July 24,2018:
On Monday, Lok Sabha approved a Bill which seeks to offer faster prosecution in cases linked to dishonoured cheques as well as compensation to a complainant.Negotiable Instruments (Amendment) Bill, which aims to cut down unnecessary litigation over bounced cheques, was passed by a voice vote.
It allows a Court trying a cheque bounce offence to direct the person who wrote the cheque to pay an interim compensation to the complainant. The bill amends the Negotiable Instruments Act, 1881.
Junior Finance Minister Shiv Pratap Shukla while moving the bill said it would bring down litigation and provide credibility to cheques and cut down delays in cheque bounce cases.
Congress Leader Shashi Tharoor stated that it was an important legislation and called for a provision for “trial in absentia”.
He also urged Government to set up fast track courts to deal with cases of bounced cheques.
Another Bill, which amends the insolvency law and empowers homebuyers to be recognised as financial creditors, was introduced in Lok Sabha.
Finance minister Piyush Goyal introduced the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018. It replaces the ordinance approved by the cabinet in May.
Source TOI
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