The Supreme Court on Friday upheld a central law which
empowered harassed home buyers to initiate bankruptcy proceedings against
errant real estate builders.
The judgment gains significance as many real estate builders
have been under fire for incomplete projects leaving home buyers in dire
The Act had brought the home buyers on par with the creditor
banks of the property builder. Prior to the law, the home buyers were often left
in the lurch. With their dreams of owning a home shattered, they were made to
wait blindly for a solution to come up, either in the form of a completed
apartment or a refund.
Before the Amendment Act of 2018 came into existence, the assets
of the bankrupt builder were divided among his employees, creditor banks and
other operational creditors. Home buyers had hardly figured, though their
hard-earned savings may have provided a major chunk of the housing project.
The Amendment Act allowed home buyers, as financial creditors,
to trigger bankruptcy proceedings under the Insolvency and Bankruptcy Code of
2016 and have their “rightful place” on the Committee of Creditors (CoC). The
CoC, by voting, makes important decisions on the future of the bankrupt builder.
These calls include what to do with his assets and who should finish the pending
The builders had challenged the Amendment Act. They said making
home buyers financial creditors was like “forcibly inserting a square peg in a
“The Health Ministry has drawn an ambitious plan under the
100 days agenda of the newly elected government, wherein it has been decided
to provide Rotavirus vaccine to every child across all States and Union
Territories by September, 2019,” Union Health Minister Harsh Vardhan said on
He said diarrhoea was one of the biggest killers in children and
Rotavirus was one of the most common causes of severe diarrhoea in children less
than 2 years of age.
“Rotavirus vaccine along with proper sanitation, hand washing
practices, ORS and zinc supplementation will go a long way in reducing the
mortality and morbidity due to diarrhoea in children,” the Minister said. The
government was also committed to increasing the full immunisation coverage and
ensuring that the benefit of the life-saving vaccines was provided to every
In India, every year, 37 out of every 1,000 children born are
unable to celebrate their 5th birthday, and one of the major reasons for this is
diarrhoeal deaths. Out of all the causes of diarrhoea, Rotavirus is a leading
cause of diarrhoea in children less than 5 years of age.
It is estimated that Rotavirus cause 8,72,000 hospitalisations;
32,70,000 outpatient visits and estimated 78,000 deaths annually in India.
Rotavirus diarrhoea can be prevented through vaccination.
Other diarrhoea can be prevented through general measures like
good hygiene, frequent hand washing, safe water and safe food consumption,
exclusive breastfeeding and vitamin A supplementation.
Growth in industrial production slowed to a four-month low
of 1.96% in June 2019, due in large part to a slowdown in the manufacturing
sector and a dramatic contraction in the capital goods and consumer durables
Growth in the Index of Industrial Production (IIP) stood at
4.55% in May 2019, and at 6.53% in July of last year. Within the index, growth
in the manufacturing sector slowed to 1.17% in June 2019 from 4.46% in the
previous month. Growth in the mining sector also slowed to 1.62% from 2.42% over
the same period.
“This confirms ongoing slowdown focussed in the industrial
sector and also in the capital goods sector,” said D.K. Srivastava, chief policy
adviser, EY India.
“Capital goods contraction shows the existence of unutilised
capacity. New investments are not happening. The relatively serious news is the
fall in consumer durables which reflects a broad-based consumption slowdown.”
The capital goods sector contracted by 6.48% in June, compared
with a contraction of 1.41% in the previous month. The consumer durables sector
also contracted in June by 5.5%, compared with a growth of 0.3% in May 2019.
Construction also slipped in June, contracting 1.83% compared
with a growth of 1.78% in May. Electricity was the only one out of the major IIP
groups that saw an acceleration in growth, at 8.19% in June compared with 7.41%
“This looks like a trend that will continue until the end of the
monsoon because the government’s capital expenditure was stalled first because
of elections and then the rains,” he added.
The government could risk missing its record Rs. 1.05 lakh
crore divestment target that has been set for the current financial year as
foreign portfolio investors (FPIs) could stay away from such share sales if
the ongoing tax concerns are not resolved soon, according to capital market
The participants, who met Finance Minister NirmalaSitharaman on
Friday, also urged her to address the liquidity concerns of non-banking finance
companies (NBFCs) — especially those focussed on consumer spending — before the
festive season begins, to spur overall consumption growth in the country.
According to persons familiar with the deliberations, the
government has taken the suggestions ‘positively’ and has hinted that it would
take all possible steps to revive overseas investor interest in the Indian
In the Union Budget 2019-20, the Finance Minister introduced a
surcharge for individuals earning more than Rs. 2 crore. However, FPIs became
the collateral damage of the proposal as bulk of such investors structure
themselves as trusts or a Limited Liability Partnership (LLP) that are not
recognised as a corporate entity by the Income Tax Act and hence are taxed as
per the individual tax slabs based on their earnings.
FPIs, often looked upon as prime drivers of any bull run in
the Indian stock market, ended July as net sellers at Rs. 12,419 crore. This
was the first time since January 2019 when foreign investors ended a month
as net sellers.
In the wake of an unprecedented flood-like situation and
record rainfall this season, the State government will constitute a task
force comprising local and global experts to study impact of climate change
The task force will study measures taken against flooding and
unplanned reclamation in cities such as Venice, Geneva and London, and
coordinate with the European Climate Change Programme of the European Union to
prepare a blueprint. The task force will be set up by the environment department
in coordination with Mumbai First, a not-for-profit, policy-influencing think
tank, officials said.
NarinderNayar, chairman, Mumbai First, said the proposal for the
task force has been sent to the government while only the last-minute modalities
The task force will also study patterns of climate change and
steps taken by leading countries such as the Netherlands, which has taken a lead
in flood management and measures against climate change.