Current Affairs 11th August 2018

Current Affairs 11th August 2018 - Important Points

• Committee on natural conservation zones formed by - NGT
• Arbitration and Conciliation Bill (Amendment) 2018 passed by - Lok Sabha
•  Amendment bill for speedy disposal of commercial disputes passed by - Parliament
• Parliament passes Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 on - 10th August 2018

Current Affairs 11th August 2018 - Details

Committee on natural conservation zones formed by - NGT

The National Green Tribunal has formed a committee to look into whether sub regional plans for NCZs (protection of Natural Conservation Zones)  were consistent with the regional plan prepared by the National Capital Region Planning Board.

The bench headed by NGT Chairperson Justice Adarsh Kumar Goel took this decision. The bench authorised the Ministry of Environment and Forests  to be the nodal agency of the committee and asked the panel to hold its meeting within a month only.

Important Highlights

• As per the tribunal's orders, all the concerned states will be needed to furnish a report on the same matter.
• The secretaries of Urban Development Departments of the states will going to be responsible to submit the sub-regional plans.
• After that, The matter will be finalized as far as possible within three months.
• The final report of the committee will have to be sent to the green tribunal on or before December 31st by e-mail.
• The bench posted the matter for consideration of the report on February 11th, 2019.

Arbitration and Conciliation Bill (Amendment) 2018 passed by - Lok Sabha

The Lok Sabha passed the Arbitration and Conciliation Bill (Amendment) 2018 on August 10th, 2018, providing time-bound settlement of disputes and accountability of the arbitrator.

The bill was introduced in Lok Sabha by the Minister for Law and Justice, PP Chaudhary on July 18. The bill seeks to amend the Arbitration and Conciliation Act, 1996.  The Act also contained provisions to deal with domestic and international arbitration, and defines the law to conduct conciliation proceedings.

Important Provisions of the Bill

• Setting up of Arbitration Council of India: The bill is also seeking to establish an independent body called the Arbitration Council of India (ACI) for the promotion of arbitration, mediation, conciliation and other alternative dispute redressal mechanisms.

The council's functions would be including:

• To frame policies for grading arbitral institutions and accrediting arbitrators.
• To make policies for the establishment, operation and maintenance of uniform professional standards for all alternate dispute redressal matters.
• To maintain a depository of arbitral awards (judgments) made in India and abroad.

Composition of the ACI: The council will be consisting of a Chairperson who is either a Judge of the Supreme Court or Chief Justice or Judge of any High Court or any eminent person with an expert knowledge in conduct of arbitration.

The other members will be including an eminent arbitration practitioner, an academician with experience in arbitration and also government appointees.

 Amendment bill for speedy disposal of commercial disputes passed by - Parliament

The Rajya Sabha passed the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts (Amendment) Bill, 2018 on August 10th, 2018. The Lok Sabha had passed the same on July 31st 2018.

The bill is meant to make changes in the law for speedy disposal of commercial disputes and to minimize the pecuniary jurisdiction of commercial courts from Rs 1 crore to Rs 3 lakh. Followed by this, it will be sent to the President for his assent.

Parliament passes Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 on - 10th August 2018

The Rajya Sabha passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 on August 10th, 2018. The bill was passed by the Lok Sabha on July 31st, 2018. The Bill is seeking to replace the Insolvency and Bankruptcy Code (Amendment) Ordinance 2018. It will be presented to President now for his assent.

Key Provisions of the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018

• The Bill will be making changes in the Insolvency and Bankruptcy Code, 2016 to clarify that allottees under a real estate project should be treated as financial creditors.
• The voting threshold for routine decisions taken by the committee of creditors has also been reduced from 75 percent to 51 percent only.
• For certain key decisions, this threshold has been reduced to 66 percent now.
• The Bill allows the withdrawal of a resolution application submitted to the NCLT (National Company Law Tribunal) under the Code.
• This decision can be taken with the approval of 90 percent of the Creditors committee.