The Upper House also took up discussion on the Working of Ministry of Human Resource Development.

Lok Sabha today passed the Insolvency and Bankruptcy Code. The Code creates time-bound processes for insolvency resolution of companies and individuals. These processes will be completed within 180 days. If insolvency cannot be resolved, the assets of the borrowers may be sold to repay creditors.

During the debate members raised their concerns about how time bound insolvency resolution as envisaged in the Code will be brought about. Members pointed out that given the pendency and disposal rate of Debt Recovery Tribunals (DRTs), their current capacity may be inadequate to take up the additional role.

Further, to facilitate insolvency resolution, the code establishes Information Utilities (IUs) to collect, collate and disseminate financial information. Members during the debate pointed out that the presence of multiple Information Utilities may scatter financial information.

For detailed analysis, highlighting key features and related issues please click here.

The Lower House also took up discussion on the situation arising out of drought and drinking water crisis in many states. Members during the discussion emphasized on the need for water conservation and improved water management.  Members also raised the issue of groundwater depletion and steps that need to be taken to check the issue. Groundwater is the major source of drinking water in both urban and rural India.

Our analytical note, ‘Overview of Groundwater in India’, presents an analysis of the groundwater scenario in the country.  The note maps the indicators regarding availability, policy framework and some key issues with regards to the sector.