In Today’s News:
- IBC suspension extended till March 2021.
- MoA signed for High-Resolution Aquifer Mapping & Management in Arid Region of NW India.
1. IBC suspension extended till March 2021
The Central government has suspended the operation of the Insolvency and Bankruptcy Code, 2016 (IBC) till 31st March 2021 in order to protect companies in distress due to the COVID pandemic. The Code was earlier suspended from 25 March 2020 to help the firms recover from the financial distress due to the global pandemic. During the suspension of IBC codes, these firms are protected from being referred to insolvency proceedings.
Prelims GS – Economic Development
(Note: Key points for Prelims have been covered very precisely below. Very important Article)
- Insolvency and Bankruptcy Code is an Act to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit, and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
- The provisions of this Code shall apply to—
- (a) any company incorporated under the Companies Act, 2013 (18 of 2013) or under any previous company law;
- (b) any other company governed by any special Act for the time being in force, except in so far as the said provisions are inconsistent with the provisions of such special Act;
- (c) any Limited Liability Partnership incorporated under the Limited Liability Partnership Act, 2008 (6 of 2009);
- (d) such other body incorporated under any law for the time being in force, as the Central Government may, by notification, specify in this behalf.
- Adjudicating authority for LLPs and companies: National Company Law Tribunal
- Adjudicating Authority for Individuals and Partnership firms: Debt Recovery Tribunal
- The corporate insolvency resolution process shall mandatorily be completed within a period of three hundred and thirty days(330 days) from the insolvency commencement date, including any extension of the period of corporate insolvency resolution process granted under section 12 and the time taken in legal proceedings in relation to such resolution process of the corporate debtor.
Click here to view the official document of IBC.
2. MoA signed for High-Resolution Aquifer Mapping & Management in Arid Region of NW India
Central Ground Water Board, Ministry of Jal Shakti, and CSIR-NGRI, Hyderabad signed a Memorandum of Agreement (MoA) for use of advanced heliborne geophysical survey and other scientific studies in parts of the States of Rajasthan, Gujarat, and Haryana covering Northwest India under the Aquifer Mapping Programme. This is the first time the Ministry of Jal Shakti has decided to use the State of the art technology for the identification of aquifers in such a large arid or semi-arid area of the country.
Prelims GS – Governance
- Central Ground Water Board is under the Ministry of Jal Shakti.
- The mandate of CGWB is To Develop and disseminate technologies, and monitor and implement national policies for the Scientific and Sustainable development and management of India’s Ground Water Resources, including their exploration, assessment, conservation, augmentation, protection from pollution and distribution, based on principles of economic and ecological efficiency and equity.
Click here to know more about CGWB.
- The National Geophysical Research Institute (NGRI), a constituent research laboratory of the Council of Scientific and Industrial Research (CSIR) was established in 1961 with the mission to carry out research in multidisciplinary areas of the highly complex structure and processes of the Earth system and its extensively interlinked subsystems.
- NGRI has the mandate to conduct research for public-good science to enable government agencies, public and private sector stakeholders to make informed decisions about the use of geo-resources sustainably and improve preparedness and resilience to natural hazards.
- The research activities fall broadly under three themes:
- Geodynamics, which revolve around investigating and modeling fundamental aspects of the Earth system and processes,
- Earthquake Hazards, which encompass features on the surface and subsurface of crust that may potentially endanger lives and properties through catastrophes like earthquakes and landslides as well as deterioration in pollution levels of groundwater and soil, changes in climatic conditions, and associated environmental issues.
- The theme Natural Resources comprise of implementation of techniques to identify primary geo-resources, which are the pillars of human civilization and fount of economic growth like groundwater, hydrocarbons as well as alternative energy sources and minerals.
Click here to know more about CSIR-NGRI.
Mains GS3 – Economic Development/Water Management
Aquifer Mapping and its benefits:
- Aquifer mapping can be defined as a scientific process, wherein a combination of geologic, geophysical, hydrologic, and chemical field and laboratory analyses are applied to characterize the quantity, quality, and sustainability of groundwater in aquifers.
- Systematic aquifer mapping is expected to improve our understanding of the geologic framework of aquifers, their hydrologic characteristics, water levels in the aquifers and how they change over time, and the occurrence of natural and anthropogenic contaminants that affect the potability of groundwater.
- Results of these studies will contribute significantly to resource management tools such as long-term aquifer monitoring networks and conceptual and quantitative regional ground-water-flow models used by planners, policymakers, and other stakeholders.
- Aquifer mapping at the appropriate scale can help prepare, implement, and monitor the efficacy of various management interventions aimed at the long-term sustainability of our precious groundwater resources.
- This, in turn, will help achieve drinking water security, improved irrigation facilities, and sustainability in water resources development in the country as a whole.
Click here to know more about National Project on Aquifer Management.
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