New Delhi, May 11 (IANS) Lok Sabha on Wednesday referred the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016 to a joint committee of parliament comprising members from both the houses.
“The bill aims to improve ease of doing business and facilitate investment leading to higher economic growth and development,” a statement of objects on the bill says.
After introducing the bill in the lower house of parliament, Finance Minister Arun Jaitley said the draft legislation be referred to a joint committee consisting of 30 members including 20 from the Lok Sabha.
Among others, those nominated to the panel from the Lok Sabha include P.P. Chaudhary, Nishikant Dubey, Jagdambika Pal, Sanjay Jaiswal (all BJP), Chirag Paswan (Lok Janshakti Party), Chandrakant Khaire (Shiv Sena), B. Mahtab (Biju Janata Dal), Kalyan Banerjee (Trinamool Congress), K.C. Veunugopal, Sushmita Dev (both Congress).
The bill seeks to empower banks with regard to taking steps for recovery of debts.
The new bill seeks to amend earlier laws related to recovery of debts and also make “consequential amendments in the Indian Stamp Act, 1899 and the Depositors Act, 1996”.