NEW DELHI: A majority of Rajya Sabha Opposition members Saturday supported a Bill granting interim relief to businesses from insolvency proceedings, even as some expressed fears over its possible misuse, and urged the government to also help the poor during the crisis.
The Upper House passed by a voice vote the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020′, whereby fresh insolvency proceedings will not be initiated for at least six months, starting from March 25, against companies in view of the coronavirus pandemic.
Most Opposition members supported the bill, expressing hope that it would help achieve an early revival of the economy.
Praful Patel (NCP) said there is nothing in the Bill to object to, but called for relief in the form of interest subvention for tourism, transport and airline sectors as they were reeling under financial stress.
“We need to go in for…
