Winter session: IBC, Cos Act tweaks likely

Government will also aim to introduce Digital Competition Bill

- Gireesh Chandra Prasad

The Union government is likely to press ahead with legislative reforms in the winter session of Parliament, targeting changes to the Insolvency and Bankruptcy Code (IBC) and the Companies Act on which substantial groundwork has already been done, a person familiar with the development said.

Separately, an expert committee of the ministry of corporate affairs (MCA) is set to finalize its recommendations for a digital competition law, after which it will be circulated for inter-ministerial discussions and then for consideration by the Union cabinet, the person, who spoke on condition of anonymity, said.

If inter-ministerial consultations conclude before December, the Digital Competition Bill could also make it to Parliament in the winter session. The expert panel looking into the Bill is expected to meet later this week, the person said.

The urgency for pushing these reforms comes in the context of the winter session being the penultimate session of the 17th Lok Sabha. The just-concluded monsoon session witnessed a busy legislative agenda with amendments to goods and services tax (GST) laws regarding online gaming, horse racing clubs and casinos; to the laws for granting mining concessions; and the personal data protection legislation getting Parliament approval.