Latest news with #Amendment)Bill
NDTV
8 hours ago
- Business
- NDTV
Centre Introduces Bill To Amend Insolvency Law In Lok Sabha
New Delhi: Finance Minister Nirmala Sitharaman on Tuesday introduced a bill in the Lok Sabha to amend the insolvency law. After the introduction, the Insolvency and Bankruptcy Code (Amendment) Bill, 2025 was referred to a select committee of the House following a request from the minister. The insolvency law is being implemented by the Corporate Affairs Ministry, which is also helmed by Sitharaman. The Code, introduced in 2016, has undergone six legislative interventions since its enactment and the last amendment was made in 2021.
New Indian Express
10 hours ago
- Business
- New Indian Express
Centre tables insolvency amendment bill, seeks to introduce creditor-initiated process
The Centre on Tuesday tabled the Insolvency and Bankruptcy Code (Amendment) Bill, 2025 in the Lok Sabha. The objective of the bill is to insert certain new provisions for effective implementation of the code. The amendments aim to reduce delays, maximise value for all stakeholders, and improve governance of all processes under the code. 'They seek to modify existing provisions to better align with the overall objectives of the Code and to introduce new provisions that follow global best practices for resolving insolvency,' as per the statement of objects and reasons of the bill. The bill introduces the concept of creditor-initiated insolvency resolution with an out-of-court initiation mechanism for genuine business failures to facilitate a faster and more cost-effective process. The bill also introduces provisions for group insolvency and cross-border insolvency. 'The cross-border insolvency framework seeks to lay the foundation for protecting stakeholder interests in domestic and foreign proceedings, promoting investor confidence and aligning domestic practices with international best practices,' according to the statement of objects and reasons of the bill.
Economic Times
a day ago
- Politics
- Economic Times
RS returns Manipur budget & GST bills
New Delhi: After adjournment during the first half of Monday, the Rajya Sabha took up the business amid protest by Opposition members. The House returned the Manipur Appropriation Bill, 2025, and The Manipur Goods and Services Tax (Amendment) Bill to the Lok Sabha with a voice vote. The Manipur Appropriation Bill authorises payment and appropriation of certain sums out of the consolidated fund of the state of Manipur for services for 2025-26. The Manipur Goods and Services Tax (Amendment) Bill, which seeks to implement the decisions approved by the GST Council, would replace the Manipur Goods and Services Tax (Amendment) Ordinance, 2025. As the House resumed at 2 pm, leader of the Opposition Mallikarjun Kharge raised the issue of Opposition MPs being taken into custody by the Delhi Police while they were on their way to protest at the ECI office. The moment Kharge raised the point, Sasmit Patra who was in the chair, didn't allow him to speak further as his concerns were not about the bills taken up for discussion. The leader of the house JP Nadda strongly objected to the remarks made by Kharge and requested the chair to take it off the record. While the government initiated a discussion on Manipur bills, the Opposition walked out in protest. Union finance minister Nirmala Sitharaman also criticised the Opposition for voting against the bills related to Manipur. The reference of Opposition members voting against the bill was made after a few Opposition MPs who were present in the House even after the boycott said "no" when the bill was passed. Opposition members, however, maintained that they boycotted the House in protest.
Indian Express
4 days ago
- Business
- Indian Express
Delhi: BJP and AAP spar over GST amendment Bill
Chief Minister Rekha Gupta and Leader of Opposition Atishi exchanged heated words over Delhi Goods and Services Tax (Amendment) Bill, 2025, in the Assembly on Friday. Tabled on Thursday, the Bill was passed by the House later in the day. While AAP's Atishi demanded a discussion on the amendments, Speaker Vijender Gupta countered, saying that when her party was in power, it never allowed a discussion on it. Former AAP finance minister and now BJP MLA, Kailash Gahlot, said, 'I have been a finance minister in the previous (AAP) government and no such discussion was held. This is just a formality… When Atishi was the finance minister or the CM, no discussion was held on such bills either.' Atishi said that calling the Bill a mere formality is an 'insult to the House'. Maintaining that traders are worried about GST, she said, 'Traders are saying that while they are being burdened with arbitrary compliance, the government is providing tax exemptions to SEZs.' In response, the CM highlighted that the amendments were passed during the GST council meeting held last year. 'She (Atishi) is now questioning reforms that she neither debated nor helped shape. It is unfortunate that someone entrusted with Delhi's finances remained absent during key deliberations.' Gupta also blamed the AAP for not implementing any Union government schemes when it was in power in Delhi.
The Hindu
5 days ago
- Business
- The Hindu
Cabinet clears Greater Bengaluru Bill for preparation of voters' list in each of 5 corporations
The State Cabinet on Thursday approved the Greater Bengaluru Governance (Amendment) Bill, 2025, for preparation of voter list for each of the five corporations in the city and ensure early conduct of polls. The government notified five corporations carved out of the existing city civic limits. The Bill proposed to prepare the voter list for each corporation under the guidance and supervision of the State Election Commission (SEC). The Bill will be placed in the monsoon session of the State legislature, commencing from August 11. The five corporations are Central, North, East, West, and South, of varying sizes in terms of area, population and population density. The Greater Bengaluru Authority (GBA) was officially established on May 15, 2025, replacing the Bruhat Bengaluru Mahanagara Palike (BBMP) as the city's primary governing body. This change was enacted through the Greater Bengaluru Governance Act, 2024. The Bill will introduce some amendments to substitute a few words in the original Act (2024). Briefing reporters on the Cabinet decisions, Law and Parliamentary Affairs Minister H.K. Patil said amendments would enable early completion of electoral rolls and holding polls to all the five corporations. It would also give more clarity to the original Act and demarcation of boundaries between the five corporations, he said. SC directive The Supreme Court on Monday directed the Karnataka government to strictly adhere to the timeline as mentioned in its affidavit and complete the process of ward delimitation and issuance of notification by November 1, 2025. The SEC also filed an additional affidavit, stating that it would require 60 to 90 days after the final notification was issued by the State government for preparing and finalising electoral rolls for the city corporations. The court scheduled the matter for further hearing on November 3, 2025.
