Winter session: IBC, Cos Act tweaks likely
NEW DELHI : The Union government is likely to press ahead with legislative reforms in the winter session of Parliament, targeting changes to the Insolvency and Bankruptcy Code (IBC) and the Companies Act on which substantial groundwork has already been done, a person familiar with the development said. Separately, an expert committee of the ministry of corporate affairs (MCA) is set to finalize its recommendations for a digital competition law, after which it will be circulated for inter-ministerial discussions and then for consideration by the Union cabinet, the person, who spoke on condition of anonymity, said.
If inter-ministerial consultations conclude before December, the Digital Competition Bill could also make it to Parliament in the winter session. The expert panel looking into the Bill is expected to meet later this week, the person said.
The urgency for pushing these reforms comes in the context of the winter session being the penultimate session of the 17th Lok Sabha. The just-concluded monsoon session witnessed a busy legislative agenda with amendments to goods and services tax (GST) laws regarding online gaming, horse racing clubs and casinos; to the laws for granting mining concessions; and the personal data protection legislation getting Parliament approval.
The proposed amendments to IBC are meant to streamline the operation of the code and to offer a separate regime for the housing sector, which is distinct from other sectors as homebuyers are a major class of financiers of real estate projects while also being the end consumers. “When a housing project faces financial difficulties, those who have not got possession of homes may prefer to infuse some more funds and get the completed houses rather than
. Read more on livemint.com
