Ministry of Law and Justice Current Affairs - 2019

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CEA Krishnamurthy Subramanian appointed part-time member in IBBI

Krishnamurthy Subramanian, Chief Economic Adviser (CEA) and B. Sriram, former managing director (MD) and chief executive officer (CEO) of Industrial Development Bank of India (IDBI Bank) were appointed part-time members of Insolvency and Bankruptcy Board of India (IBBI).

K Subramanian, an Indian School of Business (ISB) Hyderabad professor was appointed chief economic adviser for a period of 3 years in December 2018.

Their appointment was approved by Appointments Committee of the Cabinet (ACC), which is composed of Prime Minister of India (who is Chairman), Union Minister of Home Affairs and the order for appointment was issued by Department of Personnel and Training (DoPT).

About Insolvency and Bankruptcy Board of India

  • IBBI, an insolvency regulatory agency was established on 1 October 2016. It was given statutory powers by Insolvency and Bankruptcy Code (IBC), the bankruptcy law of India which was passed by Lok Sabha on 5 May 2016.
  • The IBC 2016 established Insolvency and Bankruptcy Board of India (IBBI), to oversee insolvency proceedings in India and to regulate entities registered under it.
  • The IBBI Governing Board consists of 10 members, including representatives from the Ministry of Finance (MoF), Ministry of Law and Justice, Ministry of corporate affairs (MCA), and Reserve Bank of India (RBI).
  • IBBI act as a regulator for overseeing insolvency proceedings and entities such as Insolvency Professionals (IP), Insolvency Professional Agencies (IPA) and Information Utilities (IU) in India.
  • IBC covers Individuals, Companies, Partnership firms and Limited Liability Partnerships and handles cases under it using tribunals namely National company law tribunal (NCLT) and Debt recovery tribunal (DRT).

Month: Categories: Business, Economy & BankingPersons in NewsUPSC

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National Voters Day 2019

India is celebrating 9th National Voters Day on 25th January 2019 for enhanced participation of citizens in the electoral process. The main purpose of celebrating National Voters Day is to encourage, facilitate and maximize the enrollment, especially for the new voters.

Genesis of the National Voters Day

As per the proposal mooted by the Ministry of Law and Justice, the Union Cabinet headed by then Prime Minister approved the proposal to celebrate National Voters Day on 25th January. The National Voters Day was first celebrated on 25th January 2011.

January 25th is celebrated as the National Voter’s Day vowing to the fact that it was on this day the Election Commission of India was constituted on 25th January 1950.

National Voters Day 2019

India would be witnessing the parliamentary elections in 2019, in order to ensure an inclusive election process the theme of the National Voters Day is No Voter to be Left Behind.

President Ram Nath Kovind would be the Chief Guest at the main function being organized by Election Commission in New Delhi. The event is also graced by Chief Election Commissioners and senior officials from Bangladesh, Bhutan, Kazakhstan, Maldives, Russia and Sri Lanka.

Month: Categories: Events & Observances

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