The Insolvency and Bankruptcy Code (Amendment) Bill, 2020 was passed by voice vote in the Rajya Sabha on Thursday. It was passed in Lok Sabha on March 6. The amendments are aimed at streamlining the insolvency resolution process and to protect last-mile funding and boost investment in financially-distressed sectors. The Bill replaces an ordinance. Discussion on the motion to consider the Insolvency and Bankruptcy Code (Amendment) Bill, 2020 in the Rajya Sabha was moved by Union Finance Minister Nirmala Sitharaman. After a debate on the Bill, Sitharaman explained to the members “why we are constantly coming up with amendments… Couldn’t we think of these aspects when the Bill was introduced in 2016 and even then, why so many ordinances?”
