Finance Minister Arun Jaitley introduced the Enforcement of Security Interest and Recovery of Debt Laws and Miscellaneous Provisions (Amendment) Bill, 2016 in the Lok Sabha on Wednesday. The Bill has been referred to a Joint Committee of Parliament. The Committee will consist of 30 members - 20 from the Lok Sabha and 10 from the Rajya Sabha. Once passed, the bill will help banks that are facing over ₹8 lakh crore of stressed assets to recover bad loans faster. Coming on the heels of the Insolvency and Bankruptcy Code, 2016, this Bill seeks to further amend four legislations - the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Indian Stamp Act, 1899 and the Depositories Act, 1996. Jaitley had in the Union Budget 2016-17 proposed to amend the Sarfaesi Act to enable the sponsor of an ARC to hold up to 100 per cent stake in the Asset Reconstruction Company and permit non-institutional investors to invest in Securitisation Receipts. He had also announced strengthening of Debt Recovery Tribunals (DRTs) and computerised processing of cases to expedite resolution of stressed assets. This Bill will address both these issues.