Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016
Why in news?
- The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 on 6 January 2020.
Crucial highlights:
- The amendment clarifies that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not be a party in any manner to a compromise or arrangement of the corporate debtor under section 230 of the Companies Act, 2013.
- It also clarifies that a secured creditor cannot sell or transfer an asset, which is subject to security interest, to any person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor.
- The amendment provides that a secured creditor, who proceeds to realise its security interest, shall contribute its share of the insolvency resolution process cost, liquidation process cost and workmen’s dues, within 90 days of the liquidation commencement date.
- It shall also pay excess of realized value of the asset, which is subject to security interest, over the amount of its claims admitted, within 180 days of the liquidation commencement date.
- Where the secured creditor fails to pay such amounts to the Liquidator within 90 days or 180 days, as the case may be, the asset shall become part of Liquidation Estate.
- The amendment provides that a Liquidator shall deposit the amount of unclaimed dividends, if any, and undistributed proceeds, if any, in a liquidation process along with any income earned thereon into the Corporate Liquidation Account before he submits an application for dissolution of the corporate debtor.
- It also provides a process for a stakeholder to seek withdrawal from the Corporate Liquidation Account.
Over hundred global scientists converge in NIOT Chennai
Why in news?
- Over hundred global scientists in the field of ocean studies are converged in the National Institute of Ocean Technology (NIOT) in Chennai.
About NIOT:
- It was established in 1993. IT was situated at Chennai in Tamil Nadu.
- An autonomous society under the Ministry of Earth Sciences, Government of India.
- NIOT is managed by a Governing Council and the Director is the head of the Institute.
Key facts
- They are participating in the Central Indian Ocean Leadership Workshop at the Union Government-run research institution, with the support of the United Nations.
- The scientists represent fifteen Indian Ocean Rim countries.
- They are studying on evolving a regional framework on how to study coastal vulnerabilities like the Tsunami’s, the increasing frequency and intensity of cyclones, sea-level rise due to climate change and sea erosion.
- To develop reliable indigenous technologies to solve the various engineering problems associated with harvesting of non-living and living resources in the Indian Exclusive Economic Zone (EEZ), which is about two-thirds of the land area of India.
Snow and Avalanche Study Establishment
Why in news?
- Snow and Avalanche Study Establishment (SASE), a laboratory of the Defence Research and Development Organization (DRDO) has issued an Avalanche warning to Leh in Ladakh region.
- Along with several other districts, the establishment in a communication to the Leh District Administration issued a warning of low-level avalanche.
About SASE:
- SASE is a laboratory of the Defence Research and Development Organization (DRDO).
- It is located near Manali, Himachal Pradesh.
- Its primary function is research in the field of snow and avalanches to provide avalanche control measures and forecasting support to Armed forces.
Key findings:
- The avalanche meant for Leh in Ladakh is important as it has two passes namely Chang La and Khardung La with world’s highest motorable roads through them with several avalanche-prone zones.
- The also meant for the soldiers in the world’s highest battle filed Siachen, in the region.
- Responding to the warning, Leh District Administration directed all the concerned agencies and departments to be in state of readiness with men and machinery to meet any eventuality.
- The District Administration also advised the general public to avoid venturing avalanche prone areas during the period.
Centre and states agree to streamline GST to plug revenue leakage
Why in news?
- The 2nd National GST Conference of the Commissioners of State Tax and Chief Commissioners of Central Tax was held under the chairmanship of Revenue Secretary, Ministry of Finance.
Key highlights about the action taken:
- To constitute a Committee of Centre and State officers to examine and implement quick measures in a given time frame to curb fraudulent refund claims including the inverted tax structure refund claims and evasion of GST.
- Considering fraudulent IGST refund claims, it was explored to link foreign exchange remittances with IGST refund for risky and new exporter.
- All major cases of fake Input Tax Credit, export/import fraud and fraudulent refunds shall also be compulsorily investigated by investigation wing of the Income Tax Department.
- MoU would be signed among CBDT, CBIC and GSTN to exchange data through API, from CBDT to GSTN and CBIC and vice-versa. It was decided that this data should be shared on quarterly basis, instead of being shared on yearly basis.
- It was also suggested to provide a single bank account for foreign remittance receipt and refund disbursement.