The Lok Sabha on Friday passed the Insolvency and Bankruptcy Code (Second Amendment) Bill and the Mines and Mineral Laws (Amendment) Bill amid loud sloganeering by Opposition members who were demanding immediate discussion on the Delhi riots that have so far claimed 53 lives.
The Insolvency and Bankruptcy Code (IBC) Bill seeks to protect successful bidders of insolvent companies from any risk of criminal proceedings for offences committed by previous promoters of the companies concerned. The amendments in the law seek to remove bottlenecks and streamline resolution process of insolvent companies.
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The IBC that came into force in 2016, has already been amended thrice and is seen as an important law to help insolvent companies utilise their assets.
Finance Minister Nirmala Sitharaman sought the cooperation of the members to pass the Bill in the House.
The Bill was declared passed by Rajendra Agarwal, who was in the chair, in the midst of intense slogan-shouting by Congress members.
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The Mines and Mineral Laws (Amendment) Bill, which was passed before the IBC, proposes to remove end-use restrictions for participating in coal mine auctions and will open up the coal sector fully for commercial mining for all domestic and global companies. It would also clear the way for auctioning of iron ore mining leases which expire this month.
On Thursday, the Bill was in the process of being passed when Congress created a ruckus in protest against Rajasthan MP Hanuman Beniwal’s objectionable remark against Congress president Sonia Gandhi and her family members.