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Parliament passes Insolvency Bill; RS returns Bill to LS

Parliament passes Insolvency Bill; RS returns Bill to LS

New Delhi, Aug 10 (UNI) Parliament on Friday cleared the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 with Rajya Sabha passing it with a voice vote and returning to the Lok Sabha.

Allaying doubts expressed by several Members over the Bill, Minister for Corporate Affairs Piyush Goyal said banks would be given a free hand to ensure that willful defaulters were dealt with an iron hand.

'The haircut is only for genuine cases,' he told Members.

The Bill seeks to amend the Insolvency and Bankruptcy Code, 2016 to clarify that allottees under a real estate project should be treated as financial creditors, raises the voting threshold for routine decisions taken by the committee of creditors and allowing withdrawal of a resolution application submitted to the NCLT under the Code.

Replying to the debate in the Rajya Sabha, the Minister said in view of mounting litigation, the Government was trying to increase the number of courts to dispose litigation.

Mr Goyal said his Government had recovered nearly 55 per cent of total bad debts. With a one-year limitation period, he hoped that the cases would be disposed of quickly.

The Lok Sabha had passed the Bill on July 31.

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Two Central varsities not providing reservation to SC, ST: Govt

10 Aug 2018 | 9:16 PM

Shimla/New Delhi, Aug 10 (UNI) Two Central Universities in the country were not giving reservation facility to the students belonging to the Schedule Caste and Schedule Tribe categories, the Lok Sabha was informed on Friday.

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RS adjourned sine die after three-week Monsoon session, Naidu calls it 'productive'

RS adjourned sine die after three-week Monsoon session, Naidu calls it 'productive'

10 Aug 2018 | 8:48 PM

New Delhi, Aug 10 (UNI) The Rajya Sabha was on Friday adjourned Sine die after a nearly three week long Monsoon session with Chairman M Venkaiah Naidu, describing it as a 'highly productive' session, which was three times more productive than the Budget session.

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10 Aug 2018 | 8:45 PM

The Chairman said that during the session, the House had 17 sittings.

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Naidu expunges PM's remarks in RS

10 Aug 2018 | 8:40 PM

New Delhi, Aug 10 (UNI) In a rare incident, Rajya Sabha Chairman M Venkaiah Naidu on Friday expunged certain remarks made by Prime Minister Narendra Modi in the House, while welcoming the election of Deputy Chair Harivansh that were found to be 'objectionable'.

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Parliament passes Insolvency Bill; RS returns Bill to LS

Parliament passes Insolvency Bill; RS returns Bill to LS

10 Aug 2018 | 8:21 PM

New Delhi, Aug 10 (UNI) Parliament on Friday cleared the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 with Rajya Sabha passing it with a voice vote and returning to the Lok Sabha.

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