Daily Current Affairs Quiz 2019<\/a><\/strong><\/p>\n\n\n\nReplying to a debate on the IBC amendments, Finance Minister\nNirmala Sitharaman said the government will not make any other claims after the\nprocess of a resolution. She also clarified that no criminal proceedings will\nbe initiated against a successful resolution applicant and assured the members\nthat amendments give protection to new bidders. Sitharaman said the amendments\nwere necessitated by the country\u2019s entry into a new territory after the\nimplementation of the IBC. She said this was the third amendment of the Act and\noverall 54 clauses were amended by Parliament in the last three years. Justifying\nthe time-limit set for the resolution process for the courts, she said even the\nSupreme Court wanted simplified legislations on economic matters.<\/p>\n\n\n\n
Opposition member Kapil Sibal had said in his speech that\nthe provision of setting a 330-day limit for the process will not stand in a\ncourt of law. Citing the percentage of \u2018haircut\u2019 in many cases of resolution,\nhe said big companies were the beneficiaries of the process.<\/p>\n\n\n\n
CPI MP Benoy Vishwam accused that the Bill is a conspiracy\nbetween the government, corporates and the bureaucracy and the lone\nbeneficiaries of the amendments will be the corporate houses.<\/p>\n\n\n\n
Citing the examples of huge benefits to companies such as\nVedanta, JSW and Reliance, Sibal said the Centre is creating an oligopoly. \u201cYou\nhave a few players in this country because nobody else has the capital to buy\noff these assets. The only entities that have the capital are the big players,\nand we know who they are. So, those four or five big players are buying the\nprecious silver of this country at throw away prices. That is your great\nresolution process,\u201d he said.<\/p>\n\n\n\n
The BJP members retorted that the amendment will not only\nhelp the companies with a new life but it will also stand with the workers.\nThey also argued that the amendments are particularly in the interest of home\nbuyers, who have been let down by real estate investors.\n\nSitharaman, in her opening remarks, said the\nCentre is not leaving anything open-ended.\u201cWe are not giving more time, and,\ntherefore, are bringing clarity in terms of the time-bound decisions that are\nessential to keep the legislative intent. So, in a way, the Code is also being\nmonitored by a Central Government Expert Committee and amendments which are\nbeing made are made after due stakeholder consultations,\u201d she said.\n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"
The Rajya Sabha passes IBC amendments, Bill 2019. While the first Bill is to curb illegal ponzi schemes, the second Bill, which will have to be cleared by the Lok Sabha also, eases the process of corporate restructuring and removes ambiguities in the three-year-old law. Daily Current Affairs Quiz 2019 Replying to a debate on […]<\/p>\n","protected":false},"author":13,"featured_media":4258,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[79,318,165],"class_list":["post-4257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-bill-acts-current-affairs","tag-ibc-amendments","tag-rajya-sabha"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/4257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=4257"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/4257\/revisions"}],"predecessor-version":[{"id":4259,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/4257\/revisions\/4259"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/4258"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=4257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=4257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=4257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}