Parliament Passes Insolvency And Bankruptcy Code Bill

The Lok Sabha had passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2021 on July 28.

The Rajya Sabha on Tuesday passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2021 following a brief discussion amid ruckus created by Opposition parties over the Pegasus snooping row and other issues. The Lok Sabha had passed the bill on July 28. The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 provides for a pre-packaged insolvency resolution mechanism for micro, small and medium enterprises (MSMEs). After moving the bill for consideration, Finance Minister Nirmala Sitharaman said "this bill has been brought keeping in mind the situation in which MSMEs require a lot of help post the pandemic..we are increasing the threshold and coming up with a pre-pack."