Opposition in the Rajya Sabha today asked the government to identify willful defaulters of bank loans, as Congress leader P Chidambaram said the ordinance to amend the insolvency and bankruptcy code would benefit foreign companies and entities over Indian firms.
Initiating a debate on the Insolvency and Bankruptcy Code (Amendment) Bill, the former Finance Minister, while supporting the bill, pointed out various clauses which according to him would deter Indian companies from participating in the process.
“I think one should have been a little more rigorous in the exclusion clauses. One should have kept exclusion to a very, very small number which definitely must be excluded. But I am afraid by making the clauses so broad, so…
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