt that during the coronavirus lockdown, it may be difficult to find an adequate number of resolution applicants to rescue the corporate debtor who may default in discharging their debt.
09:01 (IST)
Rajya Sabha LATEST Updates
FM to move Bill to amend Insolvency and Bankruptcy Code
On the sixth day of the Parliament's Monsoon session, Finance Minister Nirmala Sitharaman on Saturday will table the Insolvency and Bankruptcy Code (Second Amendment) Bill 2020 for consideration and passing.
The Bill will replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020, which was promulgated on 5 June and prohibited the initiation of insolvency proceedings for defaults arising during the six months from 25 March 2020 (extendable upto one year).
Parliament LATEST Updates: On the sixth day of the Parliament's Monsoon session, Finance Minister Nirmala Sitharaman on Saturday will table the Insolvency and Bankruptcy Code (Second Amendment) Bill 2020 for consideration and passing.
The Bill will replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020, which was promulgated on 5 June and prohibited the initiation of insolvency proceedings for defaults arising during the six months from 25 March 2020 (extendable upto one year).
The Ordinance came as a response to the COVID-19 pandemic, which had created uncertainty and stress for businesses. It was also felt that during the coronavorus lockdown, it may be difficult to find an adequate number of resolution applicants to rescue the corporate debtor who may default in discharging their debt.
Among the ordinances to be discussed in the Upper House is Epidemic Diseases (Amendment) Ordinance 2020. The Ordinance seeks amendments to the 125-years-old Epidemic Diseases Act, 1897, that protects health workers in the country.
Earlier in April, the government had approved an ordinance that recognised any crime against health professionals as a "cognizable and non-bailable" offence. It means that offenders can be arrested without a warrant, and no bail would be granted.
Offenders can also be fined anywhere between Rs 50,000 to Rs 2 lakh and will also have to serve a prison term between three months to five years, Union Minister Prakash Javadekar had said in April.
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, is listed to be taken in consideration in the Lower House on Saturday.
The Bill seeks to replace the Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020, issued in March 2020.
Giving relief to taxpayers following the COVID-19 outbreak, the government had through the ordinance extended the deadline for filing of income tax returns for 2018-19 fiscal till 30 September and linking biometric Aadhaar with PAN till 31 March, 2021.
Lok Sabha Speaker Om Birla called for introduction of the bill on Friday. However, since the minister was not present, the House then took up discussion on two farm sector related legislations.
Home Minister Amot Shah will move the Bill seeking to establish a National Forensic Sciences University as an institution of national importance by upgrading the Gujarat Forensic Sciences University in Gandhinagar, be taken into consideration.
Parliament proceedings on 18 September
On Friday, the Lower House witnessed first adjournment in the Monsoon Session over disruption when Treasury and Opposition members clashed over PM-CARES fund.
The proceedings in the Lower House were disrupted as the Opposition raised slogans against Minister of State for Finance Anurag Thakur for his allegation that the PM National Relief Fund (PMNRF) was set up "only for the benefit of the Gandhi family".
"The trust was set up during the tenure of former prime minister Jawaharlal Nehru and was not even registered as a public trust but it got all relevant clearance, including FCRA," Thakur said, intervening during the introduction of the Taxation and other Laws (Relaxation of Certain Provisions) Bill.
"The PM Cares Fund is a constitutionally set up public charitable trust. PM National Relief Fund was set up only for the benefits of one family — the Nehru-Gandhi family," he said.
On the other hand Rajya Sabha passed four Bills in less than four hours. The Upper House too was adjourned for 30 minutes to mourn the death of Karnataka MP Ashok Gasti.
The Indian Medicine Central Council (Amendment) Bill, 2020; Salaries and Allowances of Ministers (Amendment) Bill, 2020; Homoeopathy Central Council (Amendment) Bill, 2020; and Salary, Allowances and Pension of Members of Parliament (Amendment) Bill, 2020, were passed in the Upper House.
With inputs from PTI
from Firstpost India Latest News https://ift.tt/2RHOdrA
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