Business, Economy & Banking Current Affairs - 2019
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The Cabinet Committee on Economic Affairs (CCEA) has approved the acquisition of debt-laden Lanco’s 500 MW Teesta hydro-electric power project in Sikkim by state-owned NHPC.
Taking over of Lanco Teesta Hydro Power Ltd
- NHPC will take over debt-laden Lanco’s 500 MW Teesta hydro-electric power project for Rs 907 crore in Sikkim.
- CCEA has sanctioned the funds for the acquisition and execution of balance work of the Teesta Stage-Vl Hydro Electric Project by the NHPC Ltd.
- The total cost of the project would be Rs 5,748.04 crore (at July 2018 price level), which includes a bid amount of Rs 907 crore for acquisition and estimated cost of balance work of Rs 3,863.95 crore, which includes Interest During Construction (IDC) and Foreign Component (FC) of Rs 977.09 crore
Teesta Stage-Vl Hydro Electric Project
- Teesta Stage-Vl Hydro Electric Project is a Run of River (RoR) project in Sirwani Village of Sikkim to utilize the power potential of Teesta River Basin in a cascade manner.
- The project involves the construction of a 26.5-metre high barrage across river Teesta.
- The estimated power generation is 2,400 million units of electricity in a 90 per cent dependable year with an installed capacity of 500 MW (4x125MW).
NHPC Limited, formerly known as National Hydroelectric Power Corp. was incorporated as Central Govt. Enterprise for development of Hydro Power in Central Sector on 7th November 1975. Over the years NHPC has evolved as the largest central utility for hydropower development in India. NHPC is mandated to plan, promote and organize an integrated and efficient development of power in all aspects through Conventional and Non Conventional Sources in India and abroad.
NHPC which is a premier organization in the country for the development of hydropower has an authorised capital of about Rs.15,000 crores and has a Miniratna status.
The Insolvency and Bankruptcy Board of India (IBBI) has signed a cooperation agreement with the International Finance Corporation (IFC) to assist IBBI in further building the capacity of insolvency professionals and insolvency professional agencies for the purpose of the bankruptcy code.
IBBI established under the Insolvency and Bankruptcy Code, 2016 provides a platform for re-organisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of the value of assets, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.
IBBI exercises regulatory oversight over the insolvency professionals, insolvency professional agencies and information utilities. Under the Insolvency and Bankruptcy Code, 2016 IBBI prescribes and enforces rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy.
IFC would assist IBBI in the effective implementation of the Code and its allied rules and regulations by assisting in further building the capacity of insolvency professionals and insolvency professional agencies for the purpose of the bankruptcy code.
Tags: corporate insolvency resolution • corporate liquidation • IBBI • IFC • individual bankruptcy • individual insolvency resolution • Insolvency and Bankruptcy Board of India • Insolvency and Bankruptcy Code 2016 • International Finance Corporation