Lok Sabha was on Friday adjourned till March 11 after two bills that will replace ordinances were passed amid protests by the opposition members in the House.
The Lok Sabha passed The Mineral Laws (Amendment) Bill, 2020 and the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 amid protests over demand of Congress and some other parties for an immediate discussion on Delhi violence. The government has said that it is prepared for discussion on the issue on March 11 after Holi.
The Mineral Laws (Amendment) Bill, 2020 was taken up for passage on Thursday but could not be passed due to pandemonium in the House which later led to suspension of seven Congress members for the remaining period of Budget Session. The two bills were a priority for the government.
The Mineral Laws (Amendment) Bill seeks to remove end-use restrictions in coal mining and provides that the companies need not possess any coal mining experience in India to be eligible to participate in the auction of coal and lignite blocks.
It also seeks to provide composite license for prospecting and mining.
The bill amends the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act) and the Coal Mines (Special Provisions) Act, 2015 (CMSP Act). It will replace the ordinance promulgated in January this year.
The Insolvency and Bankruptcy Code (Second Amendment) Bill, which was moved for passage by Finance Minister Nirmala Sitharaman, aims to ease the insolvency resolution process and promote the ease of doing business.
Officials said that the amendments seek to protect last-mile funding and boost investment in financially-distressed sectors and are aimed at streamlining of the insolvency resolution process.
The amendments provide that the liability of a corporate debtor for an offence committed before the corporate insolvency resolution process will cease.
The debtor will not be prosecuted for an offence from the date the resolution plan has been approved by the adjudicating authority if a resolution plan results in change in the management or control of the corporate debtor to a person who was not a promoter or in the management or control of the corporate debtor.
Minister of State for Finance Anurag Thakur presented a statement showing the supplementary demands for frants (second batch) for 2019-20.
After the Insolvency and Bankruptcy Code Amendment Bill was passed, BJP member Rajendra Agrawal, who was in the chair, announced that the House will meet again on March 11.
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