Plan and Policy

Plan & Policy

Govt may adopt UN model to strengthen insolvency norms

The government is looking at the possibility of adopting an UN legal model for cross-b­order insolvency cases as it works on strengthening the insolvency resolution framework, according to a senior official. The insolvency and bankruptcy code has secti­o­ns pertaining to cross-border insolvency issues but are yet to be made operational.

The insolvency law committee (ILC), headed by corporate affairs secretary Injeti Srinivas, is studying feasibility of introducing cross-border insolvency provisions.

Thermal coal imports up 19% in first quarter

Top 12 major ports have reported a 19.32 per cent surge in imports of thermal coal to 28.28 million tonnes during April-June this year, latest report from Indian Ports Association (IPA) has said. The Centre-owned ports had handled 23.70 million tonnes of the thermal coal in the corresponding period of the previous financial year.

CEA does not feel strongly for project Sashakt to tackle NPAs

Chief economic advisor Arvind Subramanian has hinted at the irrelevance of ‘Sashakt’, the recent NPA resolution mechanism worked out by bankers, saying there would be questions on its necessity, viability and funding arrangements. But he made it clear that the insolvency and bankruptcy code (IBC) will continue as the primary functional and legal framework for NPAs (non-performing assets) recovery.

Finished steel export falls 33% in April-June

India’s export of finished steel slumped by 33.7 per cent to 1.351 million ton­nes during the first quarter of the current financial year, according to a report.

The country had exported 2.037 million tonnes finished steel during the same quarter a year ago, the joint plant committee (JPC) said in its latest report.

Asia-10 to surpass US in terms of GDP by 2030

The 10 major economies of Asia, including India, are expected to see robust growth and amount to over $28 trillion in real GDP (gross domestic product) terms on aggregate, more than the US by 2030, says a DBS report.

According to DBS the Asia-10 economies are Chi­na, Hong Kong, India, Ind­o­n­esia, Malaysia, the Ph­il­ipp­i­n­es, Singapore, South Ko­rea, Taiwan, and Thailand.

29 infants dead in 3 weeks in MP hospital

At least 29 newborns have died between July 1 and 21, and six within the last one week, at a Special Newborn Care Unit in Guna District Hospital in Madhya Pradesh, allegedly due to medical negligence.

However, the paediatrician in-charge of the hospital said that the newborns were brought in critical conditions, and had a very slim chance for survival.

Rahul insists scam, BJP MPs press for privilege notice against him

Congress president Rahul Gandhi on Sunday alleged there was certainly a “scam” in the controversial Rafale jet deal with France and accused Defence minister Nirmala Sitharaman of doing a “flip-flop” on the secrecy clause. Gandhi also attacked Prime Minister Narendra Modi over the issue, alleging he “squirms” when asked about the prices of the fighter aircraft.

Matter of impropriety: Chargesheeted babus hold on to high office

Propriety seems to have taken back seat with some of the top former bureaucrats like Ashok Chawla continuing in top positions as chairman of various entities — NSE, Teri and Yes Bank, in Chawla’s case — even though they face serious charges against them.

The CBI supplementary charge sheet in the Aircel-Maxis case has named Chawla as an accused along with two senior serving IAS officers –then joint secretary Kumar Sanjay Krishna and director Deepak Kumar Singh. While Krishna is currently posted as additional chief secretary of Assam, Singh is now a principal secretary in Bihar.

ICICI Lombard 1st pvt insurer to beat UII in business growth

In a first, private non-life insurer ICICI Lombard has beaten back its government-owned peer United India Insurance Company (UII) in terms of its business growth for June 2018 as well as the April-June period this fiscal, securing the second position in the list of top 10 general insurance players in India.