Historical Background
- The practice of naming storms (tropical cyclones) began years ago in order to help in the quick identification of storms in warning messages because names are presumed to be far easier to remember than numbers and technical terms. Many agree that appending names to storms makes it easier for the media to report on tropical cyclones, heightens interest in warnings and increases community preparedness.
- Experience shows that the use of short, distinctive given names in written as well as spoken communications is quicker and less subject to error than the older more cumbersome latitude-longitude identification methods. These advantages are especially important in exchanging detailed storm information between hundreds of widely scattered stations, coastal bases, and ships at sea.
- Min. of Power has launched Ujwal Discom Assurance Scheme (UDAY)
- India generates surplus power but the practical experience of Indians is that scheduled and unscheduled power cuts are the norm in cities, and the situation in most rural areas is worse.India lags far behind other countries in per capita consumption of power
- The explanation for this situation lies in the state of the state-owned power distribution companies, or discoms, which are responsible for buying electricity from the generation companies and selling them to consumers. The discoms suffer massive transmission and distribution (T&D) losses. Almost 25 per cent of the power is lost, and never gets billed for — double the global average of about 12 per cent.
Highlights of the Code
- The Code creates time-bound processes for insolvency resolution of companies and individuals. These processes will be completed within 180 days. If insolvency cannot be resolved, the assets of the borrowers may be sold to repay creditors.
- The resolution processes will be conducted by licensed insolvency professionals (IPs). These IPs will be members of insolvency professional agencies (IPAs). IPAs will also furnish performance bonds equal to the assets of a company under insolvency resolution.
- Information utilities (IUs) will be established to collect, collate and disseminate financial information to facilitate insolvency resolution.
