(Video) Rajya Sabha TV (RSTV) The Big Picture: The Insolvency and Bankruptcy Code - IBC (Amendment) Bill, 2020 | Dhyeya IAS® - Best UPSC IAS CSE Online Coaching | Best UPSC Coaching | Top IAS Coaching in Delhi

(Video) Rajya Sabha TV (RSTV) The Big Picture: The Insolvency and Bankruptcy Code - IBC (Amendment) Bill, 2020

Topic: The Insolvency and Bankruptcy Code - IBC (Amendment) Bill, 2020

Guest:

Chakshu Roy, (Head of Outreach, PRS Legislative Research)
AK Bhattacharya, (Editorial Director, Business Standard)
Dr. Subhash Chandra Pandey, (Financial Adviser, Ministry of Commerce and Industry)

Topic Description:

Parliament on Thursday passed amendments to theinsolvency law that will help safeguard successful bidders of insolventcompanies from the risk of criminal proceedings for offences committed byprevious promoters. The Insolvency and Bankruptcy Code (Amendment) Bill, 2020was passed by voice vote in Rajya Sabha. It was approved by Lok Sabha on March6. The Bill replaces an ordinance. Replying to a short debate on the bill,Finance Minister Nirmala Sitharaman said amendments are in sync with the timeand also adhere to a Supreme Court order in "letter and spirit". Thebill seeks to remove bottlenecks and streamline the corporate insolvencyresolution process. It aims to provide protection to new owners of a loandefaulter company against prosecution for misdeeds of previous owners. Thelatest changes pertain to various sections of the IBC as well as theintroduction of a new section.