Amid an uproar by the opposition members, both Rajya Sabha and Lok Sabha have been adjourned for the day.
Proceedings in Rajya Sabha and Lok Sabha were repeatedly disrupted as opposition members protested on the phone-tapping, farm laws and other issues and demanded a discussion after the suspension of regular business.
The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs.
The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for initiation of pre-packaged resolution process. The government has already prescribed the threshold of Rs 10 lakh for this purpose.
The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 -- which was introduced by Corporate and Finance Minister Nirmala Sitharaman -- will replace the ordinance that was promulgated on April 4 as part of efforts to provide relief for MSMEs adversely impacted by the pandemic.
