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PIB News 19 March 2019

PIB News 19 March 2019

IND-INDO CORPAT

Topics Covered:

  1. India and its neighbourhood- relations.
  2. Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests. 

 What to study?

For Prelims:

  • Salient features of the IND-INDO CORPAT, SAGAR etc

For Mains:

  • Significance of the exercise in the region. strengthening of bilateral ties with neighbours

Context:

IND-INDO CORPAT will held from 19 Mar to 04 Apr 2019 at Port Blair, Andaman & Nicobar Islands, India

IND-INDO CORPAT

This is the 33rd edition of the India-Indonesia Coordinated Patrol (IND-INDO CORPAT) and Closing Ceremony will be at Belawan, Indonesia. The ship and aircraft from both the countries would undertake patrolling on the respective sides of 236 nautical miles long International Maritime Boundary line.

Significance of the IND-INDO CORPAT Series

  • The 33rdIND-INDO CORPAT coinciding with 70 years of India-Indonesia diplomatic ties.
  • It seeks to underscore India’s peaceful presence and solidarity with friendly Maritime neighbours countries to ensure good order in the maritime domain.
  • It consolidates interoperability and strengthens existing bonds of friendship between India and Indonesia.           
  • In addition, as part of the Indian Government’s vision of SAGAR (Security and Growth for All in the Region), the Indian Navy has also been involved in assisting countries in the Indian Ocean Region with EEZ Surveillance, Search and Rescue, and other capacity-building and capability-enhancement activities

Source: PIB

Insolvency and Bankruptcy Code

Topics Covered:

  1. Indian Economy and issues relating to it.

What to study?

For Prelims:

  • IBC, IBBI, SEBI, MoU and its features

For Mains:

  • Significance of the Bankruptcy code and its insolvency process.

Context:

The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Securities and Exchange Board of India (SEBI).

What is bankruptcy?

Bankruptcy refers to a financial condition where a firm/individual is unable to repay debts to creditors.  An adjudicating authority through passing a bankruptcy order will declare a debtor to be bankrupt (Insolvency and Bankruptcy Code, 2016)

Insolvency and Bankruptcy Code, 2016 (IBC)

It is the bankruptcy law of India which was a dedicated move to establish a single law for insolvency and bankruptcy.  It minimizes the cost and the time incurred in attaining liquidation. The code will hasten the process of liquidation and protect the interests of small investors

Key features

  • A maximum time limit, for completion of the insolvency resolution process, has been set for corporates and individuals. For companies, the process will have to be completed in 180 days, which may be extended by 90 days, if a majority of the creditors agree.
  • For start ups (other than partnership firms), small companies and other companies (with asset less than Rs. 1 crore), resolution process would be completed within 90 days of initiation of request which may be extended by 45 days.

Insolvency and Bankruptcy Board of India (IBBI) – 10 Members

  • It establishes IBBI to oversee the insolvency proceedings in the country and regulate the entities registered under it.
  • The board has representatives from the Ministries of Finance and Law, and the Reserve Bank of India.

The Code provides for two separate tribunals

 (i) The National Company Law Tribunal  

(ii) The Debt Recovery Tribunal for individuals and partnerships.

 The MoU provides for

(a) Sharing of information between the two parties, subject to the limitations imposed by the applicable laws;

(b) Sharing of resources available with each other to the extent feasible and legally permissible;

(c) Periodic meetings to discuss matters of mutual interest

(d) Cross-training of staff for effective utilisation of collective resources;

(e) Capacity building of insolvency professionals and financial creditors;

(f) Joint efforts towards enhancing the level of awareness among financial creditors

Source: PIB

 

 

Army Exercise Mitra shakti-VI

Topics Covered:

  1. India and its neighbourhood- relations.
  2. Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests. 

 What to study?

For Prelims:

  • Salient features of the Mitra Shakti Exercise

For Mains:

  • Significance of the exercise key challenges of insurgency and terrorism, piracy, strengthening of bilateral ties with neighbours

Context:

Exercise MITRA SHAKTI is conducted annually as part of military diplomacy and interaction between armies of India & Sri Lanka. The joint exercise for the year 2018-19 will be conducted from 26 March to 08 April 2019 in Sri Lanka.

Aim of the Exercise

  • Build and promote close relations between armies of both the countries
  • To enhance ability of joint exercise commander to take military contingents of both nations under command.
  • It involves tactical level operations in an international Counter Insurgency and Counter Terrorist environment under United Nations mandate.
  • It will go a long way in further cementing relationship between both the nations
  • It will act as a catalyst in bringing synergy and cooperation at grassroots levels between both the armies.

Source: PIB

 

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