NEW DELHI : Bharatiya Janata Party MP Arun Singh on Saturday termed the amendment to Insolvency and Bankruptcy Code, 2016 as a “remarkable and bold step”.
Speaking on the legislation tabled by Finance Minister Nirmala Sitharaman, he cited statistics, including ease of doing business ranking, that had improved under the NDA government, and observed that it was testament to the success of the Bill.
He was speaking on the Insolvency and Bankruptcy Code (Second Amendment) Bill 2020 tabled by Finance Minister Nirmala Sitharaman for consideration and passing to replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 promulgated on June 5 and staying insolvency proceedings for defaults arising for six months from March 25, 2020 (extendable upto one year).
The ordinance comes as a response to the Covid-19 pandemic to help bankrupt businesses tide over the situation.
He praised Prime Minister Narendra Modi for bringing in the Bill and recalled the contribution of former Finance Minister Arun Jaitley, who had worked hard on the Bill.
Dinesh Trivedi, AITC, described the Bill as a hastily put together package and warned that the unscrupulous could take advantage of the provisions. He said the need of the hour to revive the economy was to print notes, put money in the hands of the people so that they could generate demand and jobs.
(AGENCIES)
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