Bills and Acts in Current Affairs 2017

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Parliament passes Insolvency and Bankruptcy Code Bill, 2016

The Parliament has passed the Insolvency and Bankruptcy Code Bill, 2016. It was first passed in Lok Sabha and later in Rajya Sabha in the month of May, 2016.

The code seeks to ensure time-bound settlement of insolvency, faster turnaround of businesses and create a unified data base of serial defaulters.

Key facts

  • The Code will consolidate and amend existing laws related to insolvency resolution and reorganization of corporate persons, partnership firms and individuals in a time bound manner.
  • It provides for setting up Insolvency and Bankruptcy Board of India (IBBI) to regulate professionals, agencies and information utilities (IUs) engaged in resolution of insolvencies of companies.
  • It also provides for establishment of National Companies Law Tribunal (NCLT) and Debt Recovery Tribunals (DRT) as nodal adjudicating authorities for resolution of insolvency, liquidation and bankruptcy.
  • As per the code, in case of insolvency the interest of the workers must be fully protected and they should be given dues for 24 months.
  • The code seeks to give a push to the ease of doing business in the country.

For more details: Insolvency and Bankruptcy Code Bill, 2016


Parliament passes bill on potable alcohol

Parliament has passed the Industries (Development and Regulation) Amendment Bill, 2015 after with the Lok Sabha adopted certain amendments made by the Rajya Sabha.

The Bill seeks to amend the Industries (Development and Regulation) Act, 1951 that provides for development and regulation of certain industries.

Key facts

  • The Bill seeks to transfer from the Centre to states the control over industries engaged in the production of potable alcohol.
  • It seeks to amend a schedule in the parent Act to exclude production of alcohol for potable purposes.
  • It empowers central government to formulate policy and regulate foreign collaboration for all products of fermentation industries, including industrial and potable alcohol.