Course: The Hindu in an Examination View Lesson: 26-1-2019 PRESENTED BY:DR.S.N.JAGADESH KUMAR
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.SC upholds bankruptcy code, cites improved financial flows Insolvency and Bankruptcy Code (IBC), Supreme Court upheld the constitutionality of the Insolvency and Bankruptcy Code (IBC), saying the law sends a clear message that India is no longer "the defaulter's paradise". .The defaulter's paradise is lost. In its place, the economy's rightful position has been regained," provides a time-bound resolution mechanism, aimed at protecting the maximum value of the assets of the corporate debtor. It also, while doing so, promotes entrepreneurship and credit markets. The court noted that the working of the Code is being monitored by the Centre through expert committees.
Facts which support it: liquidation value of 63 of the 80 cases resolved through the acceptance of resolution plans was 29,788.07 crore. But the amount realised from the resolution process was 60,000 crore, that is, 202% higher than the liquidation value. IBC has witnessed an improvement in the total flow of resources to the commercial sector, both bank and non-bank, and domestic and foreign (relatable to the non-food sector) court interprets clause (j) of Section 29A to hold that the "mere fact that somebody happens to be a relative of an ineligible person cannot be good enough to oust such person from becoming a resolution applicant, if he is otherwise qualified". It said the expression "related party" and "relative" would include only persons connected with the business activity of the resolution applicant.
court said the MSME form the "bedrock of our economy" and stringent restrictions through the IBC would adversely affect them. court upheld certain relaxations given to micro, small and medium enterprises (MSME) under Section 29A of the Code.
. 10% reservation for the poor challenged in SC 103rd amendment Act . provides 10% reservation in government jobs and educational institutions for those economically backward in the unreserved category. passed by Parliament, and received the President's assent. . Supreme Court on Friday sought the government's response to a petition challenging Act amended Articles 15 and 16 of the Constitution by adding clauses empowering the government to provide reservation on the basis of economic backwardness. petitions in the court said the Act violated the basic features of the Constitution.
+50% ceiling on quota has been "engrafted as a part of the Basic Structure of the Constitution's equality code" by the Supreme Court. nine-judge Bench judgment in the Indira Sawhney case, had already settled the law that eco- nomic backwardness cannot be the sole basis for reservation
India, South Africa seal partnership deal visit of S.A. President Cyril Ramaphosa India and South Africa agreed on a three-year strategic partnership agreement to boost relations. cover defence and security, blue economy cooperation and sustainable development. BRICS, the G-20, the Indian Ocean Region Association and the IBSA Dialogue Forum. India also invited South Africa to join the International Solar Alliance (ISA) and congratulated it on securing the non-permanent membership of the UN Security Council for 2019-20. South African participation in the India-Africa Field Training Exercise next March.
Indian Ocean Naval Symposium (IONS) that ensures freedom of navigation by keeping sea lanes free and secure. .first IBSA Gandhi-Mandela Freedom Lecture, organised by the Indian Council of World Affairs, Mr. Ramaphosa highlighted the common heritage of struggle and the common aspiration of non- discriminatory national and international politics.
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Dr Jagadesh Kumar
,M.B.B.S.,Now doing PG in MD Radiation Oncology at Madras Medical College,Chennai.Cleared NEET PG,TNPG,UPSC GDMO.