1. Govt introduces bankruptcy code as money Bill

Govt introduces bankruptcy code as money Bill

The government introduced the Insolvency and Bankruptcy Code as a money Bill in the Lok Sabha on Monday to ensure its passage without opposition hurdle, sources said.

By: | Published: December 22, 2015 1:47 AM

The government introduced the Insolvency and Bankruptcy Code as a money Bill in the Lok Sabha on Monday to ensure its passage without opposition hurdle, sources said. The Lok Sabha, where the ruling National Democratic Alliance (NDA) has an overwhelming majority, has the final say on money Bills.

The move assumes importance after the NDA blamed the main opposition party, the Congress, for blocking the passage of the Constitutional Amendment Bill on the proposed goods and services tax (GST), touted as the biggest indirect tax reform, in the Upper House, where the ruling alliance lacks majority.

The Bankruptcy Code, seen as the second biggest reform and ease of doing business initiative after the proposed GST, could allow faster unlocking of stressed corporate assets and boost creditors’ ability to recover debts.

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