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The Congress and the Left parties have criticised the Centre over an Ordinance to amend the Insolvency and Bankruptcy Code (IBC). The Congress said the Centre should bring comprehensive amendments to the Code based on the judgments on bankruptcy matters in tribunals and higher courts in the last one year.
The Left parties said the Narendra Modi government is engaged in Ordinance Raj, and major policy decisions are being taken without the approval of Parliament.
Congress spokesperson and MP Abhishek Manu Singhvi said the party will comment on the details of the Ordinance after seeing the final version. He said the IBC is an example of a hurried legislation like the GST. The code has many gaps and many loopholes, he said, and that in the bankruptcy process, if an immediate relative buys the assets in a cheaper value it will not be the intention of the IBC. “This amendment should not be a single activity amendment. We have seen at least 30 judgements in various courts which have found loopholes. The government should have plugged as many loopholes as possible. They should make a comprehensive law than doing some patchworks,” he said.
The CPI(M) Politburo said the BJP is increasingly resorting to the route of ordinances. “Bypassing the Winter Session and taking recourse to Ordinance Raj is essentially anti-democratic at a time when Parliament is to meet soon,” the party said, demanding that Parliament thoroughly discuss the amendment before it is put on the statute book.
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