Lok Sabha passes bill to fast track debt recovery
The Lok Sabha has passed the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016.The bill was passed by a voice vote and bill aims to improve ease of doing business and facilitate investment leading to higher economic growth and development.
The changes will strengthen the insolvency framework that is being implemented through the Insolvency and Bankruptcy Code passed by Parliament in May. "One of the big challenges that we face is with regard to the enforcement of securities and the recovery of debt by financial institutions," Finance Minister Arun Jaitley said moving the Bill in the Lok Sabha, which later passed it by a voice vote. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002,The Recovery of Debts due to Banks and Financial Institutions Act, 1993,The Indian Stamp Act, 1899,The Depositories Act, 1996
So let's do:
1. The_________ has passed a Bill that amends four different Acts, seeking to expedite disposal of debt recovery applications that can take many years under the current regime.