12, October 2016

1.Bankruptcy code: Centre issues three more draft guidelines

Source: Indian Express

Notified by the govt, the bankruptcy Code seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, firms and individuals in a time-bound and speedier manner.

Three sets of draft rules:

Enacted Insolvency and Bankruptcy Code into practice unveiled three sets of draft rules specifying how to make an application to 

  1. The adjudicating authority,
  2. The insolvency resolution process for corporate persons and
  3. Liquidation of insolvent corporate persons.

The rules have been issued by the Ministry of Corporate Affairs.

Adjudicating Authority:

 The interim resolution professional shall, within two days of receiving an order from the Adjudicating Authority admitting an application for initiating a corporate insolvency resolution process, make a public announcement in accordance with the Code.

The insolvency resolution process:

  • The rules specify the scenario in which a committee of creditors should be created to deal with the insolvency. “Where the value of the financial debt of a corporate debtor in proportion to the total debt of the corporate debtor is nil, or where the only financial creditors of a corporate debtor are related parties.
  • The committee of creditors shall be set up in accordance with this Regulation.
  • It also mentions setting up of a committee of creditors, consisting of not more than 20 operational creditors that are owed the highest debts by value.

Liquidation of insolvency:

  • The draft rules for liquidation of companies require an insolvency professional appointed as a liquidator to conduct the process of liquidation involving preparation.
  • As specified under the manner of conduct of liquidation of property, the liquidator shall prepare a property memorandum regarding each property that forms the liquidation estate.

Insolvency and Bankruptcy Board of India:

  • The law on bankruptcy envisages creating a complementary ecosystem including insolvency professionals, information utilities and a bankruptcy regulator.
  • The bankruptcy law is overarching in its nature, covering individuals, companies, limited liability partnerships and partnership firms, and will also deal with corporate insolvency.

 

2.Sanskrit work of 11th century Kashmiri poet Ksemendra translated to English

Source: Indian Express

The poem consists of 587 Sanskrit stanzas, spread over seven chapters called ‘Vicaras’ or thoughts.

  • There is a perception that Sanskrit is as little associated with satirical writing as it is with Kashmir to English translation of 11th century Kashmiri poet Ksemendra’s ‘Darpa Dalana’ to “provide some slight corrective to this impression.
  • The ‘Darpa Dalana’, composed in 11th century Kashmir, is a satirical look at human attitudes in classical Sanskrit. It is a part of Ksemendra’s satiric poetry.

First published:

  • Its text was first published in 1890, translated into German in 1915, and commented on at length only 70 years later in Canadian scholar A K Warder’s monumental ‘Indian Kavya Literature’.
  • These expound on subjects the poet regards as the main causes of human arrogance which deserve to be understood and eliminated.
  • There also seems to be a moral objective underlying his projections: to focus on the sense of discrimination which reveals the hollowness of arrogant pride.

3.Hunger Index: India will have ‘moderate to alarming’ hunger scores in 2030

Source: Indian Express

World leaders agreed to a 2030 deadline for ending global hunger last year as part of the Sustainable Development Goals (SDGs) – an ambitious plan for tackling poverty, hunger and inequality.

International Food Policy Research Institute (IFPRI)- Hunger levels in developing countries have fallen 29 percent since 2000, but efforts to curb hunger must be accelerated in order to meet an international target to eradicate it by 2030, according to an annual index.

Overall countries:

Hunger levels are “alarming” in seven countries, with Central African Republic (CAR), Chad and Zambia experiencing the worst levels, according to the 2016 Global Hunger Index.

At the current rate of decline, more than 45 countries – including India, Pakistan, Haiti, Yemen, and Afghanistan – will have “moderate” to “alarming” hunger scores in the year 2030, the authors of the index.

Role of ensure:

Ending global hunger is certainly possible, but it’s up to all of us … (to) set the priorities right to ensure that governments, the private sector and civil society devote the time and resources necessary.

World leaders agreed to a 2030 deadline for ending global hunger last year as part of the Sustainable Development Goals (SDGs) – an ambitious plan for tackling poverty, hunger and inequality.

The GHI score is a multidimensional index composed of four indicators—proportion of undernourished in the population, and prevalence of child mortality, child stunting, and child wasting.

On the severity scale, a GHI score of less than 10 means “low” prevalence of hunger while a score of more than 50 implies an “extremely alarming” situation.

 

4.Nasa’s ‘electric bandage’ to speed up wound healing

  • Nasa has developed a new high-tech material that uses electricity to significantly promote healing of injured wounds.
  • The material, called polyvinylidene fluoride (PVDF) has numerous possible applications, including wound healing.

How it operates?

It is proven that wounds tend to heal much more quickly if small amounts of electricity are applied to the surrounding tissue. The new material generates a small amount of electricity when interacting with another surface, including human skin.

  • If the PVDF fibres are aligned correctly, cells on a wound use it as a scaffold, helping the wound to heal faster. The easiest way to align the fibres is to make gauze which also creates an additional layer of protection against infection.
  • The device can also be used by military personnel wounded in the field, patients who have undergone surgery and even those who have suffered a serious wound.

5.Who will regulate pension products?

Source: The Hindu

The Finance Ministry has set up a high-level committee to consolidate the regulation of pension products that is currently being done by three different watchdogs including the insurance and stock market regulators.

Committee:

  • The move to set up a panel was made after the issue was flagged at recent meetings of the Financial Stability and Development Council chaired by Finance Minister.
  • The committee to be formed by the Department of Financial Services, would have representatives from all financial sector regulators —Security Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA), Reserve bank of India(RBI) and Pension Fund Regulatory and Development Authority (PFRDA).

Pension fund review:

  • The Centre has “formed a committee to look into the issue of bringing these companies which are offering pension plans under the purview of PFRDA.
  • Pension Fund Regulatory and Development Authority (PFRDA)- was set up with the intent of regulating all pension products, insurers and mutual funds continue to sell pension products outside.
  • Pension products floated by insurance companies come under the purview of the Insurance Regulatory and Development Authority (IRDA) while those sold by mutual funds are overseen by the SEBI.

6.Nagaland, Manipur cheer as Amur falcons arrive

Source: The Hindu

  • The species flies non-stop from Mongolia to northeast India covering 5,600 km in five days and nights, a small part of its 22,000 km circular migratory journey.
  • Thousands of Amur falcons, small birds of prey that undertake one of the longest migrations, started arriving in Wokha district in Nagaland and Tamenglong district of  Manipur
  • Most bird catchers have turned bird lovers, and the species is recognised as friends of the tribals.
  • The falcons eat various insects, thus helping farmers. The turnaround is a radical change from the past, when hundreds of trussed up Amur falcons would be on sale in village markets and towns, while some would be sold fried or smoked.
  • The species is protected under the Wildlife (Protection) Act, 1972, enforcement was weak as only skeleton staff is present in hilly.
  • People from all walks of life, youths in particular, have joined hands for conservation. As a part of the awareness campaign, the first Amur falcon dance festival, including a beauty contest was held last year.


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