New Delhi: The LokSabha on Friday passed the Insolvency and Bankruptcy Code (Amendment) Bill -2017 with a voice vote. he bill prohibits certain persons from submitting a resolution plan in case of defaults. 

These include wilful defaulters, promoters or management of the company having an outstanding non-performing debt for over a year. 

The Bill also has provisions to bar the sale of property of a defaulter to such persons during liquidation. 

Replying to a debate on the Bill, Finance Minister ArunJaitley rejected the claim of Congress that the Non-Performing Assets(NPA) of banks have increased during NDA regime. 

He accused the previous UPA government of hiding the real figure of NPA by restructuring the assets. He said the NarendraModi government has revealed the real figure of NPA. 

The Minister also said there was an extreme urgency to bring an ordinance to address the issue of insolvency.

Earlier participating in the debate, GauravGogoi accused the government of manipulating the GDP data and other ratings. He also alleged that the bill aimed at providing benefits to crony capitalists. 

BJD MP BharthruhariMahtab, N K Premachandran of RSP, Sanjay Jaiswal of BJP and others also participated in the discussion.