LS Speaker refers Insolvency and Bankruptcy Code (Second Amendment) Bill to standing committee

New Delhi, Dec 24 (KNN) The Insolvency and Bankruptcy Code (Second Amendment) Bill has been has been referred to the standing committee on Finance by the Lok Sabha Speaker Om Birla.

The committee, chaired by BJP MP and former minister of state for Finance Jayant Sinha, has been asked to examine and submit the report on the bill within three months. Former Prime Minister of India Manmohan Singh is also a member of the standing committee.

The Bill seeks to streamline the corporate insolvency resolution process,

The bill seeks to amend the Insolvency and Bankruptcy Code (IBC) so successful bidders of insolvent companies will be ring-fenced from any risk of criminal proceedings for offences committed by previous promoters of companies concerned.

It was passed by the Cabinet and subsequently introduced in the Lok Sabha during the Winter session earlier this month.

"Members are informed that the Speaker, Lok Sabha has referred the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019, as introduced in Lok Sabha, to the Standing Committee on Finance for examination and report within three months," the Lok Sabha secretariat said.

The Speaker has also referred the anti-maritime piracy bill, which proposes stringent punishment, including death penalty or life imprisonment, to those involved in piracy at sea, to the parliamentary standing committee on external affairs chaired by former Union minister P P Choudhary.

The bill, which aims to promote the safety and security of India's maritime trade, and the safety of its crew members, was introduced on December 9 in the Lok Sabha by External Affairs Minister S Jaishankar.

The speaker also referred two bills for the welfare of labourers -- the Industrial Relations Code, 2019 bill and the Code on Social Security, 2019 -- to the standing committee on labour for examination and report within three months.

The draft code on industrial relations has been prepared after amalgamating, simplifying and rationalising the relevant provisions of three Central Labour Acts -- The Trade Unions Act, 1926, The Industrial Employment (Standing Orders) Act, 1946 and The Industrial Disputes Act, 1947.

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