A bill to consolidate and amend the laws relating to reorganization and resolution of insolvency was introduced in the Lok Sabha today. The Insolvency and Bankruptcy Code-2015 was introduced by Finance Minister Arun Jaitley amid uproar by the opposition over alleged irregularities in DDCA. <br/><br/>The bill calls for creation of an Insolvency Regulator for regulating insolvency professionals, insolvency professional agencies and information utilities. It also includes an Insolvency Adjudicating Authority, which will have the jurisdiction to hear and dispose of cases by or against the debtor, a Debt Recovery Tribunal. <br/><br/>The authority will have jurisdiction over individuals and unlimited liability partnership firms, and a National Company Law Tribunal, which is to have jurisdiction over companies and limited liability entities. The bill also lays down the time limit within which insolvency proceedings are to be completed.<br/><br/>When the Minister rose to introduce the Bill, N K Premachandran of RSP oppose the introduction of the bill saying that sufficient time was not given to the members to go through to various provisions of it. Speaker Sumitra Mahajan ruled that the copy of the bill was circulated to the members on Saturday itself and there is no reason to stall the introduction of the bill.

A bill to consolidate and amend the laws relating to reorganization and resolution of insolvency was introduced in the Lok Sabha today. The Insolvency and Bankruptcy Code-2015 was introduced by Finance Minister Arun Jaitley amid uproar by the opposition over alleged irregularities in DDCA. <br/><br/>The bill calls for creation of an Insolvency Regulator for regulating insolvency professionals, insolvency professional agencies and information utilities. It also includes an Insolvency Adjudicating Authority, which will have the jurisdiction to hear and dispose of cases by or against the debtor, a Debt Recovery Tribunal. <br/><br/>The authority will have jurisdiction over individuals and unlimited liability partnership firms, and a National Company Law Tribunal, which is to have jurisdiction over companies and limited liability entities. The bill also lays down the time limit within which insolvency proceedings are to be completed. <br/><br/>When the Minister rose to introduce the Bill, some members objected to it. Speaker Sumitra Mahajan ruled that the copy of the bill was circulated to the members on Saturday itself and there is no reason to stall the introduction of the bill.