Bankruptcy Code an example of hurried legislation: Congress
23-November-2017
The Congress on Thursday said the Insolvency and Banking Code (IBC) of 2016 is "an example of a hurried legislation and has many gaps".
The Congress reaction came after President Ram Nath Kovind signed an ordinance on Thursday for amendment to the Code, which was sent to him by the Union Cabinet a day earlier.
"It is an example of a hurried legislation. The Act has a lot of potential but many gaps have been left because of the hurry to declare it exactly as the Goods and Services Tax.
"So, you now find that a major loophole is sought to be corrected, and if it is properly corrected, I will applaud it," said Congress spokesperson Abhishek Manu Singhvi.
He said he would reserve comments till he saw the final version. "If it is properly plugged, I would support it."
He urged the government to seriously consider and try and plug as many loopholes as can be through the amendment. - IANS
NRI Medical Professional Pemmasani Chandra Sekhar: The Richest Candidate in Lok Sabha Elections 2024
AI-Enabled SaaS Platform Accacia Raises $6.5 Million in Funding
Natch Snacks and Recircles Team Up for Sustainable Waste Management
Hyderabad BJP Candidate Booked For Hurting Religious Sentiments
BJP Loses Veteran Malikayya Guttedar to Congress Ahead of Lok Sabha Elections