News 15 LOK SABHA APPROVES CHANGES IN DEBT RECOVERY BILL

LOK SABHA APPROVES CHANGES IN DEBT RECOVERY BILL

 

The Lok Sabha on December 10 approved an amendment Bill to make easier recovery of bad loans by banks amid walkout by the BJP, Left and some other parties after the government rejected their demand for referring it to the Standing Committee.

The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011, which was approved by voice vote in the Lower House, seeks to convert any part of debt into shares of defaulting company by the asset reconstruction company. The Bill was introduced in Lok Sabha in December 2011.

 

RUSSIA TO DELIVER ADMIRAL GORSHKOV BY 2013-END

The delivery of aircraft carrier Admiral Gorshkov— rechristened as INS Vikramaditya—would take place in the last quarter of 2013, Defence Minister A.K. Antony told the Rajya Sabha on December 12, 2012. On whether government proposes to levy penalties on the Russian side for failing to stick to the delivery schedule, he said, "As per contract, liquidated damages are to be ascertained and levied within six months of ship's delivery."