Govt to introduce bills to amend insolvency laws in Parl's monsoon session

The government is planning to introduce bills to amend the companies and insolvency laws during the monsoon session of Parliament, a senior official said on Thursday.

The session is likely to commence in late July or August.

The corporate affairs ministry is implementing the Companies Act and the Insolvency and Bankruptcy Code (IBC).

According to the official, amendments are being planned to the two laws, and bills in this regard are expected to be introduced in the monsoon session.

Details about the proposed changes could not be immediately ascertained.

On January 18, the ministry proposed a raft of changes to the IBC, including fast-tracking the process, expanding the scope of the pre-packaged framework and developing an electronic platform with minimal human interface.

The ministry has received comments from the stakeholders on the changes proposed to the IBC.

The IBC, which came into force in 2016, provides for a market-linked and time-bound resolution of stressed assets. It has already undergone various amendments.

On April 3, Parliament cleared amendments to the Competition Act, and earlier this week, President Droupadi Murmu gave assent to the bill to amend the Act.

Meanwhile, a panel, chaired by Corporate Affairs Secretary Manoj Govil, on digital competition law has completed stakeholder consultations. The committee is likely to finalise its report by the end of May.