Sitharaman to move Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 in Lok Sabha

News Network
March 6, 2020

New Delhi, Mar 6: Union Finance Minister Nirmala Sitharaman on Friday will move the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 for consideration and passing in Lok Sabha.

In December last year, the Union Cabinet had approved a proposal to promulgate an ordinance to amend the Insolvency and Bankruptcy Code (IBC) 2016.

The amendments will remove certain ambiguities in the IBC 2016 and ensure smooth implementation of the code, an official statement said.

The move is aimed at easing the insolvency resolution process and promoting the ease of doing business. Aimed at streamlining of the insolvency resolution process, the amendments seek to protect last-mile funding and boost investment in financially-distressed sectors.

Under the amendments, the liability of a corporate debtor for an offence committed before the corporate insolvency resolution process will cease.

The debtor will not be prosecuted for an offence from the date the resolution plan has been approved by the adjudicating authority if a resolution plan results in change in the management or control of the corporate debtor to a person who was not a promoter or in the management or control of the corporate debtor or a related party of such a person.

The amendments are aimed at providing more protection to bidders participating in the recovery proceedings and in turn boosting investor confidence in the country's financial system.

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News Network
May 6,2020

New Delhi, May 6: Around 39 crore people have received financial assistance of Rs 34,800 crore amid the COVID-19 lockdown under the Pradhan Mantri Garib Kalyan Package (PMGKP) as on May 5, the government said in a statement.

These people received the assistance, which was announced by Union Finance Minister Nirmala Sitharaman on March 26 to protect them from the impact of the lockdown due to COVID 19, via digital payment infrastructure.

The swift implementation of the free food grain and cash payment package under PMGKP is being continuously monitored by Central and state governments. Also, Fintech and digital technology have been employed for swift and efficient transfer to the beneficiary.

As per the data provided by the government, Rs 16,394 crore front-loaded towards payment of the first installment of PM-KISAN was provided to 8.19 crore beneficiaries.

Rs 10,025 crore credited to 20.05 crore (98.33 per cent) women Jan Dhan account holders as first installment and Rs 2,785 crore credited to 5.57 crore women in the second installment.

Further, Rs 1,405 crore was disbursed to about 2.82 crore old age persons, widows and disabled persons and Rs 3,492.57 crore financial support was given to 2.20 crore building and construction workers.

Moreover, foodgrain has been distributed, covering 60.33 crore beneficiaries in all 36 Union Territories and states till April and 12.39 crore beneficiaries by 22 states/UTs for May. Pulses have been distributed so far to 5.21 crore household beneficiaries out of 19.4 crore such beneficiaries.

Over 5 crore cylinders have been booked under the Pradhan Mantri Ujjwala Yojana (PMUY) and 4.82 crore free cylinders already delivered to beneficiaries.

While 9.6 lakh members of Employees' Provident Fund Organisation (EPFO) has taken benefit of online withdrawal of non-refundable advance from EPFO account amounting to Rs 2,985 crore, 24 per cent EPF contribution transferred to 44.97 lakh employees account amounting to Rs 698 crore.

In the current financial year, 5.97 crore person's man-days of work generated under MNREGA scheme and Rs 21,032 crore were released to states to liquidate pending dues of both wage and material.

Insurance scheme for health workers in government hospitals and health care centres has been operationalised by New India Assurance covering 22.12 lakh health workers.

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News Network
April 1,2020

Amaravati, Apr 1: All the 43 patients who were tested positive for COVID-19 in Andhra Pradesh on Wednesday have returned after attending the event at Delhi's Nizamuddin Markaz, said Chief Minister's Office, Andhra Pradesh.

With 43 new COVID-19 positive cases, the total number of coronavirus cases in Andhra Pradesh has reached 87, informed the state Nodal Office earlier today.

The 43 new coronavirus positive cases were reported between March 31, 9 pm and April 1, 9 am. A total of 373 samples were tested during this time period and of these samples, 330 were negative and 43 came out to be positive.

There has been an increase of 240 COVID-19 cases in the last 12 hours across the country.
According to the Ministry of Health and Family Welfare, the total number of COVID-19 positive cases have reached 1637 in India, including 1466 active cases, 133 cured/discharged/migrated people and 38 deaths.

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News Network
February 1,2020

New Delhi, Feb 1: Air India's jumbo B747 plane, evacuating 324 Indian nationals from the novel coronavirus-hit Wuhan in China, landed here on Saturday morning, officials said.

The plane reached Delhi around 7.30 am, they said.

There were five doctors from Ram Manohar Lohia (RML) Hospital and one paramedical staff on board, said an Air India spokesperson.

The Indian Army has set up a quarantine facility in Manesar near Delhi to keep those evacuated from China's Hubei province.

Officials said they would be monitored for any signs of infection for a duration of two weeks by a qualified team of doctors and staff members.

"With 324 passengers, special flight has taken off for India from Wuhan. It may reach Delhi at 7.30am," said the Air India spokesperson at 1.19 am on Saturday.

The flight had departed from Delhi airport at 1.17 pm on Friday to evacuate Indian nationals from China, where more than 250 people - none of them Indian - have died due to novel coronavirus.

On Friday evening, the Air India spokesperson had stated that another special flight may take off from Delhi airport on Saturday to evacuate Indians from Wuhan.

The death toll from the novel coronavirus outbreak in China has risen to 259 with total confirmed cases surging to 11,791 amid stepped up efforts by a number of countries to evacuate their nationals from Hubei province, the epicentre of the virus, officials said on Saturday.

About Friday's flight, the spokesperson had said earlier during the day, "A team of five doctors from RML hospital, one paramedical staff from Air India, with prescribed medicines from doctors, masks, overcoats, packed food are in the aircraft. A team of engineers, security personnel are also there in this special aircraft. Whole rescue mission is being led by Captain Amitabh Singh, Director (Operations), Air India."

The spokesperson had added that there were five cockpit crew members and 15 cabin crew members on Friday's flight.

Before departure at Delhi airport, Air India Chairman and Managing Director Ashwani Lohani had said, "No service will take place in the plane. Whatever food is there will be kept in seat pockets. As there will be no service, there will be no interaction (between cabin crew and passengers)."

"Masks have been arranged for the crew and passengers. For our crew, we have also arranged a complete protective gear," he had added.

"Total five doctors from the Health Ministry are also going... The plane will be there (at Wuhan airport) for 2-3 hours," Lohani had said.

Air India has done such evacuations earlier also from countries such as Libya, Iraq, Yemen, Kuwait and Nepal.

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