{"id":226557,"date":"2020-03-05T15:00:33","date_gmt":"2020-03-05T09:30:33","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=226557"},"modified":"2020-03-05T14:07:53","modified_gmt":"2020-03-05T08:37:53","slug":"standing-committee-on-finance-submits-its-6th-report-on-insolvency-and-bankruptcy-second-amendment-bill-2019","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/05\/standing-committee-on-finance-submits-its-6th-report-on-insolvency-and-bankruptcy-second-amendment-bill-2019\/","title":{"rendered":"Standing Committee on Finance submits its 6th Report on &#8212; Insolvency and Bankruptcy (Second Amendment) Bill, 2019"},"content":{"rendered":"<blockquote>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Standing Committee on Finance (2019-2020) prsented the Sixth Report on Insolvency and Bankruptcy (Second Amendment) Bill, 2019 in Lok Sabha on 04-03-2020.<\/span><\/p>\n<\/blockquote>\n<div class=\"page\" title=\"Page 6\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: justify;\">Insolvency and Bankruptcy Code was enacted on May 28, 2016, to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of the Government dues.<\/p>\n<p style=\"text-align: justify;\">1.2 The Code envisages a sound insolvency regime for companies and Limited Liability Partnerships as well as for individuals and unlimited liability partnership under its different parts. The ecosystem for implementation of the provisions of the Code consists of four pillars, viz., the Adjudicating Authorities (the National Company Law Tribunals and Debts Recovery Tribunals), Insolvency Professional Agencies, Insolvency Professionals and Information Utilities, and the Insolvency and Bankruptcy Board of India (IBBI) to exercise regulatory oversight over insolvency professional agencies, insolvency professionals and information utilities.<\/p>\n<p style=\"text-align: justify;\">1.3 Insolvency and Bankruptcy Code is a new legislation which is still evolving. As and when problems arise in smooth functioning of the Code necessary steps have been taken to resolve them including amendments to the Code as required to attain the objectives of the Code. Till date, the Code has been amended four times.<\/p>\n<hr \/>\n<div class=\"page\" title=\"Page 14\"><span style=\"color: #0000ff;\"><strong>The Committee note<\/strong><\/span> that the Insolvency and Bankruptcy Code, 2016 (IBC) was promulgated on concepts such as promoting maximisation of value of assets, transparent and predictable insolvency resolution framework, avoiding destruction of value of the debtor, and recognising the difference between malfeasance and business failure. The Committee further note that even though the IBC has been globally recognized as a paradigm shift in India\u2019s insolvency resolution process, many areas have required judicial and legislative interventions to enable the process to achieve the desired results. The Committee understand that the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 seeks to remove some of these bottlenecks and streamline the corporate insolvency resolution process further.<\/p>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: justify;\">2.6 While acknowledging the role played by IBC in arresting the growth of NPAs, it is expected that effective measures within the ambit of IBC would be taken to realize better results from the process. The Committee note that out of claims of around Rs 8.4 lakh crore, the realizable amount is around Rs. 3.57 lakh crore i.e. around 43% from the IBC process so far. Also, the average time taken for resolution has come down to 394 days. The Committee hope that the recovery percentage increases significantly in the near future and the time taken for resolution conforms to the timeline prescribed in the Code. The Committee would like to reiterate its recommendation made in previous reports about increasing the number of benches in National Company Law Tribunal (NCLT) and establishing e-courts for faster disposal of cases and speedy resolution. The Committee understand that a draft Bill on Cross Border Insolvency is in the pipeline. These types of cases have already resulted in uncertain recoveries for creditors. The Committee would like this Bill to be introduced in Parliament as soon as possible in order to further strengthen the insolvency framework.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>To read the detailed report, please follow the link: \u00a0<a href=\"http:\/\/164.100.47.193\/lsscommittee\/Finance\/17_Finance_6.pdf\"><span style=\"color: #000000;\">Standing Committee Report on Insolvency and Bankruptcy (Second Amendment) Bill, 2019<\/span><\/a><\/strong><\/span><\/p>\n<hr \/>\n<p><span style=\"color: #008000;\"><strong>Lok Sabha<\/strong><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Standing Committee on Finance (2019-2020) prsented the Sixth Report on Insolvency and Bankruptcy (Second Amendment) Bill, 2019 in Lok Sabha on 04-03-2020. <\/p>\n","protected":false},"author":8808,"featured_media":154904,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[39873,39872],"class_list":["post-226557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-insolvency-and-bankruptcy-second-amendment-bill-2019","tag-parliamentary-standing-committee-on-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Standing Committee on Finance submits its 6th Report on -- Insolvency and Bankruptcy (Second Amendment) Bill, 2019 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Series of amendments have been laid down in the said Bill. One of the significant insertions that have been brought in the Bill is Insertion of new Section 32 A After Section 32 of the principal Act,\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":223215,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/12\/cabinet-approves-insolvency-and-bankruptcy-code-second-amendment-bill-2019-amendments-would-further-ease-doing-of-business\/","url_meta":{"origin":226557,"position":1},"title":"Cabinet approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019; Amendments would further ease doing of business","author":"Bhumika Indulia","date":"December 12, 2019","format":false,"excerpt":"The Union Cabinet has approved the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016 (code), through the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019. The amendments aim to remove certain difficulties being faced during the insolvency resolution process to realise the objects of the code and\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":186634,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/02\/08\/cabinet-approves-insolvency-bankruptcy-code-amendment-bill-2017\/","url_meta":{"origin":226557,"position":2},"title":"Cabinet approves Insolvency and Bankruptcy Code (Amendment) Bill, 2017","author":"Saba","date":"February 8, 2018","format":false,"excerpt":"The Union Cabinet has given ex-post facto approval to the modifications carried out in the replacement Bill, which replaced the Insolvency and Bankruptcy Code (Amendment) Bill 2017, and which has been passed by Parliament as the Insolvency and Bankruptcy Code (Amendment) Act, 2018. The amendment will bring clarity and ensure\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":223671,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/30\/president-promulgates-insolvency-and-bankruptcy-code-amendment-ordinance-2019\/","url_meta":{"origin":226557,"position":3},"title":"President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019","author":"Bhumika Indulia","date":"December 30, 2019","format":false,"excerpt":"President on 28-12-2019 promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 to amend the Insolvency and Bankruptcy Code, 2016. Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 was introduced in the House of People on 12-12-2019 though it could not be taken up for consideration. At present, though the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":217081,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/19\/insolvency-and-bankruptcy-code-amendment-bill-2019-to-be-introduced-in-parliament-series-of-amendments-suggested\/","url_meta":{"origin":226557,"position":4},"title":"Insolvency and Bankruptcy Code (Amendment) Bill, 2019 to be introduced in Parliament &#8212; Series of amendments suggested!","author":"Bhumika Indulia","date":"July 19, 2019","format":false,"excerpt":"Union Cabinet approved the proposal to introduce a Bill in the Parliament to carry out 08 amendments to the Insolvency and Bankruptcy Code, 2016. The amendments aim to fill critical gaps in the corporate insolvency resolution framework as enshrined in the Code, while simultaneously maximizing value from the Corporate Insolvency\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":356560,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/13\/insolvency-and-bankruptcy-code-amendment-bill-2025-introduced\/","url_meta":{"origin":226557,"position":5},"title":"Insolvency and Bankruptcy Code (Amendment) Bill, 2025 proposes group and cross- border insolvency","author":"Kriti","date":"August 13, 2025","format":false,"excerpt":"Proposed amendment aims to improve its operation, enhance its effectiveness, clarify its original intent and incorporate novel concepts.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Insolvency and Bankruptcy Code (Amendment) Bill 2025","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Insolvency-and-Bankruptcy-Code-Amendment-Bill-2025.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Insolvency-and-Bankruptcy-Code-Amendment-Bill-2025.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Insolvency-and-Bankruptcy-Code-Amendment-Bill-2025.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Insolvency-and-Bankruptcy-Code-Amendment-Bill-2025.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/226557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=226557"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/226557\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/154904"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=226557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=226557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=226557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}