New Delhi: Lok Sabha on Wednesday passed the IBC amendment bill without debate, which included providing pre-package settlement processes for stressed UMM.
The State Minister for Corporate Affairs Rao Inderdit Singh moved bills for consideration and passages in the middle of the DIN.
The bill was approved by a house without discussion, because opposition members continued their protests for Pegasus’s problems peering and three new agricultural laws.
Singh said the bankruptcy and bankruptcy bill (amendment) Bill, 2021, will replace the regulations announced on April 4 as part of an effort to provide assistance to MSMEs against pandemics.
The proposed amendment will allow the government to tell the default threshold not to exceed Rs 1 Crore for pre-package settlement process initiations.
The government has prescribed the threshold of Rs 10 lakh for this purpose.
The bill proposes a new chapter in IB code to facilitate the process of resurrection of pre-packaging revival for corporate people, namely micro, small and medium enterprises (MSMEs).
According to the statement of the object and the reasons of the bill, it strives to determine the minimum threshold no more than Rs 1 Crore to begin the pre-packaging resurrection resolution process and the provisions for disposal of the simultaneous application for the initiation of the process of bankruptcy process and the process of resolving pre-packaging, delayed against debtors same corporate.
There will be a penalty for the initiation of fraud or dangerous from the process of resurrection of pre-packaging, or with the intention to deceive people, and for fraud management from the corporate debtor during the process.
Furthermore, punishment will be fulfilled by violations related to the process of resurrection of pre-packaging.