Centre could introduce bills to amend competition, insolvency laws

New Delhi: The government is likely to propose amendments to the competition and insolvency laws as it seeks to further strengthen the regulatory regime as well as address the needs of new age markets. The bills to amend these laws have been listed for introduction, consideration and passing in the monsoon session of Parliament that starts on Monday.

The Competition Act, 2002, and the Insolvency and Bankruptcy Code, 2016 are being implemented by the corporate affairs ministry.

The Competition (Amendment) Bill, 2022 seeks to carry out certain essential structural changes in the governing structure of the CCI and changes to substantive provisions to address the needs for new age markets, according to a Lok Sabha bulletin. 

In recent times, the Competition Commission of India (CCI) has ordered probes as well as passed various orders with respect to alleged unfair business practices in the growing digital markets.

CCI, set up under the Competition Act, has the mandate to promote competition and curb unfair business ways across sectors.

Besides, The Insolvency and Bankruptcy Code (Amendment) Bill, 2022 is set to be introduced during the monsoon session of Parliament.

The bill seeks to strengthen the Code by introducing provisions on cross border insolvency. Also, certain other amendments are proposed to be effected to the corporate insolvency resolution process and liquidation process to further its objectives of time-bound resolution of stressed assets while maximising their value, as per the bulletin.

These two are among the bills mentioned in the bulletin for the monsoon session that will begin on July 18 and end on August 12.