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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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