Important Current Affairs 18th July

NATIONAL:

Cabinet approved the Insolvency and Bankruptcy Code (Amendment) Bill, 2019.

• The Union Cabinet approved amendments to the Insolvency and Bankruptcy Code 2016 through the Insolvency and Bankruptcy Code (Amendment) Bill, 2019 on 17 July 2019. The approval will place a greater emphasis on more time-bound resolution and lays down voting rules of the financial creditors.

Amendments:

• The amendments include mandating a deadline for the completion of the resolution process within 330 days, including all litigation and judicial processes. Votes of all financial creditors covered under Section 21(6A) shall be cast in accordance with the decision approved by the highest voting share of financial creditors on present and voting basis. The voting should be more than 50%.

• Another amendment allows for creditors who voted against the majority to receive a minimum liquidation value. This decision would have retrospective effect in cases where the resolution plan has not yet been finalised or has been appealed against. According to the amendment Bill, the resolution plan will be binding on all the stakeholders, including governments, to whom a debt is owed.

INTERNATIONAL:

Palau became the 76th country to join the International Solar Alliance (ISA).

• Palau, an archipelago of more than 500 islands in Oceania, has become 76th signatory country to join the International Solar Alliance (ISA). The agreement was opened for signature during COP22 at Marrakech, Morocco on 15 November 2016.

ISA member countries:

Countries which have signed agreement until now include India, United Kingdom (UK), Japan, France, Australia, United Arab Emirates (UAE), amongst others.

About International Solar Alliance (ISA):

ISA is a group of 122 solar resource-rich nations. It was jointly launched by India and France on November 2015. It is headquartered at campus of National Institute of Solar Energy (NISE) in Haryana, India.

The  organisation aims to deploy more than 1,000 gigawatts of solar energy and mobilise over $1,000 billion into solar power by 2030 as per United Nations Framework Convention on Climate Change (UNFCCC).

It is expected that the inclusion of United Nation members to ISA will put solar energy in global agenda with universal appeal for developing and deploying solar energy.

APPOINTMENTS AND RESIGNATIONS:

GoAir names former Airbus executive Miranda Mills as COO.

• Wadia Group-run budget carrier GoAir on Wednesday said it has hired former Airbus executive Miranda Mills as the Chief Operating Officer (COO). She will be reporting to the airline's Managing Director Jeh Wadia. Before joining GoAir, Mills worked with British aircraft engine maker Rolls-Royce as Chief Digital Officer and Director (Transformation), of the company's civil aviation vertical.

SPORTS:

16-year-old shooter Anish wins gold at ISSF Junior World Cup.

• India's 16-year-old shooter Anish Bhanwala won gold at ISSF Junior World Cup in the men's 25m rapid fire pistol event in Germany on Wednesday. Anish, who won his first ISSF Junior World Cup gold in 2018, finished with 29 points in the final, defeating Russia's Egor Ismakov by six points. India, with eight golds, are currently leading the medal tally.

Indian secured the first spot in the medal tally of Commonwealth Weightlifting Championship.

• Indian team secured the first spot in the medal tally of Commonwealth Weightlifting Championship 2019 held at Samoa, a country in Oceania. 37 Indian players participated in the Commonwealth Weightlifting Championship in Apia, Samoa. It won 35 medals including 22 golds, 10 silvers and 3 bronze medals in the youth, junior, and senior categories.

India also broke a total of 22 records in all 3 age groups in World, Asian, Commonwealth and National level as well as set a new junior record at Commonwealth and National level.

Top wins of India:

Mirabai Chanu  won gold in women’s 49 kg with a total lift of 191 kg. She is gold medalist at 2018 Commonwealth Games and 2018 Khel Ratna awardee.

Jeremy Lalrinnunga  competing in 67 kg male event broke a youth world record with lift of 136 kg in snatch. This same lift also set new youth record at Asian,

Jhilli Dalabehera  won gold in women’s 45kg event. She set 6 records with a clean and jerk lift of 94 kg and total lift of 164 kg at Commonwealth (Senior and Junior) and Junior National level.

Ministry of Youth Affairs and Sports:

Founded on: 1982 as Asian Games

Renamed in: 1985 as Department of Youth Affairs & Sports, became Ministry of Youth Affairs and Sports in 2000

Headquarters: New Delhi, India

Minister responsible: Kiren Rijiju, Minister of State (Independent Charge)

The Ministry administers the Department of youth affairs and Department of Sports in India.