Parliament Diary

The Insolvency and Bankruptcy Code (Amendment) Bill, 2021, which provides the Pre-Packaged Insolvency Resolution Process for MSMEs, was passed in Rajya Sabha. During the discussion, one Member pointed out that there are about 50% vacancies in the National Company Law Tribunal which will impact adherence to the timelines proposed in the Bill. In response, the Minister assured the House that the government is working to fill the vacancies. The Minister also noted that the PPIRP and CIRP were compared across 25 categories of issues, and the PPIRP was found to be flexible, cost-effective, time bound and so, very suitable for the MSMEs.

In Lok Sabha, the Essential Defence Services Bill, 2021 and the Tribunals Reforms Bill, 2021 were passed amid disruptions. During the debate on the Essential Defence Services Bill, Members said that the legitimate rights of around 80,000 defence workers were being taken away. The Bill allows the Central Government to prohibit strikes, lockouts and layoffs in units engaged in essential defence services. 

In response, the Defence Minister said that the government has had discussions with the union representatives of the Ordnance Factory Boards. He assured the House that the provisions of the Act will only be applicable once it is invoked and the need to invoke the Act may not arise at all. 

Earlier in the day, the Standing Committee on Labour submitted its report on impact of COVID-19 on Rising Unemployment and Loss of Jobs/Livelihoods and the Finance Committee submitted its recommendations on the implementation of IBC.