Changes to competition, insolvency laws on anvil
Govt lists Bills to strengthen regulatory regime as well as address needs of new age markets; Further, Insolvency and Bankruptcy Code (Amendment) Bill, 2022 set to be introduced during the monsoon session of Parliament; 32 Bills by various departments for Monsoon session, 14 ready
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New Delhi: The central 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 Ministry of Corporate Affairs (MCA).
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.
