 "Lok Sabha passes bill to amend insolvency law without debate")
The Lok Sabha on Wednesday passed the IBC (amendment) Bill without debate, which, among other things, provides for a pre-packaged resolution process for stressed MSMEs.
Minister of State for Corporate Affairs Rao Inderjit Singh moved the Bill for consideration and passage amid the din. The Bill was approved by the House without any discussion, as Opposition members continued their protest over Pegasus snooping issue and three new farm laws.
Singh said the Insolvency and Bankruptcy Code (Amendment) Bill, 2021, will replace the Ordinance that was promulgated on April 4 as part of efforts to provide relief to MSMEs adversely impacted by the pandemic. The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for initiation of the pre-packaged resolution process. The government has already prescribed the threshold of Rs 10 lakh for this purpose.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%