Lok Sabha yesterday took up the Bankruptcy Code bill amid demand by some parties for referring it to the Parliamentary Standing Committee. The bill, which proposes to make it easier for insolvent companies to exit business, was taken up after resistance by some opposition parties like Trinamool Congress and BJD whose members argued that they had not got enough time to study the proposed legislation. <br/><br/>Mr 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 is an important legislation, he said it should not go from committee to committee as the country cannot wait for reforms.<br/><br/> The Finance Minister said the Bankruptcy Code has ingredients of Money Bill but he wants it to be discussed in both the Houses of the Parliament so that it could be improved upon. As per the proposed legislation, the corporate insolvency would have to be resolved within a period 180 days, extendable by a further 90 days. It also provides for fast-track resolution of corporate insolvency within 90 days.