Government to Introduce Bankruptcy Bill in Parliament on Monday

Finance Minister Arun Jaitley had said that a delayed GST is better than a flawed one indicating the Bill will unlikely be cleared in the ongoing session of the Parliament.

According to the Business Advisory Committee (BAC) of the Rajya Sabha, a total of 43.50 hours have been allotted for around 18 bills which are pending in the Upper House, for the remaining three days of the current session.

Among the legislations listed by him, one was on the bankruptcy code and the other on arbitration. I have no doubt in my mind that an attempt to delay it is entirely for collateral reasons. He added that politics should not become a hurdle to national interest, PTI reported.

On the passage of the Goods and Services Tax (GST) bill now stalled in the Rajya Sabha, the government said on Sunday it will “find another way” to bring benefits of the law to industry.

Slamming Jaitley’s accusation, Chidambaram said, “The present GST Bill is flawed one and it need to be corrected before being passed in the Parliament”. Next to GST, Bankruptcy legislation will be the biggest reform.

“As far as GST is concerned”.

The government had planned to roll out GST from April 1, 2016.

“Therefore, I would still try and persuade them to give up the rigidness of constitutionally prescribed tariffs, which can be an albatross around the neck of future generations”, he further said. “We will continue our focus on development”, Goyal said.

“The next three days in Parliament are extremely crucial…”

“We are bringing in the bill for creating fast-track arbitration in the country, including single-member tribunals”, he added.

As for setting up of the commercial courts Bill, Jaitley said it sought to expedite resolution of commercial disputes pending in courts for years and decades.