ISLAMABAD: The National Assembly (NA) passed three government bills on Wednesday including the Federal Employees Benevolent Fund and Group Insurance (Amendment) Bill, 2017, the Marine Insurance Bill, 2017, and the Corporate Rehabilitation Bill, 2017.
Federal Employees Benevolent Fund and Group Insurance (Amendment) Bill, 2017 aims to provide additional monthly benevolent grant and lump sum grant to the family members of the employees who die in service in a security-related incident.
Pakistan Marine Insurance Bill, 2017 aims to encourage and promote marine insurance sector in Pakistan and provide a legal framework for regulation of marine insurance in the country. It also asks to remove contradictions and similarities with other laws existing in the field and provide rules for construction and interpretation of marine insurance policies.
The Corporate Rehabilitation Bill, 2017 aims to provide a comprehensive legal framework urgently needed to rehabilitate the distressed companies and businesses in the country. It provides a mechanism for rehabilitation of the distressed companies which is need of the hour for sustainable growth of the corporate sector.
The bill will put the economy on a fast track and will result in reduction of nonperforming loans. The bill provides an equal opportunity to the companies and its creditors to come up for the rehabilitation proceedings of the companies before the high court(s).
The bill requires submission of rehabilitation plan before the high court. It further provides that rehabilitation plan will be mutually agreed upon by the shareholders of the companies and their creditors.
In this regard, the high court shall appoint insolvency experts who will undertake mediation between the companies and their creditors for determination of liabilities towards the creditors.
The house deferred the COMSATS University Islamabad Bill, 2017 after a consensus in the house.