National Assembly passes three bills, defers one legislative proposal

ISLAMABAD, Jan 17 (APP):The National Assembly 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 dies 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 comprehensive legal framework urgently needed to rehabilitate the
distressed companies and businesses in the country. It provides mechanism for
rehabilitation of the distressed companies which is need of the hour for
sustainable growth of corporate sector.
The Bill will put the economy on 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 the consensus in the House.