Government plans to introduce bills to amend companies and insolvency laws in monsoon session of parliament
The Department of Corporate Affairs implements the Companies Act and the Insolvency and Bankruptcy Code (IBC).
According to the official, amendments are planned for both laws and draft laws in this regard are expected to be introduced in the monsoon session.
Details of the proposed changes could not immediately be determined.
On January 18, the ministry proposed a series of changes to the IBC, including speeding up the process, expanding the scope of the pre-packaged framework, and developing an electronic platform with minimal human interface. .
The ministry has received feedback from stakeholders on the proposed changes to BAC.
The IBC, which came into force in 2016, provides for market-related, time-limited resolution of stressed assets. It has already undergone various modifications. On April 3, parliament approved amendments to the competition law and earlier this week President Draupadi Murmu gave his assent to the bill amending the law.
Meanwhile, a panel, chaired by General Affairs Secretary Manoj Govil, on digital competition law has completed stakeholder consultations. The committee is expected to finalize its report by the end of May.