Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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-The Indian Express&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to modify the law. &amp;ldquo;Insolvency and bankruptcy is an area in which it is only in recent years that we have chartered into. It is a learning experience,&amp;rdquo; Jaitley said in his reply to a 2&amp;frac12;-hour debate.&lt;br /&gt;
&lt;br /&gt;
The bill, passed by Lok Sabha last week, seeks to replace an ordinance promulgated in November to prevent unscrupulous persons from misusing the Insolvency and Bankruptcy Code. Those ineligible to bid for resolution of insolvent entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as nonperforming assets. These persons, however, can become &amp;ldquo;eligible to submit a resolution plan&amp;rdquo; if they clear all dues with interest and other charges relating to their NPA accounts.&lt;br /&gt;
&lt;br /&gt;
Jaitley said the whole effort was to make the banking sector robust and detach it from politics. &amp;ldquo;You need a strong banking system. You need banks which are able to lend money to large industries, to infrastructure projects, to small industry, for educational loans&amp;hellip; It is all part of the economy that you need a robust banking system,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
The minister said during the insolvency process, banks and unsecured creditors will have to take some haircut and if the same management comes back, nothing would change. The objective of the bill is to allow creditors to move to the National Company Law Tribunal in case of insolvency. &amp;ldquo;We have now started that resolution process&amp;hellip; There are several hundreds of them and almost more than 500 have been disposed of.&amp;rdquo;&lt;br /&gt;
&lt;br /&gt;
Initiating the debate, former finance minister P Chidambaram supported the bill but highlighted clauses that would, he said, deter Indian companies from participating in the process. &amp;ldquo;I think it is important that the finance minister takes note of a few suggestions I wish to make now and reflect on them whether somewhere, in the course of drafting, the amending bill has not become over-inclusive and may, in fact, become counterproductive to the object of going through the insolvency resolution process,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;Firstly a person convicted for any offence punishable for imprisonment for two years or more. This could be a completely non-financial crime&amp;hellip; and you are keeping him out. It can be argued that anyone who has been convicted should be kept out. But I think the purpose of this bill is not to enforce a general rule of morality. The purpose of this bill is to ensure that resolution takes place of a company that has become insolvent. I think this is over-inclusive. This should have been confined to crimes arising out of certain specific acts, particularly, acts which pertain to finance and economy,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/&quot;&gt;click here&lt;/a&gt; to read more.
&lt;/div&gt;&#039;,
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-The Indian Express

Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime

As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to...&#039;,
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-The Indian Express&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to modify the law. &amp;ldquo;Insolvency and bankruptcy is an area in which it is only in recent years that we have chartered into. It is a learning experience,&amp;rdquo; Jaitley said in his reply to a 2&amp;frac12;-hour debate.&lt;br /&gt;
&lt;br /&gt;
The bill, passed by Lok Sabha last week, seeks to replace an ordinance promulgated in November to prevent unscrupulous persons from misusing the Insolvency and Bankruptcy Code. Those ineligible to bid for resolution of insolvent entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as nonperforming assets. These persons, however, can become &amp;ldquo;eligible to submit a resolution plan&amp;rdquo; if they clear all dues with interest and other charges relating to their NPA accounts.&lt;br /&gt;
&lt;br /&gt;
Jaitley said the whole effort was to make the banking sector robust and detach it from politics. &amp;ldquo;You need a strong banking system. You need banks which are able to lend money to large industries, to infrastructure projects, to small industry, for educational loans&amp;hellip; It is all part of the economy that you need a robust banking system,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
The minister said during the insolvency process, banks and unsecured creditors will have to take some haircut and if the same management comes back, nothing would change. The objective of the bill is to allow creditors to move to the National Company Law Tribunal in case of insolvency. &amp;ldquo;We have now started that resolution process&amp;hellip; There are several hundreds of them and almost more than 500 have been disposed of.&amp;rdquo;&lt;br /&gt;
&lt;br /&gt;
Initiating the debate, former finance minister P Chidambaram supported the bill but highlighted clauses that would, he said, deter Indian companies from participating in the process. &amp;ldquo;I think it is important that the finance minister takes note of a few suggestions I wish to make now and reflect on them whether somewhere, in the course of drafting, the amending bill has not become over-inclusive and may, in fact, become counterproductive to the object of going through the insolvency resolution process,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;Firstly a person convicted for any offence punishable for imprisonment for two years or more. This could be a completely non-financial crime&amp;hellip; and you are keeping him out. It can be argued that anyone who has been convicted should be kept out. But I think the purpose of this bill is not to enforce a general rule of morality. The purpose of this bill is to ensure that resolution takes place of a company that has become insolvent. I think this is over-inclusive. This should have been confined to crimes arising out of certain specific acts, particularly, acts which pertain to finance and economy,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/&quot;&gt;click here&lt;/a&gt; to read more.
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	&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 3 January, 2018, http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/&#039;,
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-The Indian Express

Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime

As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to...&#039;
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-The Indian Express

Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime

As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to..."/>
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                <strong>New territory, says Arun Jaitley as House passes Insolvency Bill -Rahul Tripathi</strong></h1>
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                <div align="justify">-The Indian Express<br /><br /><em>Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime<br /></em><br />As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to modify the law. &ldquo;Insolvency and bankruptcy is an area in which it is only in recent years that we have chartered into. It is a learning experience,&rdquo; Jaitley said in his reply to a 2&frac12;-hour debate.<br /><br />The bill, passed by Lok Sabha last week, seeks to replace an ordinance promulgated in November to prevent unscrupulous persons from misusing the Insolvency and Bankruptcy Code. Those ineligible to bid for resolution of insolvent entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as nonperforming assets. These persons, however, can become &ldquo;eligible to submit a resolution plan&rdquo; if they clear all dues with interest and other charges relating to their NPA accounts.<br /><br />Jaitley said the whole effort was to make the banking sector robust and detach it from politics. &ldquo;You need a strong banking system. You need banks which are able to lend money to large industries, to infrastructure projects, to small industry, for educational loans&hellip; It is all part of the economy that you need a robust banking system,&rdquo; he said.<br /><br />The minister said during the insolvency process, banks and unsecured creditors will have to take some haircut and if the same management comes back, nothing would change. The objective of the bill is to allow creditors to move to the National Company Law Tribunal in case of insolvency. &ldquo;We have now started that resolution process&hellip; There are several hundreds of them and almost more than 500 have been disposed of.&rdquo;<br /><br />Initiating the debate, former finance minister P Chidambaram supported the bill but highlighted clauses that would, he said, deter Indian companies from participating in the process. &ldquo;I think it is important that the finance minister takes note of a few suggestions I wish to make now and reflect on them whether somewhere, in the course of drafting, the amending bill has not become over-inclusive and may, in fact, become counterproductive to the object of going through the insolvency resolution process,&rdquo; he said.<br /><br />&ldquo;Firstly a person convicted for any offence punishable for imprisonment for two years or more. This could be a completely non-financial crime&hellip; and you are keeping him out. It can be argued that anyone who has been convicted should be kept out. But I think the purpose of this bill is not to enforce a general rule of morality. The purpose of this bill is to ensure that resolution takes place of a company that has become insolvent. I think this is over-inclusive. This should have been confined to crimes arising out of certain specific acts, particularly, acts which pertain to finance and economy,&rdquo; he said.<br /><br />Please <a href="http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/" title="http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/">click here</a> to read more.</div>               </font>
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-The Indian Express&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to modify the law. &amp;ldquo;Insolvency and bankruptcy is an area in which it is only in recent years that we have chartered into. It is a learning experience,&amp;rdquo; Jaitley said in his reply to a 2&amp;frac12;-hour debate.&lt;br /&gt;
&lt;br /&gt;
The bill, passed by Lok Sabha last week, seeks to replace an ordinance promulgated in November to prevent unscrupulous persons from misusing the Insolvency and Bankruptcy Code. Those ineligible to bid for resolution of insolvent entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as nonperforming assets. These persons, however, can become &amp;ldquo;eligible to submit a resolution plan&amp;rdquo; if they clear all dues with interest and other charges relating to their NPA accounts.&lt;br /&gt;
&lt;br /&gt;
Jaitley said the whole effort was to make the banking sector robust and detach it from politics. &amp;ldquo;You need a strong banking system. You need banks which are able to lend money to large industries, to infrastructure projects, to small industry, for educational loans&amp;hellip; It is all part of the economy that you need a robust banking system,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
The minister said during the insolvency process, banks and unsecured creditors will have to take some haircut and if the same management comes back, nothing would change. The objective of the bill is to allow creditors to move to the National Company Law Tribunal in case of insolvency. &amp;ldquo;We have now started that resolution process&amp;hellip; There are several hundreds of them and almost more than 500 have been disposed of.&amp;rdquo;&lt;br /&gt;
&lt;br /&gt;
Initiating the debate, former finance minister P Chidambaram supported the bill but highlighted clauses that would, he said, deter Indian companies from participating in the process. &amp;ldquo;I think it is important that the finance minister takes note of a few suggestions I wish to make now and reflect on them whether somewhere, in the course of drafting, the amending bill has not become over-inclusive and may, in fact, become counterproductive to the object of going through the insolvency resolution process,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;Firstly a person convicted for any offence punishable for imprisonment for two years or more. This could be a completely non-financial crime&amp;hellip; and you are keeping him out. It can be argued that anyone who has been convicted should be kept out. But I think the purpose of this bill is not to enforce a general rule of morality. The purpose of this bill is to ensure that resolution takes place of a company that has become insolvent. I think this is over-inclusive. This should have been confined to crimes arising out of certain specific acts, particularly, acts which pertain to finance and economy,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/&quot;&gt;click here&lt;/a&gt; to read more.
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Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime

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-The Indian Express&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to modify the law. &amp;ldquo;Insolvency and bankruptcy is an area in which it is only in recent years that we have chartered into. It is a learning experience,&amp;rdquo; Jaitley said in his reply to a 2&amp;frac12;-hour debate.&lt;br /&gt;
&lt;br /&gt;
The bill, passed by Lok Sabha last week, seeks to replace an ordinance promulgated in November to prevent unscrupulous persons from misusing the Insolvency and Bankruptcy Code. Those ineligible to bid for resolution of insolvent entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as nonperforming assets. These persons, however, can become &amp;ldquo;eligible to submit a resolution plan&amp;rdquo; if they clear all dues with interest and other charges relating to their NPA accounts.&lt;br /&gt;
&lt;br /&gt;
Jaitley said the whole effort was to make the banking sector robust and detach it from politics. &amp;ldquo;You need a strong banking system. You need banks which are able to lend money to large industries, to infrastructure projects, to small industry, for educational loans&amp;hellip; It is all part of the economy that you need a robust banking system,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
The minister said during the insolvency process, banks and unsecured creditors will have to take some haircut and if the same management comes back, nothing would change. The objective of the bill is to allow creditors to move to the National Company Law Tribunal in case of insolvency. &amp;ldquo;We have now started that resolution process&amp;hellip; There are several hundreds of them and almost more than 500 have been disposed of.&amp;rdquo;&lt;br /&gt;
&lt;br /&gt;
Initiating the debate, former finance minister P Chidambaram supported the bill but highlighted clauses that would, he said, deter Indian companies from participating in the process. &amp;ldquo;I think it is important that the finance minister takes note of a few suggestions I wish to make now and reflect on them whether somewhere, in the course of drafting, the amending bill has not become over-inclusive and may, in fact, become counterproductive to the object of going through the insolvency resolution process,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;Firstly a person convicted for any offence punishable for imprisonment for two years or more. This could be a completely non-financial crime&amp;hellip; and you are keeping him out. It can be argued that anyone who has been convicted should be kept out. But I think the purpose of this bill is not to enforce a general rule of morality. The purpose of this bill is to ensure that resolution takes place of a company that has become insolvent. I think this is over-inclusive. This should have been confined to crimes arising out of certain specific acts, particularly, acts which pertain to finance and economy,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/&quot;&gt;click here&lt;/a&gt; to read more.
&lt;/div&gt;&#039;,
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-The Indian Express

Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime

As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Indian Express&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to modify the law. &amp;ldquo;Insolvency and bankruptcy is an area in which it is only in recent years that we have chartered into. It is a learning experience,&amp;rdquo; Jaitley said in his reply to a 2&amp;frac12;-hour debate.&lt;br /&gt;&lt;br /&gt;The bill, passed by Lok Sabha last week, seeks to replace an ordinance promulgated in November to prevent unscrupulous persons from misusing the Insolvency and Bankruptcy Code. Those ineligible to bid for resolution of insolvent entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as nonperforming assets. These persons, however, can become &amp;ldquo;eligible to submit a resolution plan&amp;rdquo; if they clear all dues with interest and other charges relating to their NPA accounts.&lt;br /&gt;&lt;br /&gt;Jaitley said the whole effort was to make the banking sector robust and detach it from politics. &amp;ldquo;You need a strong banking system. You need banks which are able to lend money to large industries, to infrastructure projects, to small industry, for educational loans&amp;hellip; It is all part of the economy that you need a robust banking system,&amp;rdquo; he said.&lt;br /&gt;&lt;br /&gt;The minister said during the insolvency process, banks and unsecured creditors will have to take some haircut and if the same management comes back, nothing would change. The objective of the bill is to allow creditors to move to the National Company Law Tribunal in case of insolvency. &amp;ldquo;We have now started that resolution process&amp;hellip; There are several hundreds of them and almost more than 500 have been disposed of.&amp;rdquo;&lt;br /&gt;&lt;br /&gt;Initiating the debate, former finance minister P Chidambaram supported the bill but highlighted clauses that would, he said, deter Indian companies from participating in the process. &amp;ldquo;I think it is important that the finance minister takes note of a few suggestions I wish to make now and reflect on them whether somewhere, in the course of drafting, the amending bill has not become over-inclusive and may, in fact, become counterproductive to the object of going through the insolvency resolution process,&amp;rdquo; he said.&lt;br /&gt;&lt;br /&gt;&amp;ldquo;Firstly a person convicted for any offence punishable for imprisonment for two years or more. This could be a completely non-financial crime&amp;hellip; and you are keeping him out. It can be argued that anyone who has been convicted should be kept out. But I think the purpose of this bill is not to enforce a general rule of morality. The purpose of this bill is to ensure that resolution takes place of a company that has become insolvent. I think this is over-inclusive. This should have been confined to crimes arising out of certain specific acts, particularly, acts which pertain to finance and economy,&amp;rdquo; he said.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/&quot; title=&quot;http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/&quot;&gt;click here&lt;/a&gt; to read more.&lt;/div&gt;&#039;
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-The Indian Express

Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime

As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to..."/>
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                <strong>New territory, says Arun Jaitley as House passes Insolvency Bill -Rahul Tripathi</strong></h1>
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                <div align="justify">-The Indian Express<br /><br /><em>Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime<br /></em><br />As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to modify the law. &ldquo;Insolvency and bankruptcy is an area in which it is only in recent years that we have chartered into. It is a learning experience,&rdquo; Jaitley said in his reply to a 2&frac12;-hour debate.<br /><br />The bill, passed by Lok Sabha last week, seeks to replace an ordinance promulgated in November to prevent unscrupulous persons from misusing the Insolvency and Bankruptcy Code. Those ineligible to bid for resolution of insolvent entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as nonperforming assets. These persons, however, can become &ldquo;eligible to submit a resolution plan&rdquo; if they clear all dues with interest and other charges relating to their NPA accounts.<br /><br />Jaitley said the whole effort was to make the banking sector robust and detach it from politics. &ldquo;You need a strong banking system. You need banks which are able to lend money to large industries, to infrastructure projects, to small industry, for educational loans&hellip; It is all part of the economy that you need a robust banking system,&rdquo; he said.<br /><br />The minister said during the insolvency process, banks and unsecured creditors will have to take some haircut and if the same management comes back, nothing would change. The objective of the bill is to allow creditors to move to the National Company Law Tribunal in case of insolvency. &ldquo;We have now started that resolution process&hellip; There are several hundreds of them and almost more than 500 have been disposed of.&rdquo;<br /><br />Initiating the debate, former finance minister P Chidambaram supported the bill but highlighted clauses that would, he said, deter Indian companies from participating in the process. &ldquo;I think it is important that the finance minister takes note of a few suggestions I wish to make now and reflect on them whether somewhere, in the course of drafting, the amending bill has not become over-inclusive and may, in fact, become counterproductive to the object of going through the insolvency resolution process,&rdquo; he said.<br /><br />&ldquo;Firstly a person convicted for any offence punishable for imprisonment for two years or more. This could be a completely non-financial crime&hellip; and you are keeping him out. It can be argued that anyone who has been convicted should be kept out. But I think the purpose of this bill is not to enforce a general rule of morality. The purpose of this bill is to ensure that resolution takes place of a company that has become insolvent. I think this is over-inclusive. This should have been confined to crimes arising out of certain specific acts, particularly, acts which pertain to finance and economy,&rdquo; he said.<br /><br />Please <a href="http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/" title="http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/">click here</a> to read more.</div>               </font>
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		&#039;title&#039; =&gt; &#039;New territory, says Arun Jaitley as House passes Insolvency Bill -Rahul Tripathi&#039;,
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-The Indian Express&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to modify the law. &amp;ldquo;Insolvency and bankruptcy is an area in which it is only in recent years that we have chartered into. It is a learning experience,&amp;rdquo; Jaitley said in his reply to a 2&amp;frac12;-hour debate.&lt;br /&gt;
&lt;br /&gt;
The bill, passed by Lok Sabha last week, seeks to replace an ordinance promulgated in November to prevent unscrupulous persons from misusing the Insolvency and Bankruptcy Code. Those ineligible to bid for resolution of insolvent entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as nonperforming assets. These persons, however, can become &amp;ldquo;eligible to submit a resolution plan&amp;rdquo; if they clear all dues with interest and other charges relating to their NPA accounts.&lt;br /&gt;
&lt;br /&gt;
Jaitley said the whole effort was to make the banking sector robust and detach it from politics. &amp;ldquo;You need a strong banking system. You need banks which are able to lend money to large industries, to infrastructure projects, to small industry, for educational loans&amp;hellip; It is all part of the economy that you need a robust banking system,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
The minister said during the insolvency process, banks and unsecured creditors will have to take some haircut and if the same management comes back, nothing would change. The objective of the bill is to allow creditors to move to the National Company Law Tribunal in case of insolvency. &amp;ldquo;We have now started that resolution process&amp;hellip; There are several hundreds of them and almost more than 500 have been disposed of.&amp;rdquo;&lt;br /&gt;
&lt;br /&gt;
Initiating the debate, former finance minister P Chidambaram supported the bill but highlighted clauses that would, he said, deter Indian companies from participating in the process. &amp;ldquo;I think it is important that the finance minister takes note of a few suggestions I wish to make now and reflect on them whether somewhere, in the course of drafting, the amending bill has not become over-inclusive and may, in fact, become counterproductive to the object of going through the insolvency resolution process,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;Firstly a person convicted for any offence punishable for imprisonment for two years or more. This could be a completely non-financial crime&amp;hellip; and you are keeping him out. It can be argued that anyone who has been convicted should be kept out. But I think the purpose of this bill is not to enforce a general rule of morality. The purpose of this bill is to ensure that resolution takes place of a company that has become insolvent. I think this is over-inclusive. This should have been confined to crimes arising out of certain specific acts, particularly, acts which pertain to finance and economy,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/&quot;&gt;click here&lt;/a&gt; to read more.
&lt;/div&gt;&#039;,
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Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime

As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Indian Express&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to modify the law. &amp;ldquo;Insolvency and bankruptcy is an area in which it is only in recent years that we have chartered into. It is a learning experience,&amp;rdquo; Jaitley said in his reply to a 2&amp;frac12;-hour debate.&lt;br /&gt;&lt;br /&gt;The bill, passed by Lok Sabha last week, seeks to replace an ordinance promulgated in November to prevent unscrupulous persons from misusing the Insolvency and Bankruptcy Code. Those ineligible to bid for resolution of insolvent entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as nonperforming assets. These persons, however, can become &amp;ldquo;eligible to submit a resolution plan&amp;rdquo; if they clear all dues with interest and other charges relating to their NPA accounts.&lt;br /&gt;&lt;br /&gt;Jaitley said the whole effort was to make the banking sector robust and detach it from politics. &amp;ldquo;You need a strong banking system. You need banks which are able to lend money to large industries, to infrastructure projects, to small industry, for educational loans&amp;hellip; It is all part of the economy that you need a robust banking system,&amp;rdquo; he said.&lt;br /&gt;&lt;br /&gt;The minister said during the insolvency process, banks and unsecured creditors will have to take some haircut and if the same management comes back, nothing would change. The objective of the bill is to allow creditors to move to the National Company Law Tribunal in case of insolvency. &amp;ldquo;We have now started that resolution process&amp;hellip; There are several hundreds of them and almost more than 500 have been disposed of.&amp;rdquo;&lt;br /&gt;&lt;br /&gt;Initiating the debate, former finance minister P Chidambaram supported the bill but highlighted clauses that would, he said, deter Indian companies from participating in the process. &amp;ldquo;I think it is important that the finance minister takes note of a few suggestions I wish to make now and reflect on them whether somewhere, in the course of drafting, the amending bill has not become over-inclusive and may, in fact, become counterproductive to the object of going through the insolvency resolution process,&amp;rdquo; he said.&lt;br /&gt;&lt;br /&gt;&amp;ldquo;Firstly a person convicted for any offence punishable for imprisonment for two years or more. This could be a completely non-financial crime&amp;hellip; and you are keeping him out. It can be argued that anyone who has been convicted should be kept out. But I think the purpose of this bill is not to enforce a general rule of morality. The purpose of this bill is to ensure that resolution takes place of a company that has become insolvent. I think this is over-inclusive. This should have been confined to crimes arising out of certain specific acts, particularly, acts which pertain to finance and economy,&amp;rdquo; he said.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/&quot; title=&quot;http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/&quot;&gt;click here&lt;/a&gt; to read more.&lt;/div&gt;&#039;,
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	&#039;title&#039; =&gt; &#039;New territory, says Arun Jaitley as House passes Insolvency Bill -Rahul Tripathi&#039;,
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-The Indian Express&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to modify the law. &amp;ldquo;Insolvency and bankruptcy is an area in which it is only in recent years that we have chartered into. It is a learning experience,&amp;rdquo; Jaitley said in his reply to a 2&amp;frac12;-hour debate.&lt;br /&gt;
&lt;br /&gt;
The bill, passed by Lok Sabha last week, seeks to replace an ordinance promulgated in November to prevent unscrupulous persons from misusing the Insolvency and Bankruptcy Code. Those ineligible to bid for resolution of insolvent entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as nonperforming assets. These persons, however, can become &amp;ldquo;eligible to submit a resolution plan&amp;rdquo; if they clear all dues with interest and other charges relating to their NPA accounts.&lt;br /&gt;
&lt;br /&gt;
Jaitley said the whole effort was to make the banking sector robust and detach it from politics. &amp;ldquo;You need a strong banking system. You need banks which are able to lend money to large industries, to infrastructure projects, to small industry, for educational loans&amp;hellip; It is all part of the economy that you need a robust banking system,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
The minister said during the insolvency process, banks and unsecured creditors will have to take some haircut and if the same management comes back, nothing would change. The objective of the bill is to allow creditors to move to the National Company Law Tribunal in case of insolvency. &amp;ldquo;We have now started that resolution process&amp;hellip; There are several hundreds of them and almost more than 500 have been disposed of.&amp;rdquo;&lt;br /&gt;
&lt;br /&gt;
Initiating the debate, former finance minister P Chidambaram supported the bill but highlighted clauses that would, he said, deter Indian companies from participating in the process. &amp;ldquo;I think it is important that the finance minister takes note of a few suggestions I wish to make now and reflect on them whether somewhere, in the course of drafting, the amending bill has not become over-inclusive and may, in fact, become counterproductive to the object of going through the insolvency resolution process,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;Firstly a person convicted for any offence punishable for imprisonment for two years or more. This could be a completely non-financial crime&amp;hellip; and you are keeping him out. It can be argued that anyone who has been convicted should be kept out. But I think the purpose of this bill is not to enforce a general rule of morality. The purpose of this bill is to ensure that resolution takes place of a company that has become insolvent. I think this is over-inclusive. This should have been confined to crimes arising out of certain specific acts, particularly, acts which pertain to finance and economy,&amp;rdquo; he said.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/&quot;&gt;click here&lt;/a&gt; to read more.
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-The Indian Express

Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime

As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to...&#039;
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-The Indian Express

Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime

As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to..."/>
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                <strong>New territory, says Arun Jaitley as House passes Insolvency Bill -Rahul Tripathi</strong></h1>
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                <div align="justify">-The Indian Express<br /><br /><em>Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime<br /></em><br />As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to modify the law. &ldquo;Insolvency and bankruptcy is an area in which it is only in recent years that we have chartered into. It is a learning experience,&rdquo; Jaitley said in his reply to a 2&frac12;-hour debate.<br /><br />The bill, passed by Lok Sabha last week, seeks to replace an ordinance promulgated in November to prevent unscrupulous persons from misusing the Insolvency and Bankruptcy Code. Those ineligible to bid for resolution of insolvent entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as nonperforming assets. These persons, however, can become &ldquo;eligible to submit a resolution plan&rdquo; if they clear all dues with interest and other charges relating to their NPA accounts.<br /><br />Jaitley said the whole effort was to make the banking sector robust and detach it from politics. &ldquo;You need a strong banking system. You need banks which are able to lend money to large industries, to infrastructure projects, to small industry, for educational loans&hellip; It is all part of the economy that you need a robust banking system,&rdquo; he said.<br /><br />The minister said during the insolvency process, banks and unsecured creditors will have to take some haircut and if the same management comes back, nothing would change. The objective of the bill is to allow creditors to move to the National Company Law Tribunal in case of insolvency. &ldquo;We have now started that resolution process&hellip; There are several hundreds of them and almost more than 500 have been disposed of.&rdquo;<br /><br />Initiating the debate, former finance minister P Chidambaram supported the bill but highlighted clauses that would, he said, deter Indian companies from participating in the process. &ldquo;I think it is important that the finance minister takes note of a few suggestions I wish to make now and reflect on them whether somewhere, in the course of drafting, the amending bill has not become over-inclusive and may, in fact, become counterproductive to the object of going through the insolvency resolution process,&rdquo; he said.<br /><br />&ldquo;Firstly a person convicted for any offence punishable for imprisonment for two years or more. This could be a completely non-financial crime&hellip; and you are keeping him out. It can be argued that anyone who has been convicted should be kept out. But I think the purpose of this bill is not to enforce a general rule of morality. The purpose of this bill is to ensure that resolution takes place of a company that has become insolvent. I think this is over-inclusive. This should have been confined to crimes arising out of certain specific acts, particularly, acts which pertain to finance and economy,&rdquo; he said.<br /><br />Please <a href="http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/" title="http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/">click here</a> to read more.</div>               </font>
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		'title' => 'New territory, says Arun Jaitley as House passes Insolvency Bill -Rahul Tripathi',
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-The Indian Express<br />
<br />
<em>Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime<br />
</em><br />
As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to modify the law. &ldquo;Insolvency and bankruptcy is an area in which it is only in recent years that we have chartered into. It is a learning experience,&rdquo; Jaitley said in his reply to a 2&frac12;-hour debate.<br />
<br />
The bill, passed by Lok Sabha last week, seeks to replace an ordinance promulgated in November to prevent unscrupulous persons from misusing the Insolvency and Bankruptcy Code. Those ineligible to bid for resolution of insolvent entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as nonperforming assets. These persons, however, can become &ldquo;eligible to submit a resolution plan&rdquo; if they clear all dues with interest and other charges relating to their NPA accounts.<br />
<br />
Jaitley said the whole effort was to make the banking sector robust and detach it from politics. &ldquo;You need a strong banking system. You need banks which are able to lend money to large industries, to infrastructure projects, to small industry, for educational loans&hellip; It is all part of the economy that you need a robust banking system,&rdquo; he said.<br />
<br />
The minister said during the insolvency process, banks and unsecured creditors will have to take some haircut and if the same management comes back, nothing would change. The objective of the bill is to allow creditors to move to the National Company Law Tribunal in case of insolvency. &ldquo;We have now started that resolution process&hellip; There are several hundreds of them and almost more than 500 have been disposed of.&rdquo;<br />
<br />
Initiating the debate, former finance minister P Chidambaram supported the bill but highlighted clauses that would, he said, deter Indian companies from participating in the process. &ldquo;I think it is important that the finance minister takes note of a few suggestions I wish to make now and reflect on them whether somewhere, in the course of drafting, the amending bill has not become over-inclusive and may, in fact, become counterproductive to the object of going through the insolvency resolution process,&rdquo; he said.<br />
<br />
&ldquo;Firstly a person convicted for any offence punishable for imprisonment for two years or more. This could be a completely non-financial crime&hellip; and you are keeping him out. It can be argued that anyone who has been convicted should be kept out. But I think the purpose of this bill is not to enforce a general rule of morality. The purpose of this bill is to ensure that resolution takes place of a company that has become insolvent. I think this is over-inclusive. This should have been confined to crimes arising out of certain specific acts, particularly, acts which pertain to finance and economy,&rdquo; he said.<br />
<br />
Please <a href="http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/">click here</a> to read more.
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	'metaTitle' => 'LATEST NEWS UPDATES | New territory, says Arun Jaitley as House passes Insolvency Bill -Rahul Tripathi',
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-The Indian Express

Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime

As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to...',
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	'title' => 'New territory, says Arun Jaitley as House passes Insolvency Bill -Rahul Tripathi',
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-The Indian Express<br />
<br />
<em>Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime<br />
</em><br />
As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to modify the law. &ldquo;Insolvency and bankruptcy is an area in which it is only in recent years that we have chartered into. It is a learning experience,&rdquo; Jaitley said in his reply to a 2&frac12;-hour debate.<br />
<br />
The bill, passed by Lok Sabha last week, seeks to replace an ordinance promulgated in November to prevent unscrupulous persons from misusing the Insolvency and Bankruptcy Code. Those ineligible to bid for resolution of insolvent entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as nonperforming assets. These persons, however, can become &ldquo;eligible to submit a resolution plan&rdquo; if they clear all dues with interest and other charges relating to their NPA accounts.<br />
<br />
Jaitley said the whole effort was to make the banking sector robust and detach it from politics. &ldquo;You need a strong banking system. You need banks which are able to lend money to large industries, to infrastructure projects, to small industry, for educational loans&hellip; It is all part of the economy that you need a robust banking system,&rdquo; he said.<br />
<br />
The minister said during the insolvency process, banks and unsecured creditors will have to take some haircut and if the same management comes back, nothing would change. The objective of the bill is to allow creditors to move to the National Company Law Tribunal in case of insolvency. &ldquo;We have now started that resolution process&hellip; There are several hundreds of them and almost more than 500 have been disposed of.&rdquo;<br />
<br />
Initiating the debate, former finance minister P Chidambaram supported the bill but highlighted clauses that would, he said, deter Indian companies from participating in the process. &ldquo;I think it is important that the finance minister takes note of a few suggestions I wish to make now and reflect on them whether somewhere, in the course of drafting, the amending bill has not become over-inclusive and may, in fact, become counterproductive to the object of going through the insolvency resolution process,&rdquo; he said.<br />
<br />
&ldquo;Firstly a person convicted for any offence punishable for imprisonment for two years or more. This could be a completely non-financial crime&hellip; and you are keeping him out. It can be argued that anyone who has been convicted should be kept out. But I think the purpose of this bill is not to enforce a general rule of morality. The purpose of this bill is to ensure that resolution takes place of a company that has become insolvent. I think this is over-inclusive. This should have been confined to crimes arising out of certain specific acts, particularly, acts which pertain to finance and economy,&rdquo; he said.<br />
<br />
Please <a href="http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/">click here</a> to read more.
</div>',
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-The Indian Express

Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime

As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to...'
$disp = '<div align="justify">-The Indian Express<br /><br /><em>Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime<br /></em><br />As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to modify the law. &ldquo;Insolvency and bankruptcy is an area in which it is only in recent years that we have chartered into. It is a learning experience,&rdquo; Jaitley said in his reply to a 2&frac12;-hour debate.<br /><br />The bill, passed by Lok Sabha last week, seeks to replace an ordinance promulgated in November to prevent unscrupulous persons from misusing the Insolvency and Bankruptcy Code. Those ineligible to bid for resolution of insolvent entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as nonperforming assets. These persons, however, can become &ldquo;eligible to submit a resolution plan&rdquo; if they clear all dues with interest and other charges relating to their NPA accounts.<br /><br />Jaitley said the whole effort was to make the banking sector robust and detach it from politics. &ldquo;You need a strong banking system. You need banks which are able to lend money to large industries, to infrastructure projects, to small industry, for educational loans&hellip; It is all part of the economy that you need a robust banking system,&rdquo; he said.<br /><br />The minister said during the insolvency process, banks and unsecured creditors will have to take some haircut and if the same management comes back, nothing would change. The objective of the bill is to allow creditors to move to the National Company Law Tribunal in case of insolvency. &ldquo;We have now started that resolution process&hellip; There are several hundreds of them and almost more than 500 have been disposed of.&rdquo;<br /><br />Initiating the debate, former finance minister P Chidambaram supported the bill but highlighted clauses that would, he said, deter Indian companies from participating in the process. &ldquo;I think it is important that the finance minister takes note of a few suggestions I wish to make now and reflect on them whether somewhere, in the course of drafting, the amending bill has not become over-inclusive and may, in fact, become counterproductive to the object of going through the insolvency resolution process,&rdquo; he said.<br /><br />&ldquo;Firstly a person convicted for any offence punishable for imprisonment for two years or more. This could be a completely non-financial crime&hellip; and you are keeping him out. It can be argued that anyone who has been convicted should be kept out. But I think the purpose of this bill is not to enforce a general rule of morality. The purpose of this bill is to ensure that resolution takes place of a company that has become insolvent. I think this is over-inclusive. This should have been confined to crimes arising out of certain specific acts, particularly, acts which pertain to finance and economy,&rdquo; he said.<br /><br />Please <a href="http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/" title="http://indianexpress.com/article/india/insolvency-bankruptcy-code-amendment-bill-upper-house-parliament-rajya-sabha-arun-jaitley-5009214/">click here</a> to read more.</div>'
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New territory, says Arun Jaitley as House passes Insolvency Bill -Rahul Tripathi

-The Indian Express Over-inclusive, says Chidambaram, it keeps out even those convicted of non-financial crime As Rajya Sabha cleared the Insolvency and Bankruptcy Code Amendment Bill Tuesday, Finance Minister Arun Jaitley said the government has entered unchartered territory and would continue to modify the law. “Insolvency and bankruptcy is an area in which it is only in recent years that we have chartered into. It is a learning experience,” Jaitley said in his reply to a 2½-hour debate. The bill, passed by Lok Sabha last week, seeks to replace an ordinance promulgated in November to prevent unscrupulous persons from misusing the Insolvency and Bankruptcy Code. Those ineligible to bid for resolution of insolvent entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as nonperforming assets. These persons, however, can become “eligible to submit a resolution plan” if they clear all dues with interest and other charges relating to their NPA accounts. Jaitley said the whole effort was to make the banking sector robust and detach it from politics. “You need a strong banking system. You need banks which are able to lend money to large industries, to infrastructure projects, to small industry, for educational loans… It is all part of the economy that you need a robust banking system,” he said. The minister said during the insolvency process, banks and unsecured creditors will have to take some haircut and if the same management comes back, nothing would change. The objective of the bill is to allow creditors to move to the National Company Law Tribunal in case of insolvency. “We have now started that resolution process… There are several hundreds of them and almost more than 500 have been disposed of.” Initiating the debate, former finance minister P Chidambaram supported the bill but highlighted clauses that would, he said, deter Indian companies from participating in the process. “I think it is important that the finance minister takes note of a few suggestions I wish to make now and reflect on them whether somewhere, in the course of drafting, the amending bill has not become over-inclusive and may, in fact, become counterproductive to the object of going through the insolvency resolution process,” he said. “Firstly a person convicted for any offence punishable for imprisonment for two years or more. This could be a completely non-financial crime… and you are keeping him out. It can be argued that anyone who has been convicted should be kept out. But I think the purpose of this bill is not to enforce a general rule of morality. The purpose of this bill is to ensure that resolution takes place of a company that has become insolvent. I think this is over-inclusive. This should have been confined to crimes arising out of certain specific acts, particularly, acts which pertain to finance and economy,” he said. Please click here to read more.