IBC ordinance not aimed at favouring any corporate house: Piyush Goyal

Congress leader Mallikarjun Kharge and several others alleged that the ordinance was brought to facilitate the acquisition of Alok Industries by Reliance Industries

Amid charges flying thick and fast over the government’s proximity with India Inc, Corporate Affairs Minister Piyush Goyal on Tuesday rejected the Opposition’s allegation that it has come out with an ordinance to amend the Insolvency and Bankruptcy Code (IBC) to favour a big corporate house.

Replying to a debate on the Insolvency and Bankruptcy Code (Second Amendment) Bill 2018 in the Lok Sabha, Goyal said the government brought the ordinance to ensure speedy resolution of stressed assets and for the benefit of homebuyers and the MSME sector.

The Bill to replace the ordinance was approved by the Lower House