Monsoon Session begins today; bills to amend IBC, CCI on anvil

The Monsoon Session of the Parliament will begin today and is expected to continue till August 12. A total of 24 new bills are scheduled to be listed for passage. Out of the total 35 bills pending in Parliament, eight are listed for consideration and passage during the session.

The key economic bills scheduled for introduction in the session includes Insolvency and Bankruptcy Code (Amendment) Bill, 2022. The bill aims to amend the insolvency code of 2016 to introduce provisions on cross-border insolvency, and change the corporate insolvency resolution process and liquidation process.

The other bills that will be introduced include The Development of Enterprises and Services Hubs (DESH) Bill, 2022; The Multi-State Cooperative Societies (Amendment) Bill, 2022; The Competition (Amendment) Bill, 2022; The Geographical Indications of Goods (Registration and Protection) (Amendment) Bill, 2022; and The Coffee (Promotion and Development) Bill, 2021.

The Development of Enterprises and Services Hubs (DESH) Bill, 2022 aims to amend the Special Economic Zones Act and frame rules. The Multi-State Cooperative Societies (Amendment) Bill, 2022 will rationalise government’s role in multi-state cooperative societies. It aims to make the co-operative institutions more self reliant and enable their autonomy and competitiveness. Importantly it seeks to protect depositors and members from vested interests and mismanagement of multi-state cooperative societies.

The Competition (Amendment) Bill, 2022 amends the governing structure of the Competition Commission of

India. The changes will also address the needs of new age markets.

The Coffee (Promotion and Development) Bill, 2021 aims to modernise the functioning of the Coffee Board of India and development of the Indian coffee industry.