New Delhi: The Rajya Sabha on Wednesday passed the Insolvency and Bankruptcy Code bill. The Lok Sabha had passed it last week.

The Code seeks to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner.

The bill provides for setting up of an Insolvency and Bankruptcy Board of India to regulate professionals, agencies and information utilities engaged in resolution of insolvencies of companies.

As per the code, in case of insolvency, interest of the workers should be fully protected and they should be given dues for 24 months.

The code provides for establishment of National Companies Law Tribunal and Debt Recovery Tribunals as adjudicating authorities for resolution of insolvency, liquidation and bankruptcy.

It is expected that the legislation will give a push to the ease of doing business in the country.

The bill was introduced in Lok Sabha on December 21 last year and was referred to the Joint Committee of both the Houses. The Committee submitted its report on April 28.

Highlights of the day:
*Rajya Sabha adjourned till 11am on May 12, 2016
8.38 pm: Why there is no accountibility of the bankers?: Bhupinder Singh in RS
6.44 pm: We want all parties and States to be on-board in the passing the #GST: Arun Jaitley in RS
6.41 pm: We have been taking a lot of steps to strengthening the economy: Arun Jaitley in RS
6.40 pm: We do not have a problem with 18% tax cap for GST, taxes must be reasonable: Arun Jaitley
*Surrendering State legislature jurisdiction on taxation, for a judge to decide is last power of legislature surrendered: Arun Jaitley
*Brick by brick, the edifice of India’s legislature is being destroyed: Arun Jaitley in RS
6.26 pm: Water and blood are not made manually: Sanwar Lal Jat in LS
6.19 pm: Now we have passed the appropriation bill, how to arrange for the extra money?: Jaitley in RS
6.11 pm: Compulsory subsidy should be given to the cowsheds: C R Chaudhary in LS
6.07 pm: River linking would be a major policy to overcome drought: C R Chaudhary in LS
*Lok Sabha likely to be adjourned sine die today.
*Baharaich MP Sadhvi savitri Bai Phule falls in parliament.Taken away in ambulance.
5.35 pm: Suitable measures should be followed to overcome drought in future: Ravindra Kumar Pandey in LS
5.32 pmOnly 1/3rd of the electricity bill should be taken from farmers and they should be given special benefits :Bhairon Prasad Mishra
5.29 pm: What is the logic of organising the IPL matches knowing that it consumes lot of water: Y V Subba Reddy
4.54 pm: Discussion on drought in a country like India is itself a shame: S S Ahluwalia
4.46 pm: Badruddin Ajmal: Special attention should be given to drought
*Discussion on drought in lok sabha
*K.Kavita: 60% of the food is getting waste in the country because of the management
*Savitri Thakur: Water in MP contains ‘Fluoride’ which contains cancer causing agents 
*Dahrambir: ‘Water’ should be a subject of centre also and not only for the state 
*Tamradhwaj Sahu : Garbage is still being dumped in the rivers
3. 45 pm: Sitaram Yechury says Make in India is destroy India and Made in India is Loot India.
3.40 pm: We talk of startup India, India is asleep: Sitaram Yechury
3. 38 pm: Discussion on drought going on in Lok Sabha.
3.23 pm: Why is govt not naming the bank defaulters, asks Vivek Gupta.
3.19 pm: I don’t see anything in this budget that can benifit common people: Vivek Gupta, AITC
3.08 pm: K C Tyagi talks about economic reforms.
3.04 pm: Move GST if it’s for the good of poor farmers: Naresh Agrawal, SP.
2.42 pm: Go after Mallya and we will support you, Jairam Ramesh 
2.40 pm: Let me reiterate that our position on GST has been consistent: Jairam Ramesh
2.38 pm: By gas I mean natural gas and not the political gas, says Jairam Ramesh
2.35 pm: GDP: Nobody believes India’s GDP figures today: Jairam Ramesh
2.30 pm: Jairam Ramesh said that his 3G speech is about GST, GDP and Gas.
2.25 pm: My speech today would be a 3G speech: Jairam Ramesh
2.19 pm: We have fastest GDP growth: V P Singh Badnore in RS
2.04 pm: Rajendra Central Agricultural University bill will pass without discussion: Deputy Chairman, Rajya Sabha
1.26 pm: Lok Sabha adjourned till 2.30 pm.
1.24 pm: We should make sure that we do not misuse article 356:  Mallikarjun Kharge on Uttarakhand floor test.
1.20 pm: The issue of PM Modi’s degree is being discussed in Lok Sabha.
1. 08 pm: Provide arsenic free water in Baliya, UP: Bharat Singh in Lok Sabha
1.00 pm: Rajya Sabha adjourned till 2 pm.
12.58 pm: Bandaru Dattatreya is misguiding the House: Tapan Kumar Sen
12.55 pm: Bandaru Dattatreya, Minister of Labour and Employment speaks about the job employements.
12.52 pm: Ahmed Patel: This govt is more concerned about corporate sector rather than the labour sector.
12.48 pm: Govt had promised that they would provide 2000 crore jobs. I would like to know about the progress of the project: Ahmed Patel, INC.
12. 37 pm: Uttarakhand has taught BJP a bitter lesson.No matter how hard they try they can neither intimidate Congress or subvert democracy:Ahmed Patel
12.31 pm: Union Cabinet meeting begins in Parliament.
12.30 pm: Jharna Das Biadya of CPI(M) raises the issue of protection of women against domestic violence.
12.25 pm: 62 percent of the students are not interested in Sports: Dilip Kumar Tirkey
12.18 pm: Will the govt include separate provisions to encourage sports in the smart cities, says Anubhav Mohanty.
12.10 pm: Nirmala Sitharaman talks about the import of edible oil.
12.03 pm: Vijay Goel: It’s the responsibility of Delhi govt to look after the MCD.
12.00 pm: Question hour starts.
11.45 am: Ban illegal mining activities: Nadimul Haque, AITC.
11:41 am: 100 smart cities to be developed in five years: Venkaiah Naidu.
11.33 am: Prabhat Jha of BJP raises the issue of celebratory firing in marriages. He requested the Parliament and the govt that some law should be enacted that disallows use of weapons in marriages.
11.30 am: Smart Cities not only for rich areas, but is spread across the country. We have received proposals from States, on the basis of which 21 cities selected for infrastructure development under the scheme: Union Minister Venkaiah Naidu in Lok Sabha.
11.28 am:  Deputy Chairman of the Rajya Sabha P J Kurien welcomes the delegates from Belarus.
11:24 am: Prime Minister Narendra Modi present in Lok Sabha for Question Hour.
11.23 am: A V Swamy talks about the rehabilitation of bonded labors in the State of Odisha.
11.17 am: What I have learnt so far is that deportation can’t be allowed if someone entered UK through valid passport and then its cancelled: FM
11.15 am: Banks trying to retrieve money. Investigative agencies probing violations.We sought deportation: Arun Jaitley
11.12 am: Similar stand has been taken by Britain earlier too: Finance Minister on Vijay Mallya deportation.
11.10 am: Finance Minister Arun Jaitley speaks in Rajya Sabha on issue of Vijay Mallya deportation from UK.
11.08 am: Vijay Mallya left India with dignity, says Sharad Yadav.
11.05 am: Sharad Yadav raises the issue of Vijay Mallya’s deportation.
11.02 am: Rajya Sabha session starts.
Bills to be discussed in Parliament today:
*Afforestation fund bill 
*Rajendra Central Agricultural University bill
*Discussion on drought in Lok Sabha
*Insolvency and Bankruptcy Code, 2016
*Discussion on working of ministries 
*Indian trusts bill
*Appropriation bill 2016
*Financial bill 2016
*The Uttarakhand Appropriation (vote on account) bill, 2016

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