RS passes insolvency, bankruptcy bill

New Delhi: The Rajya Sabha today passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020 by voice vote.

Union Finance Minister Nirmala Sitharaman had moved the Bill for consideration and passing in the Upper House. The bill is aimed at replacing the Insolvency and Bankruptcy Code (Amendment) Ordinance 2020.

Nirmala Sitharaman on Friday gave a fiery response to the Opposition criticising her ‘Act of God’ remark. Speaking in the Lok Sabha, she said, when a simple woman Minister says ‘Act of God’, it is taken sarcastically while Latin word ‘force majeure’ is well accepted.

Nirmala, who is also India’s first woman Finance Minister, said that her remark is being criticised also because she “looks like a neighbourhood aunty” and asserted that twisting of her comment is irresponsible.

Earlier in August, the Finance Minister said that the economy has been hit by the Covid-19 pandemic, which is an ‘Act of God’, and it will witness a contraction in the current fiscal. Her statement was criticised by various political parties.

 

NT Bureau