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The Insolvency and Bankruptcy Code 2015 would be referred to a ‘Joint Select Committee of Parliament’, the Finance Minister Arun Jaitley, said on Wednesday.
The report of the Joint Select Committee is expected to be ready by the early part of the upcoming Budget session.
The decision to refer the Bill to a select committee of Parliament came a day after several members of Parliament in the Lower House did not favour the Government’s plan to directly take up the Bill for discussion and passage without referring it to the Standing Committee of Finance.
The Insolvency and Bankruptcy Code 2015 — listed as a money Bill — was introduced in Lok Sabha on Monday.
For an important legislation like ‘Insolvency and Bankruptcy Code’ where ease of doing business was involved, the Government does not want the Bill to go to two separate committees — first Standing Committee of Parliament and then to a select committee of Rajya Sabha..
After due consultation with all parties, the Government has decided that a ‘Joint Select Committee’ comprising members of both Houses would be ideal to scrutinise the Bill and come up with recommendations.
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