Rajya Sabha has passed the Insolvency and Bankruptcy Code (Second Amendment) Bill 2020 today.
The upper house passed the bill with voice vote.
Earlier today, Union Finance Minister Nirmala Sitharaman moved the bill for the amendment of the Insolvency and Bankruptcy Code, 2016 in the Rajya Sabha.
The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020 was introduced in Rajya Sabha on September 15, 2020. It amends the Insolvency and Bankruptcy Code, 2016.
The Code provides a time-bound process for resolving insolvency in companies and among individuals. Insolvency is a situation where individuals or companies are unable to repay their outstanding debt.
The Bill seeks to temporarily suspend initiation of the corporate insolvency resolution process (CIRP) under the Code. It replaces the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 promulgated on June 5, 2020.
(With inputs from ANI)
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