Bills and Amendments Current Affairs

Parliament passes Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018

Parliament has passed Insolvency and Bankruptcy Code (Amendment) Bill, 2018 to bring relief to home buyers and Micro, Small and Medium Enterprises (MSMEs). The Bill replaces ordinance promulgated in this regard and amends  Insolvency and Bankruptcy Code, 2016.

Key Features of Bill

The Bill recognises home buyers as financial creditors in the real estate project and giving them due representation in the Committee of Creditors (CoC), thus providing significant relief to home buyers. It will allow home buyers to invoke Section 7 of IBC, 2016 against errant developers.

This will allow financial creditors to file application seeking insolvency resolution process. As financial creditors, home buyers will be able to participate in decision-making process when developers are declared bankrupt under IBC, 2016. The bill also proposes to reduce minimum voting threshold for Committee of Creditors (CoC) to 66%, from 75% for key decisions.

Besides, the Bill also benefits Micro, Small and Medium Enterprises (MSME) sector from IBC. It allows promoter of MSME to bid for their own enterprise undergoing the insolvency resolution process as long as they are not wilful defaulters.

Background

The IBC, 2016 provides time-bound process to resolution of insolvency among companies and individuals. Insolvency is situation where individual or company is unable to repay their outstanding debt. Government in November 2017 had set up Insolvency Law Committee to review IBC and identify issues in its implementation and suggest changes. The Committee had made several recommendations such as exempting MSMEs from certain provisions of IBC, treating allottees under real estate project as financial creditors, reducing voting thresholds of committee of creditors (CoC), among others. Subsequently, President had promulgated Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 in June 2018 after approval of Central Government.

Month: Categories: Bills and Acts

Tags:

Parliament passes Criminal Law (Amendment) Bill, 2018

Parliament has passed Criminal Law (Amendment) Bill, 2018 prescribing death penalty to those convicted of raping girls below age of 12 years and making law against such sexual offences more stringent. The Bill replaces the Criminal Law (Amendment) Ordinance promulgated on April 2018.

Key Provisions of the Bill

The Bill amends Indian Penal Code (IPC), Criminal Procedure Code, Protection of Children from Sexual Offences (POCSO) Act and Indian Evidence Act. It provides for stringent punishment of jail term of minimum 20 years or life imprisonment or death for rape of girl less than 12 years.

It provides punishment with imprisonment for rest of life or death sentence in case of gang rape of girl below 12 years. It increases minimum punishment from 10 years to 20 years for crime of rape of girl under 16 years, which can be extended to imprisonment for rest of life. It also increases minimum punishment for rape of women from rigorous imprisonment of 7 years to 10 years, which can be extended to life imprisonment.

It provides for speedy investigation and trial of cases involving above offences, which must be completed in two months. It proposes 6 months’ time limit for disposal of appeals in rape cases. It provides dedicated manpower for investigation of rape cases in time bound manner.

It provides no provision for anticipatory bail for person accused of rape or gang rape of girl under 16 years. It has also been provided that court has to give notice of 15 days to Public Prosecutor and representative of victim before deciding bail applications in case of rape of a girl under 16 years of age.

It has provision for maintaining national database and profile of sexual offenders by National Crime Records Bureau (NCRB). This data will be regularly shared with States/UTs for monitoring, tracking and investigation including verification of antecedents by police.

Note: Four states already have brought in law after passing it through their respective assemblies for capital punishment to those who rape girls below 12 years. The states are Madhya Pradesh, Rajasthan, Haryana and Arunachal Pradesh

Month: Categories: Bills and Acts

Tags:

Advertisement

12345...102030...108