New Delhi: The government may propose amendments to the competition and insolvency laws as it seeks to further strengthen the regulatory regime to meet the needs of the new age markets. Bills to amend these laws have been listed for introduction, consideration and passage in the monsoon session of Parliament beginning Monday.
The Competition Act, 2002 and the Insolvency and Bankruptcy Code, 2016 are being implemented by the Ministry of Corporate Affairs. (Also Read: Anand Mahindra Shares ‘Simple But Creative’ Staircase Design, Netizens Go Gaga)
According to the Lok Sabha bulletin, the Competition (Amendment) Bill, 2022 seeks to make certain necessary structural changes in the operational structure of the CCI and changes in the core provisions to meet the needs of the new age markets. (Also read: Huge decline in remittances from Gulf countries in FY 2011 due to Covid-19)
In recent times, the Competition Commission of India (CCI) has passed various orders along with investigations regarding alleged unfair trade practices in the growing digital markets.
The CCI, established under the Competition Act, has the power to promote competition and curb unfair trade practices in all sectors.
In addition, the Insolvency and Bankruptcy Code (Amendment) Bill, 2022 is to be introduced during the monsoon session of Parliament.
The Bill seeks to strengthen the Code by introducing provisions on cross-border insolvency. Further, it is proposed to give effect to certain other amendments in the corporate insolvency resolution process and the liquidation process to further its objectives of time-bound resolution of stressed assets, as per the bulletin.
Both these Bills are included in the Bills mentioned in the Bulletin of the Monsoon Session starting from 18th July and ending on 12th August.