Rajya Sabha adjourned till 9 am tomorrow
Sep 19, 2020
New Delhi [India], September 19 : The Rajya Sabha was adjourned till 9 am tomorrow on Saturday.
The Epidemic Diseases Amendment Bill, 2020 and Insolvency and Bankruptcy Code, 2020 (Second Amendment) Bill were passed in the Upper House today.
According to the amendment, fresh insolvency proceedings will not be initiated for at least six months starting from March 25, when the nationwide lockdown was imposed amid the coronavirus pandemic.
Now the IBC (second amendment) Bill will go to the Lok Sabha for consideration and passing.
Replying to the questions in the Upper House, Finance Minister Nirmala Sitharaman said, "Our intention of initiating corporate insolvency for matters that occurred during the lockdown, was to give immunity during this period. This is only for those which arrive during the COVID period, amendment of section 66 that no obligation shall be filed by a resolution professional."
Union Minister Dr Harsh Vardhan, and Nirmala Sitharaman had moved the two bills for consideration and then for passing them in the Rajya Sabha today.
The Monsoon Session of the Parliament commenced on Monday and is slated to end on October 1.
