Sitharaman to move Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 in Lok Sabha

News Network
March 6, 2020

New Delhi, Mar 6: Union Finance Minister Nirmala Sitharaman on Friday will move the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 for consideration and passing in Lok Sabha.

In December last year, the Union Cabinet had approved a proposal to promulgate an ordinance to amend the Insolvency and Bankruptcy Code (IBC) 2016.

The amendments will remove certain ambiguities in the IBC 2016 and ensure smooth implementation of the code, an official statement said.

The move is aimed at easing the insolvency resolution process and promoting the ease of doing business. Aimed at streamlining of the insolvency resolution process, the amendments seek to protect last-mile funding and boost investment in financially-distressed sectors.

Under the amendments, the liability of a corporate debtor for an offence committed before the corporate insolvency resolution process will cease.

The debtor will not be prosecuted for an offence from the date the resolution plan has been approved by the adjudicating authority if a resolution plan results in change in the management or control of the corporate debtor to a person who was not a promoter or in the management or control of the corporate debtor or a related party of such a person.

The amendments are aimed at providing more protection to bidders participating in the recovery proceedings and in turn boosting investor confidence in the country's financial system.

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Agencies
February 12,2020

New Delhi, Feb 12: Delhi Chief Minister-designate Arvind Kejriwal was on Wednesday elected as the leader of AAP legislative party, a day after he led the party to an emphatic victory in the Delhi Assembly elections.

Kejriwal was elected as the AAP legislative party leader during a meeting called by him with the newly-elected party MLAs. The meeting was held at the AAP chief's residence.

Atishi, AAP's winning candidate from Kalkaji constituency said after the meeting, "It is definitely a validation of the work that has been done by AAP in the last five years, be it education, health care, water or electricity."

Kejriwal is slated to take oath as the Delhi Chief Minister for the third time at Ramlila Maidan on February 16.

AAP galloped to a landslide victory by winning 62 of the 70 seats in the Delhi Assembly elections in the face of a high-voltage campaign by the BJP, which fielded a battery of Union Ministers and Chief Ministers in its electioneering, spearheaded by Home Minister Amit Shah.

The BJP marginally improved its tally, managing just eight seats from its 2015's tally of three seats. The Congress, which drew a blank in the previous elections, failed to open its account yet again.

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News Network
April 6,2020

New Delhi, April 6: Prime Minister Narendra Modi on Monday said that people from every section of the society and age group demonstrated unity on Sunday by responding to the Prime Minister '9 pm-9minute' appeal and strengthened the resolve to the fight against COVID-19.

"We experienced yesterday at 9 pm, the strength of togetherness of 130 crores people of our country," said PM Modi.

He further praised the citizens of the country for their support to the lockdown imposed across India in the wake of coronavirus threat.

"The maturity shown by the people during the lockdown, in a large country like India, is unprecedented. No one could have imagined that the people will abide by this with such obedience and sense of service," said Prime Minister Modi.

"I state it with full responsibility that this is a long war against coronavirus pandemic. But we do not have to get tired or take a rest in this war. We have to emerge victoriously. Today, the country has only one goal and one resolve - to win this war," he added.

The Prime Minister continued saying, that the government has developed an Aarogya Setu app through which one can get information regarding the infected cases around them.

"I request all of you to tell people about it, everyone should make sure that at least 40 others install it. They will get info through it about possibly infected cases around them. In these tough times, we have to ensure this," he added.

The Prime Minister also advised everyone to take necessary preventive measures and stay protected by adopting the mantra of social distancing.

"Always remember, whenever you go out your face should be covered, I say you should keep your face covered even at your homes. The mantra today for the whole world is social distancing and discipline," he added.

Prime Minister Modi addressed the BJP workers and the nation on the occasion of the Bharatiya Janata Party's (BJP) 40th Foundation Day.

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Agencies
February 5,2020

New Delhi, Feb 5: AIMIM chief Asaduddin Owaisi on Wednesday expressed his suspicion over the government using force to clear the Shaheen Bagh stretch where an agitation has been ongoing for over 50 days against Citizenship Amendment Act (CAA).

While speaking to ANI over the phone, Owaisi was asked that there are indications from the government that after February 8, Shaheen Bagh will be cleared.

In reply, he said, "Might be they will shoot them, they might turn Shaheen Bagh into Jallianwala Bagh. This might happen. BJP minister gave a statement to 'shoot a bullet'. The government must give an answer as (to) who is radicalising."

Further speaking about NPR and NRC, Owaisi said, "Government must give a clear cut answer that till 2024 NRC will not be implemented. Why are they spending Rs 3900 crore for NPR? I feel this way because I was a History student. Hitler during his reign conducted census twice and after that, he pushed the jews in a gas chamber. I don't want our country (to) go in that way."

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