Morning Brief: Modi Government To Bring ‘Quick Rescue Option’ For Bankrupt Firms; Seven Terrorists Killed In Kashmir, 19 Eliminated In Last 10 Days; And More

by Swarajya Staff - Nov 26, 2018 07:43 AM +05:30 IST
Morning Brief: Modi Government To Bring ‘Quick Rescue Option’ For Bankrupt Firms; Seven Terrorists Killed In Kashmir, 19 Eliminated In Last 10 Days; And MorePrime Minister Narendra Modi and Finance inister Arun Jaitley during the National Office Bearers Meeting at NDMC Convention Centre on 6 January 2017 in New Delhi. (Virendra Singh Gosain/Hindustan Times via Getty Images) 

Good morning, dear reader! Here’s your morning news brief for today.

‘Quick Rescue Option’ For Bankrupt Firm Soon

The Narendra Modi government is set to introduce another bankruptcy reform, which is being dubbed as a ‘pre-packaged scheme’, Mint has reported. Under the scheme, the daily’s report says, creditors and shareholders will approach a bankruptcy court with a pre-negotiated reorganisation plan. This approach, reported prevalent in the West, is aimed at cutting down on litigation and ensuring that deadlines are met.

Currently, companies or creditors have to move a bankruptcy court to explore options. Under this setting, the defaulting entity gets a maximum of 270 days of protection from recovery of dues. Litigation during this period delays the resolution in most cases. In many cases, time lost in litigation has been excluded from the 270 days available for all parties to agree on a rescue plan. The Insolvency and Bankruptcy Code, introduced by the Modi government in December 2016, has led to the resolution of about 60 cases so far.

Also Read: Real Threat To IBC Is Death By Delay

Seven Terrorists Killed In Kashmir, 19 Eliminated In Last 10 Days

Seven terrorists were killed by security forces in two encounters in Jammu and Kashmir’s Shopian and Pulwama districts yesterday. Three of the seven killed were top commanders, two of Hizbul Mujhaideen and one of Lashkar-e-Taiba. At least two of the seven were from Pakistan. In Sophian, a soldier of 162 Territorial Army, currently operating with 36 Rashtriya Rifles, was killed. Identified as Nazir Ahmad, he had received Sena Medal twice in the past. In the protests by locals, which erupted in support of the terrorists, civilian identified as Nouman Ashraf Bhat was killed.

Six terrorists were eliminated by the security forces on Friday. At least 19 terrorists have been killed in the Kashmir Valley since 15 November. Seven civilians and three security personnel have also been killed in various incidents across the Valley.

Ajmer Dargah Blast Accused Arrested

Suresh Nair, an accused in the 2007 Ajmer dargah blast case, was arrested by the Gujarat Anti-Terrorism Squad on Sunday. Accused of supplying the bombs planted at the shrine, Nair had been on the run for the past 11 years. He was arrested in Bharuch district after ATS officers received a tip-off.

Swami Aseemanand and six others were acquitted in the case by a special NIA court in Jaipur in March 2017. Three other accused in the case - Devendra Gupta, Bhavesh Patel and Sunil Joshi - were handed life imprisonment.

RBI May Hold The Rates Baton Till March, Says Report

The Reserve Bank will not change rates before the end of the current fiscal year and is likely to go for “measured hikes”as inflation inches up after March 2019, the Development Bank of Singapore has said. RBI’s decision on rates will be influenced by the movement in oil prices and currency.

The lender has lowered its consumer price inflation projections for the current fiscal to 4 per cent from 4.4 per cent in its report, which comes just days after retail inflation eased to 3.31 per cent in October from 3.7 per cent in September.

“The RBI is likely to get the leeway to hold the rates unchanged this year owing to the below-target inflation. We pencil in measured hikes in FY20 to contain core pressures, with oil and currency direction seen as wildcards,” it said.

221 Metre Tall Statue Of Lord Ram To Come Up In Ayodhya

Uttar Pradesh Chief Minister Yogi Adityanath on Saturday finalised the details for the construction of a 221-metre tall statue of Lord Ram in Ayodhya. It will consist of a 151-metre statue, a 20-metre umbrella overhead, and a 50-metre pedestal. Once built, the statue will be the tallest in the world. The 182-meter bronze-clad statue of Sardar Patel in Gujarat is currently the world’s tallest. A museum showcasing the history of Ayodhya, legendary Ishvaku dynasty and Raja Manu and the Ram Janmabhooomi will be built inside the pedestal. The design of the statue, selected by Adityanath, is one among five shortlisted for the purpose. The statue will be made up of bronze.

According to Times Now, the government has not disclosed the cost of the statue and its location in Ayodhya. Watchers, however, said that the state is likely to come up along the bank of the Sarayu river. The decision to build a statue of Lord Ram was taken by the government last year during Diwali celebrations. The announcement came just hours before Vishva Hindu Parishad’s Dharm Sabha in Ayodhya.

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We hope you enjoyed reading our morning brief. Have a great day ahead!

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