Insolvency and Bankruptcy Code (Amendment) Bill, 2021
⇒ Recently, Parliament passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2021. The bill seeks to amend the Insolvency and Bankruptcy Code, 2016.
The Bill is set to replace the IBC Amendment Ordinance 2021 promulgated in April.
- It introduced an insolvency resolution mechanism for micro, small and medium enterprises (MSMEs) with defaults up to Rs 1 crore called the Pre-packaged Insolvency Resolution Process (PPIRP).
» “Base resolution plan” means a resolution plan provided by the corporate debtor
» After the words “corporate insolvency resolution process”, the words “or pre-packaged insolvency resolution process, as the case may be” shall be inserted
» After the words “process period”, the words “or by the corporate debtor during the pre-packaged insolvency resolution process period, as the case may be” shall be inserted, Etc.
Pre-packaged Insolvency Resolution Process:
» A pre-pack envisages the resolution of the debt of a distressed company through a direct agreement between secured creditors and the existing owners or outside investors, instead of a public bidding process.
» Under the pre-pack system, financial creditors will agree to terms with the promoters or a potential investor, and seek approval of the resolution plan from the National Company Law Tribunal (NCLT).
» One of the key criticisms of the existing Corporate Insolvency Resolution Process (CIRP) has been the time it takes for resolution.
- The pre-pack in contrast, is limited to a maximum of 120 days with only 90 days available to stakeholders to bring a resolution plan for approval before the NCLT.
The Commission for Air Quality Management in National Capital Region and Adjoining Areas Bill, 2021
⇒ Recently, Parliament passed the Commission for Air Quality Management in National Capital Region and Adjoining Areas Bill, 2021.
The bill seeks to set up a commission for air quality management in the National Capital Region and its adjoining areas.
The Bill seeks to create an overarching body to consolidate all pollution-monitoring bodies, and bring them on one platform so that air-quality management can be carried out in a more comprehensive, efficient, and time-bound manner.
The monitoring and management of air quality in the Delhi-NCR region has been done in pieces by multiple bodies. These bodies include the Central Pollution Control Board, the state pollution control boards, the state governments in the region, including Delhi, Haryana, Uttar Pradesh, and Rajasthan, and the Environment Pollution (Prevention and Control) Authority of the National Capital Region.
Director of RCI
⇒ Shri U Raja Babu, Outstanding Scientist and Programme Director, AD has assumed charge as Director, Research Centre Imarat (RCI), Dr APJ Abdul Kalam Missile Complex, DRDO, Hyderabad with effect from 23 August 2021.
First edition of the North Eastern Region (NER) District SDG Index Report and Dashboard: Baseline Report 2021-22
⇒ NITI Aayog and Ministry of Development of North Eastern Region (M/DoNER) launched the first edition of the North Eastern Region (NER) District SDG Index Report and Dashboard: Baseline Report 2021-22 on 26 August 2021.
» Out of 120 districts, 103 districts were considered for ranking while 17 were not considered for computation and ranking.
» East Sikkim ranks first in the region followed by districts Gomati and North Tripura in the second position.
New Prime Minister of Malaysia
⇒ Former Deputy Prime Minister Ismail Sabri Yaakob was appointed as the new Prime Minister of Malaysia on 20 August 2021.
Malaysia’s King Sultan Abdullah Sultan Ahmad Shah appointed Ismail Sabri as the new Prime Minister of the country.
Ismail Sabri, 61, is a veteran politician of the United Malays National Organization (UMNO).
130th edition of Durand Cup
⇒ The 130th edition of Durand Cup 2021 was held in Kolkata from 05 September to 03 October 2021.
The FC Goa defeated Mohammedan SC 1-0 in the final of the 2021 Durand Cup.
World Mosquito Day 2021
⇒ World Mosquito Day is observed annually on 20 August.
The theme of World Mosquito Day 2021 was “Reaching the zero-malaria target”.
World Mosquito Day is observed to raise awareness and alertness about mosquito-borne disease.
World Mosquito Day marks the anniversary of the discovery that mosquitoes transmit the parasite that causes malaria. On this day in 1897, Sir Ronald Ross discovered the malaria parasite in the stomach tissue of an Anopheles mosquito.