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.
Polish author Olga Tokarczuk wins Man Booker International prize 2018
Polish author Olga Tokarczuk on May 23, 2018 won the Man Booker International Prize 2018 for her novel ‘Flights’, becoming Poland’s first ever writer to win the award.
Tokarczuk won the prize for the English translation of her novel ‘Flights’, which narrates multiple journeys in time, space and human anatomy. The novel was first published in Polish language in 2007; and in 2017, it was translated into English by Jennifer Croft. Tokarczuk shared the prize money of 50,000 pounds with translator Jennifer Croft.
NITI Aayog, ABB India sign Statement of Intent
NITI Aayog and ABB India signed a Statement of Intent (SoI) on May 23, 2018 to support the Indian government realise its vision of ‘Make in India’ through advanced manufacturing technologies that incorporate the latest developments in robotics and artificial intelligence.
Through the agreement, NITI Aayog will work with ABB across various sectors of the economy such as power and water utilities, food and heavy industry, transport including rail and metro and infrastructure to suggest solutions for digitalisation, incorporating the Internet of Things (IoT) and Artificial Intelligence (AI) technologies. The initiative also covers the fast-growing segment of electric mobility.
India-Nepal militaries to conduct joint battalion level exercise SURYA KIRAN-XIII
Joint military exercise SURYA KIRAN-XIII will be conducted between India and Nepal at Pithoragarh, Uttarakhand from May 30 to June 12, 2018.
The SURYA KIRAN-XIII will be first exercise to be held under the surveillance of Nepal's newly-appointed Defence Minister Ishwor Pokharel, who assumed the office in February 2018. Exercise SURYA KIRAN is a biannual exercise which is conducted alternatively in Nepal and India. Notably, among all the military training exercises undertaken by India with various countries, it is Exercise SURYA KIRAN with Nepal which is the largest in terms of troop participation.