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Veer Savarkar was a multidimensional personality – a freedom fighter, social reformer, writer, political thinker – Vice president

 

 

  • In Pune, Savarkar founded the “Abhinav Bharat Society”.
  • He was also involved in the Swadeshi movement and later joined Tilak’s Swaraj Party. His instigating patriotic speeches and activities incensed the British Government. As a result the British Government withdrew his B.A. degree.
  • In June 1906, Veer Savarkar, left for London to become Barrister. However, once in London, he united and inflamed the Indian students in England against British rule in India. He founded the Free India Society. The Society celebrated important dates on the Indian calendar including festivals, freedom movement landmarks, and was dedicated to furthering discussion about Indian freedom. He believed and advocated the use of arms to free India from the British and created a network of Indians in England, equipped with weapons.
  • In 1908, brought out an authentic informative researched work on The Great Indian Revolt, which the British termed as “Sepoy Mutiny” of 1857. The book was called “The Indian War of Independence 1857”. The British government immediately enforced a ban on the publication in both Britain and India. Later, it was published by Madame Bhikaiji Cama in Holland, and was smuggled into India to reach revolutionaries working across the country against British rule.
  • When the then British Collector of Nasik, A.M.T. Jackson was shot by a youth, Veer Savarkar finally fell under the net of the British authorities. He was implicated in the murder citing his connections with India House. Savarkar was arrested in London on March 13, 1910 and sent to India.
  • In 1920, many prominent freedom fighters including Vithalbhai Patel, Mahatma Gandhi and Bal Gangadhar Tilak demanded the release of Savarkar. On May 2, 1921, Savarkar was moved to Ratnagiri jail, and from there to the Yeravada jail. In Ratnagiri jail Savarkar wrote the book ‘Hindutva: who is hindu?
  • Vinayak Savarkar was a president of Hindu Mahasabha from 1937 to 1943. When congress ministries offered resignation on 22nd oct 1939, Hindu mahaasabha under his leadership cooperated with Muslim league to form government in provinces like Sindh, Bengal and NWFP.

 

MCA notifies Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules)

 

Indian Economy

 

The Central government introduced the Insolvency and Bankruptcy Code(IBC) in 2016 to resolve claims involving insolvent companies. This was intended to tackle the bad loan problems that were affecting the banking system. Two years on the IBC has succeeded in a large measure in preventing corporates from defaulting on their loans. The IBC process has changed the debtor-creditor relationship. A number of major cases have been resolved in two years, while some others are in advanced stages of resolution.

What is IBC?

 

  • Insolvency and Bankruptcy Code, 2016 is considered as one of the biggest insolvency reforms in the economic history of India.
  • This was enacted for reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons.

Objectives of IBC

 

  • Consolidate and amend all existing insolvency laws in India.
  • To simplify and expedite the Insolvency and Bankruptcy Proceedings in India.
  • To protect the interest of creditors including stakeholders in a company.
  • To revive the company in a time-bound manner.
  • To promote entrepreneurship.
  • To get the necessary relief to the creditors and consequently increase the credit supply in the economy.
  • To work out a new and timely recovery procedure to be adopted by the banks, financial institutions or individuals.
  • To set up an Insolvency and Bankruptcy Board of India.
  • Maximization of the value of assets of corporate persons.

The Insolvency and Bankruptcy Code ecosystem

 

  • National Company Law Tribunal (NCLT) – The adjudicating authority (AA), has jurisdiction over companies, other limited liability entities.
  • Debt Recovery Tribunal (DRT) has jurisdiction over individuals and partnership firms other than Limited Liability Partnerships.
  • The Insolvency and Bankruptcy Board of India (IBBI) – apex body for promoting transparency & governance in the administration of the IBC; will be involved in setting up the infrastructure and accrediting IPs (Insolvency Professionals (IPs) & IUs (Information Utilities).
  • It has 10 members from Ministry of Finance, Law, and RBI.
  • Information Utilities (IUs) – a centralized repository of financial and credit information of borrowers; would accept, store, authenticate and provide access to financial data provided by creditors.
  • IPs- persons enrolled with IPA (Insolvency professional agency (IPA) and regulated by Board and IPA will conduct resolution process; it will act as Liquidator/ bankruptcy trustee; they are appointed by creditors and override the powers of the board of directors.
  • IPs have the power to furnish performance bonds equal to assets of the company under insolvency resolutions
  • Adjudicating authority (AA) – would be the NCLT for corporate insolvency; to entertain or dispose of any insolvency application, approve/ reject resolution plans, decide in respect of claims or matters of law/ facts thereof.

Key aspects of the Insolvency and Bankruptcy Code

 

  • IBC proposes a paradigm shift from the existing ‘Debtor in possession’ to a ‘Creditor in control’ regime.
  • IBC aims at consolidating all existing insolvency related laws as well as amending multiple legislation including the Companies Act.
  • The code aims to resolve insolvencies in a strict time-bound manner – the evaluation and viability determination must be completed within 180 days.
  • Moratorium period of 180 days (extendable up to 270 days) for the Company. For startups and small companies the resolution time period is 90 days which can be extended by 45 days.
  • Introduce a qualified insolvency professional (IP) as intermediaries to oversee the Process
  • Establishment of Insolvency and Bankruptcy board as an independent body for the administration and governance of Insolvency & bankruptcy Law; and Information Utilities as a depository of financial information.

The success of IBC

 

Burgeoning NPAs

 

  • 21 PSU banks had combined gross NPAs of Rs 7.3 lakh crore at the end of September 2017 quarter. This was a growth of 27% as compared to 2016 quarter.

How has IBC helped?

 

  • Due to the institution of IBC, we have seen that many business entities are paying up front before being declared insolvent. The success of the act lies in the fact that many cases have been resolved even before it was referred to NCLT.
  • 4452 cases were dismissed at the pre-admission stage. Hence, it shows the effectiveness of IBC.
  • Presently, there are 1332 cases before NCLT.
  • Realization by creditors around Rs 80,000cr in resolution cases.
  • Banks recovered Rs 5.28 lakh crore in 2017-18, compared to just Rs 38500 cr in 2016-17.
  • The maximum amount recovered was Rs 4, 92,500 cr from 21 companies.
  • 12 big cases are likely to be resolved this year, and the realization in these cases is expected to be around Rs 70000 Cr.

 

Government clears misgivings of amendment in the Indian Forest Act, 1927

 

  • This Act recognizes forest dwellers’ rights and makes conservation more accountable.
  • The Act basically does two things:
    1. Grants legal recognition to the rights of traditional forest dwelling communities, partially correcting the injustice caused by the forest laws, and
    2. Makes a beginning towards giving communities and the public a voice in forest and wildlife conservation.
  • The law recognises three types of rights:
    1. Land Rights:Land rights are given to people, who have been cultivating land prior to December, 13, 2005.
    2. Use Rights:The law provides for rights to use and/or collect the minor forest produce things like tendu patta, herbs, medicinal plants etc “that has been traditionally collected, use of grazing grounds and water bodies and use of traditional areas by nomadic or pastoralist communities i.e. communities that move with their herds, as opposed to practicing settled agriculture.
    3. Right to Protect and Conserve:The law gives rights to protect and manage the forests to people of village communities.
  • The Act also categorises forests into three categories:
    1. Reserve forest:These forests are the most restricted forests and may be constituted by the State Government on any forest land or waste land which is the property of the Government or on which the Government has proprietary rights. In reserved forests, most uses by local people are prohibited, unless specifically allowed by a Forest Officer in the course of settlement.
    2. Protected forest:The State Government is empowered to constitute any land other than reserved forests as protected forests over which the Government has proprietary rights. Under ‘Protected Forests’, the Government retains the power to issue rules regarding the use of such forests and retains the power to reserve the specific tree species in the protected forests. This power has been used to establish State control over trees, whose timber, fruit or other non-wood products have revenue-raising potential.
    3. Village forest:‘Village forests’ are the one in which the State Government may assign to ‘any village community the rights of Government to or over any land which has been constituted a reserved forest’.

Minister of Minority Affairs inaugurates “Hunar Haat” at 39TH IITF

 

Hunar Haats are organised by Ministry of Minority Affairs under USTTAD (Upgrading the Skills & Training in Traditional Arts/Crafts for Development) scheme.

The USTTAD scheme aims at preserving & promoting the rich heritage of the traditional arts & crafts of the Minority communities.  This is one of the flagship programmes of the Ministry.

 

Significance of Hunar Haats:

 

  • Hunar Haats have become a successful mission to provide employment and income generation opportunities with platforms for marketing the products of master artisans, craftsmen and culinary experts belonging to the minority communities.
  • It envisages at boosting the skill of craftsmen, weavers and artisans who are already engaged in the traditional ancestral work.