From Dibang Multipurpose Project to NEET; The decisions taken by Union Cabinet today
New Delhi, July 17: Prime Minister Narendra Modi led Union Cabinet on Wednesday approved Insolvency and Bankruptcy Code (Amendment) Bill, 2019, and took several other key decisions. The Union Cabinet also approve proposal for enactment of the Dam Safety Bill, 2019.
"Today Cabinet meeting was held under the chairmanship of PM Narendra Modi and a meeting of Cabinet Committee on Economic Affairs was also held. Several important decisions have been taken," Union Minister Prakash Javadekar said after the meeting.
Insolvency and Bankruptcy Code (Amendment) Bill, 2019 replaces ordinance promulgated in this regard and amends the Insolvency and Bankruptcy Code, 2016. The Bill amends the Insolvency and Bankruptcy Code, 2016 to clarify that allottees under a real estate project should be treated as financial creditors.
Insolvency and Bankruptcy Code (IBC), 2016 provides time-bound process to resolution of insolvency among companies and individuals. Insolvency is situation where individual or company is unable to repay their outstanding debt. Government in November 2017 had set up Insolvency Law Committee to review IBC and identify issues in its implementation and suggest changes.
The Bill allows the withdrawal of a resolution application submitted to the NCLT under the Code. This decision can be taken with the approval of 90% of the committee of creditors.
Other than this, the Modi-led cabinet also approved repealing of 58 obsolete laws and introduction of the Repealing and Amending Bill, 2019 in Parliament.
Also, Cabinet Committee on Economic Affairs approves construction of 81.17 km new Railway line between Sahjanwa and Dohrighat of Uttar Pradesh at a cost of Rs 1319.75 cr and 150 km long 3rd Railway line between Allahabad and Mughalsarai at cost of Rs 2649.44 cr; both projects to be completed by 2023-24.
"First decision is that biggest hydro project of the nation, Dibang Multipurpose Project, has been approved in Arunachal Pradesh. It's a 2880 MW project. Second decision is about National Medical Commission. There will be only NEET instead of different medical entrance exams," Javadekar said.