Among the two dozen proposals on the table for Parliament’s monsoon session beginning on Monday are amendments to the insolvency code to include a framework for cross-border resolution and modifications to the law to simplify the regulatory framework for carbon trading. August 12 marks the end of the session.
In order to rationalise its involvement in these organisations and boost member participation, the government would also ask Parliament to approve the Multi-State Cooperative Societies (Amendment) Bill, 2022.
Despite growing expectations, the government has not yet posted the measure that would have made it easier to privatize two public-sector banks (PSBs). However, the government hasn’t listed the bill to facilitate the privatization of two public-sector banks (PSBs), belying mounting expectations.
To ensure that lenders have easier access to the overseas assets of distressed enterprises, it intends to alter the Insolvency and Bankruptcy Code (IBC). It will enable India to ask other nations for assistance so that it can evaluate the assets of defaulters in insolvency processes. The measure to reform the IBC will also seek modifications to strengthen the IBC architecture so that toxic assets can be resolved quickly while discouraging dishonest players from abusing the system.
During the bankruptcy proceedings against Amtek Auto, Videocon Industries, Essar Steel, and even Jet Airways, analysts have been emphasizing the need for cross-border insolvency law, citing the numerous obstacles these cases witnessed due to issues that transcend borders — such as the location of assets, complicated procedures, etc.
Increased public trust in these societies and the creation of an environment that is conducive to their growth and development are two additional goals of the modifications to the regulation of multi-state cooperative organisations. By encouraging functional autonomy and professionalisation, it will also help cooperative organisations compete in the changing economic climate and generate resources more successfully. The law also includes provisions to safeguard depositors’ and members’ interests from vested interests and poor management of these organisations.
The Center intends to provide a legal framework for carbon trading, promote the inclusion of renewable energy sources in the energy mix, and ensure that the “Energy Conservation Act” is appropriately implemented and enforced through the Energy Conservation (Amendment) Bill, 2022.
In 2022, the Mines and Minerals (Development and Regulation) Amendment Bill will bring policy reforms and improve ease of doing business.
