NEWE DELHI: The government is likely to make amendments to the bankruptcy and competition laws as it works to further enhance the regulatory framework and meet the demands of emerging markets.

The bills to amend these laws have been listed for consideration, introduction and passing in the Parliament’s monsoon session that starts today, July 18.. The Insolvency and Bankruptcy Code, 2016 and the Competition Act, 2002 are being implemented by the corporate affairs ministry. The Insolvency and Bankruptcy Code (Amendment) Bill, 2022 is also set to be introduced during the monsoon session of Parliament.

According to a Lok Sabha bulletin, the Competition (Amendment) Bill, 2022 aims to implement some crucial structural changes in the CCI's organisational structure and also revisions to substantive laws to satisfy the demands of new age markets.

The Competition Commission of India (CCI) has recently issued a number of decisions and initiated investigations into alleged unfair business practices in the expanding digital sectors. The Competition Commission, incorporated under the Competition Act, is charged with fostering competition and preventing unfair commercial practices across all industries. The measure includes provisions on cross-border insolvency in an effort to enhance the Code.

 According to the bulletin, certain other amendments in the corporate insolvency resolution procedure and liquidation process are also being considered to set the goals of time-bound resolution of stressed assets while maximising their value. These two are among the bills mentioned in the bulletin for the monsoon session that will commence today,  July 18 and end on August 12.

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