Sitharaman further went on to add that the suspension of Sections 7, 9 and 10 of the IBC was to make sure that businesses do not get pushed into insolvency. “The priority is to keep the companies going rather than liquidate them,” she said.
Amid the discussion, BJP MP Arun Singh defended the Bill while taking a dig at the Congress. He maintained that the bank NPAs have since reduced, calling the amendment Bill a remarkable and bold step.
Congress member Vivek Tankha said that the enactment of Section 10 will be counterproductive. He added remarks about the uncertainty of the COVID-19 pandemic and claimed that small traders would be affected while the government was trying to protect big corporates.
Nationalist Congress Party’s (NP) Praful Patel came out in support of the amendments since the government’s goal was temporary and that there might be more amendments required in the…