Ordinance approved to amend IBC: Homebuyers can now claim money if builder goes bankrupt
The Union Cabinet on May 23, 2018 approved the ordinance to amend the Insolvency and Bankruptcy Code, 2016 (IBC), heaving a sigh of relief to homebuyers who have invested in housing projects of real estate companies that have gone bankrupt.
Once the ordinance gets the President’s approval and the proposed changes are incorporated in the Insolvency and Bankruptcy Code, 2016, homebuyers will be treated on par with financial creditors in terms of their legal rights. Homebuyers will have the right to initiate a resolution process against the bankrupt real estate companies and get their money back.
US disinvites China from major military exercise
The United States on May 23, 2018 uninvited China from one of the world's largest international maritime warfare exercises.
An official statement from Pentagon read that “China's behaviour is inconsistent with the principles and purposes of the RIMPAC exercise and so, it has disinvited the People's Liberation Army (PLA) Navy from the 2018 Rim of the Pacific (RIMPAC) Exercise.” The exercise, held in every two years in Hawaii, involves more than 20 countries from across the world including India, Australia, Japan and the UK.
JD(S) leader H D Kumaraswamy was sworn in as the 18th Chief Minister of Karnataka on May 23, 2018.
The swearing-in ceremony was conducted at 4.30 pm on the steps of the state secretariat, Vidhana Soudha. Kumaraswamy was administered the oath of office and secrecy by Karnataka Governor Vajubhai Vala.
Karnataka Congress leader G Parameshwara was sworn in as the Deputy Chief Minister of Karnataka.
Union Agriculture Minister Radha Mohan Singh on May 22, 2018 released the final Model Act titled ‘The ….State/UT Agricultural Produce and Livestock Contract Farming and Services (Promotion & Facilitation) Act, 2018’.
The main motive behind drafting the Model Contract Farming Act is to integrate farmers with bulk purchasers for better price realization.
Union Finance Minister Arun Jaitley in his budget speech 2017-18 announced the preparation of the Model Contract Farming Act and circulation of the same to the States for its adoption.
As per Lancet’s Global Burden of Disease study, India ranked 145th among 195 countries in terms of quality and accessibility of healthcare on the Healthcare Access and Quality Index (HAQ Index).
However, despite such low rankings, India saw improvements in healthcare access and quality since 1990. The five countries with the highest levels of healthcare access and quality in 2016 were Iceland (97.1 points), Norway (96.6), the Netherlands (96.1), Luxembourg (96.0), and Finland and Australia (each with 95.9).
The newly re-elected President of Venezuela, Nicolas Maduro on May 22, 2018 ordered the expulsion of two top US diplomats in Caracas in retaliation to the new round of US sanctions imposed over Venezuela’s widely-condemned elections.
Venezuelan President Nicolas Maduro won another six years of term on May 20 in an election that was called as a sham by the opposition and other countries including the United States. US President Donald Trump responded to the election results on May 21 by issuing an executive order limiting Venezuela’s ability to sell state assets.
International Day for Biological Diversity 2018 observed globally
The International Day for Biological Diversity was observed across the world on May 22, 2018 with an aim to raise awareness about the conservation of biodiversity.
The theme of International Day for Biological Diversity 2018 was ‘Celebrating 25 Years of Action for Biodiversity’ as the year 2018 marks the 25th anniversary of the Convention on Biological Diversity. The Convention entered into force on December 29, 1993.
PM Modi’s visit to Russia: Key Points
Indian Prime Minister Narendra Modi held his first informal Summit with Russian President Vladimir Putin on May 21, 2018 in the city of Sochi, Russia.
The Summit provided an opportunity for both the leaders to deepen their friendship and to exchange views on international and regional issues, in keeping with the tradition of high level political exchanges between India and Russia.
Recently, the state Health Department has confirmed Nipah virus (NiV) infection for the first time in Kerala with the blood and body fluid samples of two persons who died of viral fever in the past fortnight in Kozhikode district indicating the presence of the zoonotic disease.
This is the first time the Nipah virus has been detected in this state which has high fatality rate and spreads mainly through bats, pigs and other animals. However, According to World Health Organisation (WHO), India has in the past documented human-to-human transmission of the rare Nipah virus.
Russia on May 19, 2018 launched 'Akademik Lomonosov', the world's first floating nuclear power plant at the St Petersburg shipyard.
The ‘Akademik Lomonosov’ is to be the first of a fleet of floating nuclear power stations to be stationed in the Russian Arctic. Russia’s main objective behind the development is to meet its growing electricity needs in its drive to develop oil resources in remote Arctic regions.
The plant is capable of producing enough electricity to power a town of 200,000 residents.