Prelim Bits 30-07-2021 | UPSC Daily Current Affairs

Pre-packaged Insolvency Resolution Process

• The Insolvency and Bankruptcy Code (Amendment) Bill, 2021, has proposed ‘pre-packs’ as an insolvency resolution mechanism for Micro, Small and Medium Enterprises (MSMEs).
  • The 2021 Bill will replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021.
• Pre-pack is a system of insolvency proceedings that is popular mechanism for insolvency resolution in the UK and Europe.
• It is an agreement for the resolution of the debt of a distressed company through a direct agreement between secured creditors and the existing owners or outside investors, instead of a public bidding process.
• Under the pre-pack system, financial creditors will agree to terms with the promoters or a potential investor, and seek approval of the resolution plan from the National Company Law Tribunal (NCLT).
• The approval of at least 66% of financial creditors that are unrelated to the corporate debtor would be required before a resolution plan is submitted to the NCLT.
• The NCLTs will be required to either accept or reject an application for a pre-pack insolvency proceeding before considering a petition for the existing Corporate Insolvency Resolution Process (CIRP).
• Pre-packs are better than CIRP - The CIRP takes more time for resolution. A major reason for the delays is the prolonged litigation by erstwhile promoters and potential bidders.
• Pre-pack is limited to a maximum of 120 days with only 90 days available to stakeholders to bring a resolution plan for approval before the NCLT.
• Also, in the case of CIRP, a resolution professional takes control of the debtor as a representative of financial creditors.
• But in the case of PIRP, the existing management retains control. This ensures minimal disruption of operations relative to a CIRP.
• To know more about the Pre-packaged Insolvency Resolution Process (PIRP), click here.

Cloudbursts

• Recently, cloudbursts have been reported from several places in Jammu and Kashmir, UT of Ladakh, Uttarakhand and Himachal Pradesh.
• Cloudbursts are short-duration, intense rainfall events over a small area.
• According to the India Meteorological Department (IMD), it is a weather phenomenon with unexpected precipitation exceeding 100mm/h over a geographical region of approximately 20-30 square km.
• A 2017 study of cloudbursts in the Indian Himalayas noted that most of the events occurred in the months of July and August.
• A 2020 study showed that the meteorological factors behind the cloudburst over the Kedarnath region.
• It showed that during the cloudburst, the relative humidity and cloud cover was at the maximum level with low temperature and slow winds.
• Because of this situation, a high amount of clouds may get condensed at a very rapid rate and result in a cloudburst.
• Frequency - Studies have shown that climate change will increase the frequency and intensity of cloudbursts in many cities across the globe.
• World Meteorological Organization said that there is about a 40% chance of the annual average global temperature temporarily reaching 1.5°C above the pre-industrial level in at least one of the next five years.
• There is a 90% chance of at least one year between 2021 and 2025 becoming the warmest on record and dislodge 2016 from the top rank.
• IIT Gandhinagar states that as temperatures increase the atmosphere can hold more and more moisture.
• This moisture comes down as a short very intense rainfall for a short duration probably half an hour or one hour resulting in flash floods in the mountainous areas and urban floods in the cities.
• Also, there is evidence suggesting that globally short duration rainfall extremes are going to become more intense and frequent.
• With warming climate or climate change, we will surely witness these cloudburst events in increased frequency in the future.

India’s 14 Tiger Reserves Recognized by Global CA/TS

• The 14 Tiger Reserves in India received the accreditation of the Global Conservation Assured | Tiger Standards (CA|TS).
• 14 tiger reserves - Manas, Kaziranga, Orang (Assam), Satpura, Kanha, Panna (MP), Pench (Maharashtra), Valmiki (Bihar), Dudhwa (UP), Sunderbans (West Bengal), Parambikulam (Kerala), Bandipur (Karnataka) and Mudumalai and Anamalai (Tamil Nadu).
• Officially launched in 2013, CA|TS has been agreed upon as accreditation tool by the global coalition of Tiger Range Countries (TRCs).
• It has been developed by tiger and protected area experts.
• It sets minimum standards for effective management of target species and encourages assessment of these standards in relevant conservation areas.
• CA|TS is a set of criteria which allows tiger sites to check if their management will lead to successful tiger conservation.
• To know more about Conservation Assured | Tiger Standards (CA|TS), click here.

Status of Leopards, Co-predators and Megaherbivores-2018

• This report was released by the Environment Minister. It is a testimony to the fact that conservation of tigers leads to the conservation of entire ecosystem.
• During all India tiger estimation 2018, leopard population was also estimated within the forested habitats in tiger occupied states of the country.
• The overall leopard population in tiger range landscape of India in 2018 was estimated at 12,852 (SE range 12,172 - 13,535).
• This is a significant increase from the 2014, figure that was 7,910 (SE 6,566-9,181) in forested habitats of 18 tiger bearing states of the country.

Geo-imaging Satellite EOS-03

• This satellite is scheduled for launch in third quarter of 2021. ISRO realized EOS-03 is capable of imaging the whole country 4-5 times daily.
• [Earth Observation Satellites (EOS) is a remote sensing satellite designed for Earth observation (EO) from orbit, including spy satellites and those used for non-military uses.]
• Purpose - This satellite would enable near-real time monitoring of natural disasters like floods & cyclones.
• In addition to natural disasters, EOS-03 would also enable monitoring of water bodies, crops, vegetation condition, forest cover changes etc.

Small Satellite Launch Vehicle

• The first developmental flight of Small Satellite Launch Vehicle (SSLV) is scheduled in fourth quarter of 2021 from Satish Dhawan Space Centre, Sriharikota.
• SSLV was developed by the ISRO as a cost-effective, three-stage, all-solid launch vehicle with a payload capability of 500 kg to 500 km planar orbit or 300 kg to Sun Synchronous Polar Orbit.
• It is shorter in length than the PSLV and GSLV. Unlike the PSLV and GSLV, the SSLV can be assembled both vertically and horizontally.
• The major technologies developed as part of realization of SSLV are,
  1. Flexible nozzle control with electro-mechanical actuators for all stages,
  2. Miniaturized avionics and
  3. A velocity trimming module in the upper stage for precise satellite injection.
• SSLV is ideal for on-demand, quick turn-around launch of small satellites.

• To know more about Small Satellite Launch Vehicle, click here.

Inland Navigation

• The National Waterways (NWs) that are operational are,  
  1. NW-1 (Ganga-Bhagirathi-Hooghly river system from Allahabad to Haldi,
  2. NW-2 (River Brahmaputra from Dhubri to Sadiya),
  3. NW-3 (West Coast Canal from Kottapuram to Kollam along with Udyogmandal and Champakara Canals)
• Also, NW-10 (river Amba), NW-68 (Mandovi), NW-73 (Narmada), NW-83 (Rajpuri Creek), NW-85 (Revadanda Creek-Kundalika River System), NW-91 (Shastri river-Jaigad creek system), NW-97 (Sunderbans Waterways), NW-100 (Tapi) and NW-111 (Zuari) are operational. 
• Navigability of the waterway is monitored through regular hydrographic surveys and channel inspection by Regional Directorates supported by Sub-Regional Offices located along the NWs.
• A constant vigil is kept on the river regime behaviour and accordingly appropriate river conservancy measures are taken to ensure fairways for safe movement of vessels.
• Based on the observation during channel inspection and hydrographic surveys, River Notices are issued and placed on Inland Waterways Authority of India (IWAI) website.
• River Information System (RIS) aims to streamline the exchange of information between waterway operators and users to optimize traffic and transport processes in inland navigation.
• RIS has been commissioned on NW-1 (river Ganga) which is operational between Haldia-Farakka (Ph-I) and Farakka - Patna (Ph-II) stretches of the waterway. 

Source: PIB, The Indian Express