Modi needles Modi in BJP

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.

New Delhi, Jul 22: Congress leader Rahul Gandhi termed the BJP-led Uttar Pradesh government as 'goonda raj' (rule by hooligans), hours after Ghaziabad-based journalist Vikram Joshi succumbed to bullet injury he received from a group of men, who had allegedly harassed the scribe's niece.

"Journalist Vikram Jashi was killed after he protested against the harassment against his niece. My condolence to the family. They promised Ram Raj, but gave Goondaraj," Gandhi tweeted.

"Is it the same Ram Rajya that BJP promised after it came to power? This is complete 'Goondaraj'. Neither journalist, nor those who protect the law are safe in UP, so how can the common man expect justice," tweeted his party colleague Randeep Surjewala.

Expressing his shock over the incident, party leader and lawyer Abhishek Singhvi said, "Shocking jungle raj in #Ghaziabad area with journalist #Joshi, already known as the complainant in #FIR, being shot on a scooter while with his daughters, struggling in a coma with a bullet in the skull! Thank God daughters not hit. Shocking, scary, disgusting lack of fear of law & order! #UP."

Ajay Kumar Lallu, Congress president in the state added, "The Ghaziabad incident has shocked the entire state. It's a tragic incident. Nobody is safe in Uttar Pradesh. If it is not jungle raj then what is. The government remains silent while criminals are becoming more active. While leaving home in the morning, people in the state worry whether they will be able to return in the evening or not."

In the meantime, the Station in-charge has been suspended and a departmental inquiry has been ordered after the journalist's family accused the police of inaction. A total of nine accused have been taken into the custody, while efforts are on to nab another accused.

New Delhi, May 24: The Indian economy is likely to slip into recession in the third quarter of this fiscal as loss in income and jobs and cautiousness among consumers will delay recovery in consumer demand even after the pandemic, says a report.

According to Dun & Bradstreet's latest Economic Observer, the country's economic recovery will depend on the efficacy and duration of implementation of the government's stimulus package.

"The multiplier effect of the stimulus measures on the economy will depend on three key aspects i.e. the time taken for effecting the withdrawal of the lockdown, the efficacy of implementation and duration of execution of the measures announced," Dun & Bradstreet India Chief Economist Arun Singh said.

The report noted that the government's larger-than-expected stimulus package is likely to re-start economic activities.

Besides, measures taken by the Reserve Bank of India like reducing the repo rate by a further 40 basis points to 4 per cent, extending the moratorium period by three months and facilitating working capital financing will also help stimulate the momentum.

Singh said while the measures announced by the government are "positive", most of them have been directed towards strengthening the supply side of the economy, and "it is to be noted that supply needs to be matched with demand", he said.

Besides, "in the absence of cash-in-hand benefits under the government's stimulus package, demand for goods and services is expected to remain depressed", he added.

He further said the loss in income and employment opportunities, and cautiousness among consumers, will lead to a delayed recovery in consumer demand, even after the pandemic. As debt and bad loan levels increase, the banking sector might face challenges.

The report further noted that even as the monetary stimulus is expected to inject liquidity and stimulate demand for a wider section of the economy, the channelisation of funds from the financial institutions will be subjected to several constraints.

The foremost concern being increase in risk averseness, as the balance sheets of firms, households, and banks/NBFCs have weakened considerably and low demand for funds by firms as production activities have been on a standstill during the lockdown period, Singh said.

India has been under lockdown since March 25 to contain the spread of the coronavirus, resulting in supply disruptions and demand compression.

Prime Minister Narendra Modi imposed a nationwide lockdown to control the spread of coronavirus on March 25. It has been extended thrice, with some relaxations. The fourth phase of the lockdown is set to expire on May 31.