UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)
[WpProQuiz 746]
[WpProQuiz_toplist 746]
Search results for: “”
-
Learn the secret of scoring 125+ in Prelims by Sajal Sir || Free session || Registration Open ||Learn Over 10 different types of Question solving Techniques
Dear aspirants,
Even with a similar syllabus and similar study materials, most candidates fall in one of the following four categories when it comes to their Prelims score:
1) Prelims score 0-40: They need to work on improving their knowledge and learn answering tricks
2) Prelims score 50-70: They have decent knowledge and decent answering tricks.
3) Prelims score 80-100: They have good knowledge but they need to develop answering tricks.
4) Prelims score 120+: They have excellent knowledge and know all the answering tricks.So, what to do?
Clearing Prelims is all about Knowledge + Answering Tricks (Tikdams). And while you are studying hard to improve your knowledge, Sajal sir will help you improve your answering techniques, for absolutely FREE!Let’s look at a few examples. Sajal sir will explain how you can answer these questions with smart techniques, even if you DON’T know the answer.
A) With reference to ‘fuel cells’ in which hydrogen-rich fuel and oxygen are used to generate electricity, consider the following statements :(UPSC 2016)
- If pure hydrogen is used as a fuel, the fuel cell emits heat and water as by-products.
- Fuel cells can be used for powering buildings and not for small devices like laptop computers.
- Fuel cells produce electricity in the form of Alternating Current (AC).
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
B) In India, under cyber insurances for individuals, which of the following benefits are generally covered, in addition to payment for the loss of funds and other benefits? (UPSC 2020)
1. Cost of restoration of the computer system in case of malware disrupting access to one’s computer.
2. Cost of a new computer if some miscreant willfully damages it, if proved so.
3. Cost of hiring a specialized consultant to minimize the loss in case of cyber extortion.
4. Cost of defense in the court of law if any third party files a suit.
Select the correct answer using the code given below:
(a) 1, 2, and 4 only
(b) 1,3 and 4 only
(c) 2 and 3 only
You can solve these questions with the help of techniques that Sajal sir will teach you in the webinar.
This is your opportunity to learn the tricks that can help you score 120+ in your Prelims. Join Sajal sir for a free webinar and this is what you can learn:
1. 10 Different types of elimination/intelligent guess techniques like (hard to verify facts, For this and NOT for this) through Solving Previous year UPSC questions.
2. How to master the Elimination techniques, used by toppers.
3. Ideal strategy for the Last 50 days for UPSC prelims 2021.
4. How to prepare for 2022 Prelims.
5. Which Topics to focus more upon while preparing for UPSC prelims (eg: Map should be given utmost importance while studying geography for prelims)
6.Open Q&A with Sajal sir
7.The art of Tikdam booklet by Dr V (Rank 20)
We are inviting all the serious aspirants to grab this FREE opportunity to learn the tricks that toppers use to score more than everyone else.
There are limited slots available so we request you to enroll now!
Date: 22/8/2021
Time: 7:00 P.M.
-
Streak Daily | Videos & Questions | Aug 19, 2021
Maintaining consistency is one of the biggest issues faced by IAS Aspirants. Streak’s initiative is to help Aspirants in their day-to-day preparation. You can follow the monthly, weekly, and daily timetables and continue this streak until you find yourself on the final list.
Please register for Streak free initiative through this link:- https://www.civilsdaily.com/course/streak-daily-initiative/
You will get following study material:-
- Questions (PDF).
- RSTV/Yojana monthly notes (PDF).
- Burning issue (PDF).
- Subject specific (PDF).
- Mentor’s phone call for support & encouragement.
UPSC PRELIMS-2021: Economy Current Affairs Most Probable Questions
UPSC PRELIMS-2021: Most Probable Questions for UPSC Prelims 2021
Daily Dose: A Complete Snapshot of Everyday News
-
Emergency award
Context
The judgment delivered by the Supreme Court in the legal tussle between Amazon and the Future Group has laid the foundation for recognition and enforcement of emergency awards under the Indian arbitration law.
What is an emergency award?
- It is an award rendered by an emergency arbitrator, appointed prior to the formal constitution of an arbitral tribunal by an arbitral institution.
- It is a recent mechanism introduced by arbitral institutions to encourage parties to seek urgent interim relief from an arbitral institution rather than from a court.
- Many leading arbitral institutions such as SIAC, ICC, and LCIA have provisions for the appointment of an emergency arbitrator.
- As far as India is concerned, the 246th Law Commission Report had recommended an amendment in the Arbitration and Conciliation Act, 1996 (‘Indian Arbitration Act’) to grant statutory recognition to an emergency award.
- Some of the indigenous arbitral institutions though, such as the Delhi International Arbitration Centre, have made provisions for emergency arbitration.
What is the tussle between Amazon and Future Group about?
- In August 2020, Biyani Group and the Reliance Industries Group decided to amalgamate Future Retail Ltd. (FRL) with Reliance Industries and complete disposal of its retail assets in favor of the Group.
- However, prior to the said transaction, Amazon had invested an amount of Rs 1,431 crores in Future Coupons Pvt. Ltd. (FCPL) based on rights granted to FCPL with regard to FRL.
- So, Amazon initiated arbitration against the Biyani Group, including FRL, under Singapore International Arbitration Centre (SIAC) Rules.
- Amazon made an application seeking urgent interim reliefs under SIAC rules and the appointment of an emergency arbitrator.
- The emergency arbitrator appointed, made an award in favor of Amazon in October 2020, restricting the Biyani Group from proceeding ahead with the disputed transaction.
- However, the Biyani Group proceeded with the disputed transaction, construing the emergency award as a nullity.
Issue of enforcement of the emergency award in India
- Amazon filed an application before the Delhi High Court for enforcement of the award.
- The court had the task of answering two novel legal questions —
- 1) Whether the emergency award is an interim order under section 17(1) of the Indian Arbitration Act,
- 2) Whether it can be enforced under section 17(2).
- The Delhi High Court gave judgment in March 2021 against the Biyani Group.
- The case eventually reached the Supreme Court.
- Party autonomy: The Supreme Court judgment emphasized party autonomy in arbitration, which includes the right of the parties to choose institutional rules as the governing rules of arbitration.
- Once chosen, the parties are bound by such rules.
- The Supreme Court also held that the Indian Arbitration Act does not prohibit the parties from agreeing to a provision providing for an emergency arbitrator.
- The Supreme Court also held that the term “during the arbitral proceedings” is wide enough to encompass emergency arbitration proceedings.
- The Court ultimately held the emergency award to be an interim order under section 17(1) of the Indian Arbitration Act and enforceable under section 17(2).
Significance of the judgment for arbitration in India
- This judgment has contributed to the development of Indian arbitration law.
- In the broader scheme of things, it is a victory for Indian arbitration and a sigh of relief for arbitral institutions.
Conclusion
The judgment is a reaffirmation of the fact that India is gradually stepping towards being an “arbitration-friendly” jurisdiction.
UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)
-
Important Acts: Pre-Independence of India
19th Aug, 2021
Regulating Act of 1773
- The first step was taken by the British Parliament to control and regulate the affairs of the East India Company in India.
- It designated the Governor of Bengal (Fort William) as the Governor-General (of Bengal).
- Warren Hastings became the first Governor-General of Bengal.
- Executive Council of the Governor-General was established (Four members). There was no separate legislative council.
- It subordinated the Governors of Bombay and Madras to the Governor-General of Bengal.
- The Supreme Court was established at Fort William (Calcutta) as the Apex Court in 1774.
- It prohibited servants of the company from engaging in any private trade or accepting bribes from the natives.
- Court of Directors (the governing body of the company) should report its revenue.
Pitt’s India Act of 1784
- Distinguished between commercial and political functions of the company.
- Court of Directors for Commercial functions and Board of Control for political affairs.
- Reduced the strength of the Governor General’s council to three members.
- Placed the Indian affairs under the direct control of the British Government.
- The companies’ territories in India were called “the British possession in India”.
- Governor’s councils were established in Madras and Bombay.
Charter Act of 1813
- The Company’s monopoly over Indian trade terminated; Trade with India open to all British subjects.
Charter Act of 1833
- Governor-General (of Bengal) became the Governor-General of India.
- First Governor-General of India was Lord William Bentick.
- This was the final step towards centralization in British India.
- Beginning of a Central legislature for India as the act also took away legislative powers of Bombay and Madras provinces.
- The Act ended the activities of the East India Company as a commercial body and it became a purely administrative body.
Charter Act of 1853
- The legislative and executive functions of the Governor-General’s Council were separated.
- 6 members in Central legislative council. Four out of six members were appointed by the provisional governments of Madras, Bombay, Bengal and Agra.
- It introduced a system of open competition as the basis for the recruitment of civil servants of the Company (Indian Civil Service opened for all).
Government of India Act of 1858
- The rule of Company was replaced by the rule of the Crown in India.
- The powers of the British Crown were to be exercised by the Secretary of State for India
- He was assisted by the Council of India, having 15 members
- He was vested with complete authority and control over the Indian administration through the Viceroy as his agent
- The Governor-General was made the Viceroy of India.
- Lord Canning was the first Viceroy of India.
- Abolished Board of Control and Court of Directors.
Indian Councils Act of 1861
- It introduced for the first time Indian representation in the institutions like Viceroy’s executive+legislative council (non-official). 3 Indians entered the Legislative council.
- Legislative councils were established in Center and provinces.
- It provided that the Viceroy’s Executive Council should have some Indians as the non-official members while transacting the legislative businesses.
- It accorded statutory recognition to the portfolio system.
- Initiated the process of decentralisation by restoring the legislative powers to the Bombay and the Madras Provinces.
India Council Act of 1892
- Introduced indirect elections (nomination).
- Enlarged the size of the legislative councils.
- Enlarged the functions of the Legislative Councils and gave them the power of discussing the Budget and addressing questions to the Executive.
Indian Councils Act of 1909
- This Act is also known as the Morley- Minto Reforms.
- Direct elections to legislative councils; first attempt at introducing a representative and popular element.
- It changed the name of the Central Legislative Council to the Imperial Legislative Council.
- The member of the Central Legislative Council was increased to 60 from 16.
- Introduced a system of communal representation for Muslims by accepting the concept of ‘separate electorate’.
- Indians for the first time in Viceroys executive council. (Satyendra Prasanna Sinha, as the law member)
Government of India Act of 1919
- This Act is also known as the Montague-Chelmsford Reforms.
- The Central subjects were demarcated and separated from those of the Provincial subjects.
- The scheme of dual governance, ‘Dyarchy’, was introduced in the Provincial subjects.
- Under the dyarchy system, the provincial subjects were divided into two parts – transferred and reserved. On reserved subjects, Governor was not responsible to the Legislative council.
- The Act introduced, for the first time, bicameralism at the center.
- Legislative Assembly with 140 members and Legislative council with 60 members.
- Direct elections.
- The Act also required that the three of the six members of the Viceroy’s Executive Council (other than Commander-in-Chief) were to be Indians.
- Provided for the establishment of the Public Service Commission.
Government of India Act of 1935
- The Act provided for the establishment of an All-India Federation consisting of the Provinces and the Princely States as units, though the envisaged federation never came into being.
- Three Lists: The Act divided the powers between the Centre and the units into items of three lists, namely the Federal List, the Provincial List and the Concurrent List.
- The Federal List for the Centre consisted of 59 items, the Provincial List for the provinces consisted of 54 items and the Concurrent List for both consisted of 36 items
- The residuary powers were vested with the Governor-General.
- The Act abolished the Dyarchy in the Provinces and introduced ‘Provincial Autonomy’.
- It provided for the adoption of Dyarchy at the Centre.
- Introduced bicameralism in 6 out of 11 Provinces.
- These six Provinces were Assam, Bengal, Bombay, Bihar, Madras and the United Province.
- Provided for the establishment of Federal Court.
- Abolished the Council of India.
Indian Independence Act of 1947
- It declared India as an Independent and Sovereign State.
- Established responsible Governments at both the Centre and the Provinces.
- Designated the Viceroy India and the provincial Governors as the Constitutional (normal heads).
- It assigned dual functions (Constituent and Legislative) to the Constituent Assembly and declared this dominion legislature as a sovereign body.
UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)
Samanvaya: Free 1-to-1 mentorship for UPSC IAS
Fill up this form to schedule a free on-call discussion with senior mentor from Civilsdaily. Once submitted we will call you within 24 hours.
Civilsdaily Samanvaya 1-On-1 Mentorship Form
-
Last 5 Hrs Left || Avail Guaranteed 15 % Scholarship on all CivilsDaily IAS courses till 19th August: CivilsDaily IAS celebrating 75th Independence Week || Registration Open (UAP/Foundation 2022 New Batch Starting August 21st)
Dear Aspirants,
While we cheer and celebrate our 75th independence day, we cannot lose focus on what’s coming next! Yes, the dates for the UPSC exam 2022 are out and we have less than 10 months or 300 days to prepare.
But do not worry, we are here to help!
Becoming an IAS officer is your personal tryst with destiny and we want to make sure that your dreams do come true. And in the spirit of Independence Day, you can access all of our resources at a discount of 15%.
You can have your own dedicated mentor to guide you through the entire process of the exam, you can access our exclusive videos, and any course that you buy is now available with a 15% discount IF YOU REGISTER NOW!
The discount is valid until 19th August if you register now, and you can start preparing for IAS 2022 in the right spirit!
Don’t wait, the clock has already started ticking!
Courses on which you can avail
th e Discount:1.UAP/Foundation 2022
2.Samachar Manthan 2022 (New Batch starting from 21st August)
3.
60 day Prelims Plan (2021)4.MEP 2022 Super 50 under Birendra Sir
5.Prelims TS 2022 (with Mentorship)
-
Economic Gamified with Amoghavarsha| Play the game, Cover the Syllabus and Win A Book! | Free session at 5:30 pm (Link inside)
IAS Prelims syllabus completion (FREE) on Chat with Amoghavarsha sir. Join the challenge and crack Prelims. Session starts at 5:30 pm
Dear Aspirants,
It’s the final stages for Prelims and it’s time to step up your game! And if you step up your game you not only WIN a book for free, you also WIN at Prelims! A complete win-win situation with nothing to lose!
- Complete Economics covered
- Complete revision for Prelims 2021
- Answer techniques to improve your accuracy
- Win a book!
- Receive the most expected questions for Prelims 2021
All of this for absolutely FREE!
-
Getting the perfect haircut from the IBC
Understanding the role of IBC 2016
- For reasons sometimes a company may experience stress, that is, is unable to repay the debt in time — implying that it has assets less than claims against it.
- So, when a company has inadequate assets, the claim of an individual creditor may be consistent with its assets while claims of all creditors put together may not.
- In such a situation, creditors may rush to recover their claims before others do, triggering a run on the company’s assets.
- The IBC provides for reorganisation that prevents a value-reducing run on the company.
- It aims to rescue the company if its business is viable or close it if its business is unviable, through a market process.
- Restructuring: The claims of creditors are restructured, which may be paid to them immediately or over time.
- In case of closure, the assets of the company are sold, and proceeds are distributed to creditors immediately as per the priority rule.
- Reorganisation by financial creditor: The IBC entrusts the responsibility of reorganisation to financial creditors as they have the capability and the willingness to restructure their claims.
Why so much variation in haircut?
- Where the company does not have adequate assets, realisation for financial creditors, through a rescue, may fall short of their claims known as haircut.
- The IBC process yields a zero haircut (100% recovery of claimed amount) in one case and 100 per cent haircut (i.e. 0% recovery) in another.
- Factors: It depends on several factors, including the nature of business, business cycles, market sentiments, and marketing effort.
- It critically depends on at what stage of stress, the company enters the IBC process.
- If the company has been sick for years, and its assets have depleted significantly, the IBC process may yield a huge haircut or even liquidation.
- A haircut is typically the total claims minus the amount of realisation/amount of the claims.
- But this formulation may not tell the complete story.
- The realisation often does not include the amount that would be realised from equity holding post-resolution, and through the reversal of avoidance transactions and the insolvency resolution of guarantors — personal and corporate.
- It also does not include realisations made in other accounts.
- The amount of claim often includes NPA, which may be completely written off, and the interest on such NPA.
- These understate the numerator and overstate the denominator, projecting a higher haircut.
Significance of IBC
- A haircut should be seen in relation to the assets available and not in relation to the claims of creditors.
- The market offers a value in relation to what a company brings on the table, not what it owes to creditors.
- Value maximisation: So, the IBC maximises the value of existing assets, not of assets that probably existed earlier.
- Market determined value: The IBC enables and facilitates market forces to resolve stress as a going concern.
- Resolution applicants, who have many options for investment, including in stressed companies, compete to offer the best value.
- If the best value offered by the market is not acceptable to creditors, the company is liquidated.
- Maximum realisation: In addition to rescuing the company, the IBC realises, of the available options for creditors, the highest in percentage terms.
Conclusion
It is a tool in the hands of stakeholders to be used at the right time, in the right case, in the right manner.
UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)
Back2Basics: Avoidable Transactions in IBC 2016
- The UNCITRAL Legislative Guide on Law of Insolvency defines avoidance proceedings as “provisions of the insolvency law that permit transactions for the transfer of assets or the undertaking of obligations prior to insolvency proceedings to be cancelled or otherwise rendered ineffective and any assets transferred, or their value, to be recovered in the collective interest of creditors.”
- It is very important for the Resolution Professional (RP) or the liquidator to identify such transaction and file applications to avoid it so that creditors can collect their claims.
- The Insolvency and Bankruptcy Code, 2016 (IBC) contains four types of avoidable transactions- preferential, undervalued, defrauding creditors and extortionate transactions.
- Usually, the avoidable transactions should be made within the prescribed relevant time or look back period.
- Look back period is the relevant time up to which an RP or a liquidator can go back to scrutinize an expected avoidable transaction.
-
Last 8 Hrs Left || Avail Guaranteed 15 % Scholarship on all CivilsDaily IAS courses till 19th August: CivilsDaily IAS celebrating 75th Independence Week || Registration Open (UAP/Foundation 2022 New Batch Starting August 21st)
Dear Aspirants,
While we cheer and celebrate our 75th independence day, we cannot lose focus on what’s coming next! Yes, the dates for the UPSC exam 2022 are out and we have less than 10 months or 300 days to prepare.
But do not worry, we are here to help!
Becoming an IAS officer is your personal tryst with destiny and we want to make sure that your dreams do come true. And in the spirit of Independence Day, you can access all of our resources at a discount of 15%.
You can have your own dedicated mentor to guide you through the entire process of the exam, you can access our exclusive videos, and any course that you buy is now available with a 15% discount IF YOU REGISTER NOW!
The discount is valid until 19th August if you register now, and you can start preparing for IAS 2022 in the right spirit!
Don’t wait, the clock has already started ticking!
Courses on which you can avail
th e Discount:1.UAP/Foundation 2022
2.Samachar Manthan 2022 (New Batch starting from 21st August)
3.
60 day Prelims Plan (2021)4.MEP 2022 Super 50 under Birendra Sir
5.Prelims TS 2022 (with Mentorship)