The Working Group on Group Insolvency (Chair: Mr. U.K. Sinha) submitted its report to the Insolvency and Bankruptcy Board of India (IBBI) on September 23, 2019. The Insolvency and Banking Code, 2016 creates a unified framework to resolve insolvencies in a time-bound manner. This is done through a Corporate Insolvency Resolution Process (CIRP), which is initiated by the National Company Law Tribunal. The Working Group was constituted to examine issues arising in CIRPs where a distressed company is linked to other group companies. Key observations and recommendations of the Working Group include:
Need for a common framework: The Working Group noted that the Code has provisions for resolving corporate insolvencies for a single company. However, it does not have a common framework for resolving situations in which interlinked companies are going through Several issues may arise in such scenarios. For instance, the Committee noted that group companies may have financial linkages (say, inter-corporate guarantees for loans taken by one group company) or operational linkages (say, dependence on a group company for supply of raw materials). In these cases, treating the insolvency of each group company in an isolated manner might be expensive, and might result in creditors realising lesser value.
Proposed framework: The Working Group recommended that the definition of ‘corporate group’ include holding, subsidiary, and associate companies. The adjudicating authority may include other groups not covered in the definition. The Working Group suggested a comprehensive framework for group insolvency, that would start with a procedural coordination mechanism in the first phase. These mechanisms may apply only to those group companies which have defaulted, and are covered by the Code for insolvency resolution or liquidation. Such procedural coordination may be allowed at any stage of the insolvency resolution, or liquidation process.
The framework may set certain rules against perverse behaviour (such as cases where the parent company has behaved unfairly in the management of a group member). In such exceptional cases of fraud, the adjudicating authority may be allowed to subordinate the claims of other companies in a group.
Elements of the proposed framework: Elements of the proposed framework may include: (i) a joint application against all corporate debtors who have defaulted and are part of a group, (ii) a single insolvency professional and a single adjudicating authority (to reduce to litigation and other costs, and save time), (iii) creation of a group creditors’ committee, (iv) communication, cooperation and information sharing among all these various members, and (v) group coordination proceedings. Of these, the cooperation, communication and information sharing among insolvency professionals, creditors’ committee, and adjudicating authorities must be mandatory. The remaining elements may be voluntary.
Exceptions to the framework: Multiple adjudicating authorities or insolvency professionals may be allowed in cases where there are issues such as: (i) conflict of interest, (ii) lack of sufficient resources, or (iii) where stakeholders would get adversely affected.
Phased implementation: The Working Group recommended that the framework for group insolvency may be introduced in a phased manner. In the first phase only domestic companies may be covered, and only procedural consolidation mechanisms may be implemented. To implement the first phase of the framework, extensive capacity building of insolvency professionals, creditors, and other stakeholders should be undertaken by IBBI and the central government.
Collaboration between creditors: The group creditors’ committee would support the individual Committee of Creditors and not replace them. They may be governed by a framework agreement (approved by each of the Committee of Creditors) that lays out the cost of proceedings and their distribution, and various other mechanisms. The group creditors’ committee may appoint a group coordinator to propose the actions of the committee. The Working Group recommended that only insolvency professionals be appointed as group coordinators.
Extension of timeframe: The Working group noted that the existing timeframe of 180 days (extendable by 90 days) may not be sufficient for group insolvency proceedings. This would depend upon the degree and complexity of inter-company linkages. Therefore, it recommended that the timeframe for cases in which group coordination proceedings have been opened may be extended by an additional 90 days. However, the overall timeframe should not exceed 420 days (including time taken in litigation).
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All offices and Major Stations on Indian Railways observed Rashtriya Ekta Diwas
“Run For Unity” was organized at all Zonal Railwaysoffices across the country Posted On: 31 OCT 2019 4:21PM by PIB Delhi In commemoration of the birth anniversary of Sardar Vallabh Bhai Patel in keeping with his lofty mission of national integration and service towards the cause of the nation, Indian Railways observed Rashtriya Ekta Diwas with all Zonal railways marking special events on the occasion today.
Minister of Railways and Commerce& Industry, Shri Piyush Goyal paid floral tributes to Sardar Vallabh Bhai Patel on the occasion andadministered the pledge of integrity to the officers & staff of Indian Railways. He also launched the commemorative programs on Rashtriya Ekta Diwas across Indian Railways this morning at New Delhi.
On the occasion, Shri Goyal led the commemorative Run for Unity, which commenced from the precincts of Saloon Siding of New Delhi Station. Minister of State of Railways, Shri Suresh C. Angadi, Chairman, Railway Board, Shri Vinod Kumar Yadav, Board Membersand Senior Railway Officers also participated in the run. Members of Voluntary organizations viz. Northern Railway Bharatiya Scouts and Guides Association, Railway Protection Force also enthusiastically participated in the run carrying placards on the theme of national unity.
Posted On: 31 OCT 2019 4:32PM by PIB Delhi
Shri Girish Chandra Murmu took oath as the first Lieutenant Governor of the Union Territory of Jammu and Kashmir today. He was administered the Oath of Office and Secrecy by Justice Gita Mittal, Chief Justice of Jammu and Kashmir High Court, at a function held at the Raj Bhavan.
2000 year old brick structure and a Vishnu sculpture also unearthed Posted On: 31 OCT 2019 5:59PM by PIB Delhi The 1st phase of excavation by a team of Archaeological Survey of India’s Excavation Branch – VI, Bangalore at Gottiprolu near Naidupeta in Nellore (now renamed as Sri Potti Sri Ramulu) district, Andhra Pradesh has discovered the remains of a huge settlement surrounded by a massive brick enclosure. Among many other antiquities unearthed are one life size Vishnu sculpture and a wide variety of pottery of the early centuries of current era.
The site of Gottiprolu (13° 56’ 48” N; 79° 59’ 14” E) lies on the right bank of a distributary of river Swarnamukhi about seventeen kilometers east of Naidupet and eighty kilometers from Tirupati and Nellore. Detailed topographical study and drone images have helped in identifying an early historic settlement surrounded by a fortification and the possibility of a moat encircling it. The fortification is very much clear on the eastern and southern sides of the mound while its other arm seems to have been leveled as a result of modern settlements.
The excavation revealed the presence of brick-built structures in different sizes and forms.
The excavations carried out in the already leveled area revealed elliptical, circular and rectangular brick structures.
The most outstanding discovery is of massive sized brick enclosure wall at the southern part of the mound. This structure is of baked bricks and exposed to a length of more than 75 meters with an average width of about 3.40 meters, which rise to a height of nearly 2 meters and runs in a curvilinear pattern towards the northern end of the mound.
Circular brick structure Another interesting find is the small rectangular brick tank exposed near the inner lining of the curved brick structure.
Rectangular Brick Tank The available brick sizes (43 - 48 cms) are comparable with the Satavahana / Ikshvaku period structures in Krishna valley i.e. Amaravati and Nagarjunakonda. On the basis of the brick size and associated findings they can be placed anywhere between 2nd – 1st century BCE or little later (nearly 2000 years old).
Apart from the excavated remains, one of the most major find was the discovery of a buried Vishnu sculpture from the western part of the village.
Subsequent excavations conducted around the image revealed it to be a life size image of Vishnu measuring about 2 meters in height. It displays a four-armed Vishnu standing over a pedestal carrying chakra and conch in his upper right and left hands respectively. The lower right is in bestowing boon and the left hand in katihastha (resting on the hip) posture. The iconographical feature like the elaborate head gear, thick holy thread and decorative drapery dates it to Pallava period (circa 8th cent. CE).
Other interesting antiquity retrieved is the molded female terracotta figurine with two hands lifted upwards.
Interesting pottery finds are the base of conical jars placed at the eastern side of the structure. Such conical jars are widely distributed in Tamil Nadu and considered to be imitated variety of Roman Amphorae jars.
A series of broken terracotta pipes fitted into one another revealed about the civic amenities maintained by the occupants of this site. The drainage system pattern is understood by the exposed remains of the drainage at the site.
The findings of assorted stone tools of Palaeolithic and Neolithic periods from secondary contexts suggest that prehistoric people also occupied this area. Further studies are being carried out through geological, chemical analysis of the site/samples.
These settlements could have been an important trade centre as indicated by the presence of imitated amphorae wares that were mostly used to transport liquid commodities.
The proximity of the site to the seacoast suggests that the site could have served as a strategic settlement involved in maritime trade. Further research will reveal interesting facts about the site as trade centre.
Other major retrieved antiquities unearthed are copper and lead coins, iron spear head, stone celts, terracotta beads, ear stud in semi precious stone and hopscotches. The ceramic assemblage of the site consisted of fine quality black and red ware collected from the lower levels, conical jars, rouletted sherds, russet coated ware etc. The extensively used goblet shaped ware indicates the typical table ware associated with the site.
Sherds of Russet Coated Painted Ware Explorations conducted in and around Gottiprolu within a radius of 15 kilometers revealed important vestiges viz., fortified early historic settlement at Puduru, Sunbrahmanya temple at Mallam, unique rock cut laterite stepped well at Yakasiri, Vishnu temple at Tirumuru. Further the entire seacoast on the east is dotted with various forms of antiquarian remains extending from Tamil Nadu and culturally linked with each other.
The two fortified townships within the gap of 15kms during early historic times indicates the significant strategic location was preferred by the early historic people for trade in the region keeping in view of proximity of the sea, River and Lake (Pulicat).
Raksha Mantri Shri Rajnath Singh will leave for Tashkent, Uzbekistan tomorrow (November 1) to attend a key meeting of the Shanghai Cooperation Organisation (SCO) and participate in bilateral engagements with the Uzbekistan government.
Shri Rajnath Singh will represent India in the meeting of Council of Heads of Government (CHG) of SCO at Tashkent on November 2, 2019. The leaders participating in the meeting are expected to focus their discussions on the multilateral economic cooperation in the SCO region.
India is actively engaged in various SCO cooperation dialogue mechanisms and further developing multilateral cooperation within the SCO framework. This will be the third CHG meeting after India became a member of SCO. The last two CHG meetings were held between November 30- December 1, 2017 at Sochi in Russia and October 11-12, 2018 at Dushanbe in Tajikistan.
Raksha Mantri will have bilateral engagements on November 2-3. He will hold a meeting with Major General Kurbanov Bakhodir Nizamovich, Minister of Defence of Uzbekistan to discuss issues of bilateral defence cooperation. It may be noted that Armies of the two countries would be participating in the first-ever India-Uzbekistan joint exercise ‘Dostlik 2019’. The exercise will be conducted from November 4-13, 2019.
The Indo–French joint training EX SHAKTI – 2019 commenced at Mahajan on 31 October 2019 with opening ceremony that saw the unfurling of the National Flags of both countries amidst playing of the National anthems, “Jana Gana Mana” and the “La Marseillaise”.
On October 26 , the French contingent of a platoon group of 21st Marine Infantry Regiment Comprising of 45 persons landed at Bikaner directly from France. The 14 days schedule is focused upon joint training on Counter Insurgency/ Counter Terrorism environment.
The training will focus primarily on high degree of physical fitness, sharing of drill at tactical level and learning of best practices from each other. The exercise aims at enhancing understanding, cooperation and interoperability between the two Armies. The exercise will culminate in a 36 hrs long validation exercise which will involve neutralization of terrorists in a village hideout.
The joint exercise will facilitate both armies to know each other better, share their wide experiences and enhance their situational awareness through information exchange.
Realizing the importance of the Indian Himalayan region and recognizing the need to study its ecology, Union Minister for Environment, Forest and Climate Change, Shri Prakash Javadekar approved the proposal of setting-up of a New Regional Centre of the GB Pant Institute of Himalayan Environment & Development at Ladakh.
As the setting up of the Centre is being envisaged concurrently with Ladakh being designated as a separate Union Territory (UT), the Institute is expected to have an institutional linkage with the Ladakh Administration right from its inception. This association would be mutually beneficial (i) to the Institute through the facilitation of UT government for setting-up of the centre (i.e., appropriate space for work initiation, land for own campus and technology park/demonstrations) and (ii) aligning the centre’s activities with priorities and needs of newly created UT.
The setting-up of this centre would ensure Institute's Research & Development outreach in entire Trans Himalayan zone of Indian Himalaya by way of targeting following objectives: To promote alternative and innovative livelihoods for climate change vulnerable cold-desert communities;
To facilitate conservation of critical/important cold desert habitats and biodiversity; To strengthen and establish approaches for addressing issues of water scarcity and To foster climate smart communities in the trans-Himalayan landscape
The GB Pant National Institute of Himalayan Environment and Sustainable Development with its Headquarters at Kosi-Katarmal (Uttarakhand) and Regional Centres (RCs) as Himachal RC at Mohal-Kullu, Himachal Pradesh. (to cover J&K and H.P.), Garhwal RC at Srinagar (to cover Uttarakhand), Sikkim RC at Pangthang, Gangtok (to cover Sikkim and W.B. hills), Northeast RC at Itanagar (to cover remaining NE States) caters to environment management, conservation of natural resources and policies for sustainable development of communities in the Indian Himalayan Region.
It is noteworthy to mention that the Trans Himalayan landscape has most of its area lying above 3,000 Mean sea level (msl) and is characterized by extreme cold climate, minimal rain (9-10cm annual, more than 300 sunny days) and with very sparse vegetation. This landscape, most often, is also termed as clod desert. The region is endowed with rich diversity of culture, unique biodiversity elements and significantly large wetlands/water bodies (lakes). The Centre will help in better understanding of its landscape components and developing strategies and implementation plans for addressing issues of environmental conservation, people's livelihoods and sustainable development under changing scenario.
Two New Countries- Eritrea and St. Kittis and Nevis, Sign the ISA Framework Agreement; Taking Signatory Countries to 83 Posted On: 31 OCT 2019 6:11PM by PIB Delhi
President of ISA and Minister of Power, New & Renewable Energy and Skill Development Entrepreneurship, Government of India Shri R.K. Singh has emphasized the increasing importance of solar energy. He said this is very important in view of the climate change issues faced globally.The minister was speaking at the 2nd Assembly of International Solar Alliance (ISA) held here today. He also elaborated the number of steps that India has taken to support the International Solar Alliance which India along France launched.
The Minister of State for Power, New & Renewable Energy (Independent Charge) and Skill Development & Entrepreneurship, Shri Raj Kumar Singh and other dignitaries at the 2nd International Solar Alliance Assembly, in New Delhi on October 31, 2019.
Delegations from 78 countries are participating in this Assembly, this includes 29 Ministerial delegations of which 25 are from ISA member countries, 2 from signatory countries and further 2 from prospective member countries. The Assembly also has participation from important ISA Partners, and other invitees.
Two countries – Eritrea and St. Kittis and Nevis, signed the framework agreement of ISA today. With this 83 countries have signed the ISA framework agreement.
Under the impending threat of climate change, renewable have assumed atmost importance in the global agenda. The International Solar Alliance (ISA is India’s contribution to the global efforts for decarbonizing the energy systems and allowing countries around the world in align domestic priorities with global sustainability commitments. Conceived as a vision of the Hon’ble Prime Minister, ISA is reflection of India’s commitment for universalizing the use of solar energy. It has the potential to transform the world’s energy scenario while yielding social and economic gains for the global population.
The Minister of State for Power, New & Renewable Energy (Independent Charge) and Skill Development & Entrepreneurship, Shri Raj Kumar Singh and other dignitaries at the 2nd International Solar Alliance Assembly, in New Delhi on October 31, 2019
At the United Nations Climate Action Summit 2019, Prime Minister of India Shri Narendra Modi pledged to increase renewable energy capacity to 175 GW by 2022 and committed for further increasing it to 450 GW. Today, India stands among the top five countries of the world in terms of solar energy capacity and total renewable energy capacity. Facilitation for procurement of power through transparent tariff based competitive bidding has led to a remarkable reduction in cost of solar and wind power. With over 82 GW renewable capacity on ground and about 70 GW at different stage of fruition. India is well on the way to realize the ambitious target of 175 GW by 2022. India is making all efforts to ensure that ISA through its focused vision and action oriented approach will succeed in addressing the biggest challenges confronting humanity - sustainable energy, energy poverty and climate change.
Brune Poirson, the Co-President ISA and the French minister for ecological and inclusive transition thanked India for its leadership in the field of solar energy. She also talked about the ISA objectives which included lowering the cost of energy, increasing investment in the renewable energy, and training and sharing of knowledge and technological knowhow among the member countries.
BACKGROUND The Ministry of New and Renewable Energy hosted the second Assembly of International Solar Alliance (ISA) on 30 and 31 October 2019 New Delhi. While on 30 October 2019, coordination and consultation meetings on different aspects of ISA programmes and initiatives will be held, the Assembly met today.
1.The Assembly is the supreme decision making body of the ISA, and gives directions on various administrative, financial and programme related issues. Shri R.K. Singh, Minister for New and Renewable Energy and Power is President of the ISA Assembly and Ms Brune Poirson, Minister of State for the Ecological and Inclusive Transition Govt. of France, is the Co-President of the Assembly.
2. Earlier 81 countries of the 121 prospective member countries have signed the Framework Agreement of the ISA. Of these, 58 countries have ratified the same. The Assembly was attended by the Ministers and delegates from member States, Observer States, ISA Partners, and other invitees. Over 400 delegates are expected to participate in the Assembly.
3.The first Assembly of the ISA was attended by 78 countries, and they had affirmed their determination to accelerate the deployment of solar energy worldwide for achieving universal energy access at affordable rates.Recognizing that ISA has a major role in achieving Sustainable Development Goals, and objectives of the Paris Agreement on Climate Change, and that the ISA initiative would benefit the world at large, during the first Assembly of the ISA an Indian resolution to extend the Membership of the organisation to all countries that are Members of the United Nations was adopted.
4.Since the first Assembly on 3 October 2018, ISA has initiated many activities and programmes. Demand for over 1000 MW solar power and 300000 solar water pumps has been aggregated from ISA member countries. Some of the major activities for building domestic capacity of the ISA member countries include ITEC Master Trainers Programme at NISE Gurugram; M. Tech programme for mid-career professionals at IIT, Delhi; STAR-C programme, and development of the INFOPEDIA. In order to understand the challenges and issues ‘on the ground’ and to strengthen support for ISA programmes, the ISA sent country missions to eight countries over the course of 2019 – to Benin, the Democratic Republic of the Congo, Guinea, Malawi, Mali, Niger, Togo, and Uganda. ISA has significantly extended outreach and have partnered with over 40 organizations. These broadly include UN, Multilateral Development Banks (MDBs), Development Finance Institutions (DFIs), international and regional organizations and foundations, and private sector players.
5. India has been providing all out support for realizing ISA’s vision and objectives. The Government of India has allotted 5 acres of land to the ISA in National Institute of Solar Energy (NISE) campus, Gurugram and has released a sum of Rs. 160 crore, i.e. US$ 26 million for creating a corpus fund, building infrastructure and meeting day to day recurring expenditure of the ISA up to the year 2012-22. As per commitment, India will release additional Rs. 15 crore, i.e. US$ 2.1 million in the year 2020-21. In addition, various Public Sector Enterprises of Government of India have contributed US$ 8 million for augmenting ISA corpus fund. Apart from these, India has set aside US$ 2 Billion for solar projects in Africa out of Government of India's US$10 Billion concessional Line of Credit (LOC) for Africa. Exim Bank of India is implementing this line of credit in close coordination with ISA countries in Africa. On the 24th September 2019, on the side-lines of the 74th UN General Assembly, India announced allocation of US$ 12 million grant, and a concessional LOC of US$ 150 Million for Pacific Islands Developing States for undertaking solar, renewable energy and climate related projects.
6.The ISA, is an Indian initiative that was launchedby the Prime Minister of India and the President of France on 30 November 2015 at Paris, France on the side-lines of the COP-21, with 121 solar resource rich countries lying fully or partially between the tropic of Cancer and tropic of Capricorn as prospective members. The overarching objective of the ISA is to collectively address key common challenges to the scaling up of solar energy in ISA member countries. It also aims to undertake joint efforts required to reduce the cost of finance and the cost of technology, mobilize investments needed for massive deployment of solar energy, and pave the way for future technologies adapted to the needs. ISA has been positioned to help create the conditions that would make funding, developing and deploying solar applications on a large scale a reality. ISA is now perceived as key to achieving the 2030 Sustainable Development Goals and objectives of the Paris Agreement on Climate Change.