Government to push for bankruptcy law in 3 days

The Bill will come up before Rajya Sabha within these three days

Finance Minister, Arun Jaitley, said he would push for bankruptcy law in the remaining three days of the ongoing winter session of the Parliament.

“The next three days in Parliament are extremely crucial... I am going to be pushing for the insolvency and bankruptcy law before Parliament in the next three days,” Mr. Jaitley said while speaking at the FICCI AGM here.

Referring to the Arbitration and Conciliation Bill, which has already been passed by the Lok Sabha, he said the new legislation provides for a fast-track mechanism to complete adjudication. The Bill would come up before the Rajya Sabha in these three days.

The winter session of Parliament ends on Wednesday.

As for setting up of the commercial courts Bill, Mr. Jaitley said it sought to expedite resolution of commercial disputes pending in courts for years and decades. This too will be brought to the Rajya Sabha.

“These are important pieces of reforms which we are going to try and I hope nobody tries to hurt this country’s interest...,” he added.

With a view to promoting ease of doing business and spurring economic activities, a government-appointed panel had last month suggested a modern bankruptcy law to deal with insolvency cases within 180 days that may arise on account of business failures or economic downturns.

The draft legislation prepared by the panel also proposes early identification of financial distress so that steps could be taken to revive the ailing company.