FM Nirmala Sitharaman to introduce Insolvency and Bankruptcy Code (Amendment) Bill, 2021 in Parliament TODAY- All you need to know

Union Finance Minister Nirmala Sitharaman will introduce a Bill to amend the Insolvency and Bankruptcy Code, 2016, on Monday, as per the Lok Sabha statement.

"Nirmala Sitharaman to move for leave to introduce a Bill further to amend the Insolvency and Bankruptcy Code, 2016," the Lok Sabha said in a statement.

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The statement further added that the Finance Minister will lay on the table an explanatory statement (Hindi and English versions) showing reasons for immediate legislation by promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 (No.3 of 2021).

The Insolvency and Bankruptcy Code, 2016, is the bankruptcy law of India that seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.

She will also be moving the Factoring Regulation (Amendment) Bill, 2020 to amend the Factoring Regulation Act, 2011 for consideration and passing.

"Nirmala Sitharaman to move that the Bill to amend the Factoring Regulation Act, 2011, be taken into consideration," Lok Sabha said.

Union Minister Pashupati Kumar Paras is also scheduled to move the National Institutes of Food Technology, Entrepreneurship and Management Bill in Parliament on Monday.

"The Bill to declare the National Institute of Food Technology Entrepreneurship and Management to be the institutions and research in food technology, entrepreneurship and management and for the advancement of learning and dissemination of knowledge in such branches and for matters connected therewith or incidental thereto, as passed by Rajya Sabha, be taken into consideration," Lok Sabha said.