Country can’t wait for reforms Arun Jaitley says

Finance Minister Arun Jaitley, while moving the ‘Insolvency and Bankruptcy Code, 2015 Bill’ for consideration and passage, said the country is going through a “critical” phase and “economic legislation has to go on” Underlining that the bill was an important legislation, he said Let me submit that in this Bill, there are ingredients of a Money Bill. But we felt that it is better to have both Houses express their wisdom on it so that if it can be improved upon, the Government is open it should not “go from committee to committee” as the “country cannot wait” for reforms. When leaders of Trinamool and BJD resisted, Jaitley said he was willing to refer it to a Joint Committee of Parliament if the opposition could come to any agreement on that but in the meanwhile it should be taken up for discussion. Jaitley said the Bankruptcy Code has ingredients of Money Bill but he wanted it to be discussed in the both the Houses of the Parliament so that it could be improved The Bill provides for resolution of insolvency in a timebound manner besides promoting investments, boosting growth and ensuring timely payments of dues to workers and secured creditors by changing the priority for sharing of proceeds following liquidation. he was referring to the Goods and Services Tax (GST) Bill which is being held up in the Rajya Sabha, though it was first approved by the Standing Committee and later by a Select Committee of the Upper House. Currently, there is no single law dealing with insolvency and bankruptcy. Liquidation of Companies is handled by the High Courts, individual cases are dealt with under the Presidency Towns Insolvency Act, 1909 and Provincial Insolvency Act, 1920.Jaitley, he said, like a lawyer appears keen to push legislation after legislations.He said members received the Bill with over 250 clauses only on Saturday and had no time to go through it and suggested that it should be referred to the Standing Committee for scrutiny.

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