Union finance minister Nirmala Sitharam will introduce a Bill to amend the Insolvency and Bankruptcy Code, 2016, in the Lok Sabha on Monday.
The Insolvency and Bankruptcy Code, 2016, is the bankruptcy law of India that seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The Insolvency and Bankruptcy Code, 2015 was introduced in Lok Sabha in December 2015.
The Insolvency and Bankruptcy Code, 2016, is not the only Act the finance minister will be seeking to amend on Monday. Sitharaman will also be moving that the Bill to amend the Factoring Regulation Act, 2011, be taken into consideration.
The Factoring Regulation (Amendment) Bill, 2020 was introduced in Lok Sabha on September 24 last year and seeks to liberalise the Factory Regulation Act of 2011 by widening the scope of entities involved in the factoring business. The key changes include modifications in the definitions of receivables, assignment, and factoring business.
Union minister Pashupati Kumar Paras is also scheduled to move the National Institutes of Food Technology, Entrepreneurship and Management Bill in Parliament on Monday. It aims to declare the National Institute of Food Technology Entrepreneurship and Management (Kundli), and the Indian Institute of Food Processing Technology (Thanjavur) as institutions of national importance.
The two bills- Factoring Regulations (Amendment) Bill, 2020 and Food Technology, Entrepreneurship and Management Bill- were scheduled to be taken up last week but could not be because of protests over the alleged targeting of politicians, journalists, and constitutional authorities by Israeli spyware Pegasus.
Union ministers Sarbananda Sonowal and Smriti Irani will also table Marine Aids to Navigation Bill and Juvenile Justice (Care and Protection of Children) Amendment Bill in the Rajya Sabha. Both the Bills also were supposed to be introduced last in the Upper House last week.
Apart from these legislative businesses, both Houses will see reports from various departments of the government including the ministries of mines, shipping, environment, forests and climate change, jal shakti, labour and employment, and petroleum and natural gas.