Cavalier India Defence Training Academy

While it is unclear if the government is considering joining the China­ led Regional Cooperation Economic Partnership , Colombo seems open to the idea. Located along one of the busiest shipping routes in the world, Sri Lanka is keen on developing the Colombo and Hambantota ports. A view of the East Container Terminal at the Colombo Port. | Photo Credit: Meera Srinivasan Sri Lanka’s growing emphasis on tapping the emerging Asian market would make the China-led Regional Cooperation Economic Partnership (RCEP) agreement seem an ideal forum to build trade ties in the region. But given the island nation’s current economic challenges and India’s decision to opt out of the formidable grouping, the road is far from easy for Sri Lanka, according to economists. Few would dispute Sri Lanka’s distinct advantage, thanks to its strategic location in the Indian Ocean, along one of the busiest shipping routes in the world. “We must develop the [southern] Hambantota and Colombo Ports together with the ...

Finance Minister Nirmala Sitharaman speaks in the Rajya Sabha during the ongoing Monsoon Session of Parliament in New Delhi. (Image | The Hindu) It protects defaulting companies from insolvency proceedings for at least six months Context:      Both the houses of Parliament passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, which provides that insolvency proceedings against defaulting companies will not be initiated for at least six months starting from March 25. Merits of the amendments to IBC IBC is not a recovery law -  The creditors, including MSMEs (micro, small and medium enterprises), had several other options to recover their claims. The proposed amendments, brought in the form of an Ordinance on June 5, suspended the application of three provisions to prevent any company, stressed due to the COVID-19 situation, from being pushed into insolvency proceedings. A provision for further extension of six months has also been given. The initial six-m...