Hindu Notes from General Studies-02

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Bankruptcy code to be amended

News

• The Union Cabinet approved a proposal to promulgate an Ordinance to amend the Insolvency and Bankruptcy Code (IBC).

Beyond News

• The move is to strengthen the IBC by explicitly preventing certain persons including wilful defaulters, disqualified directors, those who have indulged in fraudulent transactions as well as promoters whose account is classified as non-performing assets (NPA) beyond a prescribed duration from regaining control of the defaulting company through the backdoor in the garb of a resolution applicant.

The IBC provides for an effective and robust legal framework for “time-bound insolvency resolution to release assets locked up in NPA and promote maximisation of value of assets, failing which, under-utilised resources of unviable business are released through liquidation.”

• These amendments have been proposed because in the initial phase of the Corporate Insolvency Resolution Process (CIRP) under the IBC, a number of cases are likely to have long pending default requiring deep haircut for the creditors.

ICJ: India made up in last mile

 News:

• Win for India’s nominee to the International Court of Justice (ICJ), Justice Dalveer Bhandari, was unprecedented in many ways, but not the first time that India nearly missed the post due to delays in nominating him.

Beyond News:

• In 2011, India failed to put up a candidate for the Asian group vacancy that had come up with the retirement of the Japanese justice, and rectified the miss only in 2012, when a by-election came up, and Justice Bhandari was named.
• This time around, Justice Bhandari’s nomination was announced only in June, while his main rival in the ‘Asian’ grouping Nawaf Salam had nearly two years for his campaign.

There were more difficulties. While there is no formal stipulation on the subject, the ICJ’s composition of 15 judges follows a geographical break-up: three each for Asia and Africa; two each for Latin America and Eastern Europe; and five for Western Europe and other States.

What surprised even the Indian officials, however, was the low vote count the U.K. received in every round from the General Assembly.

India, Russia join hands against terrorism

News

• A senior Home Ministry official said that,home Minister Rajnath Singh is expected to visit Russia November 27 onwards, during which a pact on cooperation in tackling all forms of terrorism will be signed

Beyond News:

• The proposed pact, which will replace the agreement of October 1993, is a step towards consolidating the benefits accrued in the field of security and seeks to jointly fight the new and evolving risks and threats.
• The agreement would reinforce the relationship through exchange and sharing of information, expertise, best practices and would help in curbing terrorism and enhancing security in the region.

Hindu Notes from General Studies-03

In a first, air-launched BrahMos missile test-fired

 News

• In a first, India successfully test-fired the air-launched version of the BrahMos supersonic cruise missile from an IAF Su-30MKI aircraft.

Beyond News

• BrahMos, which is multi-platform, multi-mission missile, is now capable of being launched from land, sea and air and completes the tactical cruise missile triad.
• The air-launched BrahMos missile is a 5 ton supersonic air-to-surface cruise missile with ranges of more than 400 km. The IAF is the first Air Force in the world to have successfully fired an air-launched 2.8 Mach surface attack missile of this category.
• The missile was gravity-dropped from the Su-30MKI from its fuselage, and the two stage engine fired up and propelled towards the intended target, a ship, in the Bay of Bengal.

India expresses outrage at Hafiz Saeed’s release

 News

• India is outraged over the imminent releaseof Mumbai terror attacks mastermind Hafiz Saeed from house arrest, calling it an attempt by Pakistan to mainstream proscribed terrorists and a reflection of its continuing support to non-state actors.

Beyond News

• The Ministry of External Affairs (MEA) said Saeed’s release confirmed once again the lack of seriousness by the Pakistan government in bringing to justice perpetrators of terrorism, including individuals and entities designated by the U.N.
• A top American counter-terrorism expert has urged the Trump administration to “rescind” the major non-NATO ally status given to Pakistan after a court in Lahore ordered to free Mumbai terror attack mastermind and banned JuD chief Hafiz Saeed from detention.
• The banned Jamaat-ud-Dawah (JuD) head, carrying a bounty of $10 million announced by the U.S. for his role in terror activities, has been under detention since January this year.
• A Pakistani judicial body on November 23 ordered the release of Saeed from house arrest, seen as a setback to India’s efforts to bring to justice the perpetrators of the 2008 Mumbai attacks.

Cabinet approves new finance panel

 News

• The Cabinet set the ball rolling for the constitution of the Fifteenth Finance Commission, which will decide the devolution formula for revenue-sharing between the Centre and States from the year 2020 till 2025.

Beyond News

• The Fourteenth Finance Commission, whose recommendations were accepted by the government and are effective till March 31, 2020, had mooted a ten percentage points jump in States’ share of the central pool of taxes from 32% earlier to 42%.

1,020 farmers committed suicide since Maharashtra loan waiver announcement

News

• In the five months since the State government announced the ₹34,000-crore farm loan waiver scheme, it is yet to be implemented 1,020 farmers have committed suicide as per official records.

Beyond News: 

• The scheme, which faced its first hurdle in lack of funds, is now mired in scam allegations.
• Figures provided by the government showed that 2,414 farmers committed suicides from January 1 to October 31.
• Following several days of agitation in June by farmers, who stopped sending fresh produce to city markets, the BJP-led State government announced the loan waiver scheme, but hasn’t been able to put together an accurate list of eligible beneficiaries with banks till date.

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