New Delhi, Aug 18 (IANS) The National Crisis Management Committee (NCMC) on Saturday reviewed the ongoing rescue and relief operations in the flood-affected areas of Kerala and sought proper coordination and distribution of the relief materials, as per a official statement.
Cabinet Secretary P.K. Sinha heads the committee, which met for the third time on Saturday in past three days, also issued direction for deployment of five more helicopters and decided to make the Naval airstrip in Kochi functional for commercial flights by August 20.
The meeting also reviewed various measures to restore power lines, petrol pumps, LPG, health facilities, and to provide necessary medicines, food and fodder with support from the Central ministries concerned.
"The Cabinet Secretary directed that there should be proper coordination and distribution of the relief materials which are being offered by various state governments and other agencies," it said.
The statement also said the committee "discussed in a video conference with the Chief Secretary of Kerala the current flood situation and deployment of rescue teams, motorboats, helicopters, life jackets, provision of food, water and medicines, and restoration of power, telecom and transport links wherever disrupted".
The government has already pressed into service 67 helicopters, 24 aircraft, 548 motorboats and thousands of rescue personnel from Navy, Army, Air Force, National Disaster Response Force (NDRF), Coast Guard and other central armed police forces (CAPF) for rescue operation and distribution of relief materials.
The Health Ministry has made ready "emergency medicines and medical teams for deployment" as soon as flood waters recede.
"More than 6,900 life jackets, 3,000 life buoys, 167 inflatable tower lights, 2,100 raincoats, 1,300 gumboots and 153 chain saws have been provided as per the request of the state government... Additional motorboats have also been put on standby for deployment," it said.
The Chief Secretary of Kerala told the committee that there was "some respite" from the rainfall and water level in the dam reservoirs was stabilized, said the statement, adding that the rainfall is expected to recede further barring in one or two districts, according to the India Meteorological Department (IMD) forecast.
It also said the Telecom Department has enabled intra-circle roaming which will enable subscribers of one service provider to access mobile towers of other service providers.
"All the operators have offered free data and SMS facility since yesterday (Friday). Mobile towers called 'Cellular on Wheels' are also being deployed to ensure that no block remains unconnected," it said.
As per the statement, various Central ministries have made available food, water and medicines which include 3,00,000 food packets, 6,00,000 tonnes of milk, 14,00,000 litres of drinking water and 150 potable water purification kits with capacity of 1,00,000 litre each.
Also, the Indian Railways informed that trains have been running to Thiruvananthapuram via Erode and Madurai, and it has offered to run a special food and medicine train from Thiruvananthapuram to Ernakulam to distribute food and medicines to all the stations on the way.
Mumbai, Aug 18 (IANS) Corporate Affairs Secretary Injeti Srinivas on Saturday said maximisation of asset-value of insolvent companies and being fair to lesser creditors are vital for the success of the Insolvency and Bankruptcy Code (IBC).
"For the IBC to achieve a path-breaking success, the maximization of the asset-value of the insolvent company and attaining a balance with regards to the interests of all creditors is vital," said Srinivas speaking on the IBC at a CII conference here.
On achievements of the Code, he stated that the insolvency cost in many cases under the insolvency resolution process is 1 per cent as against the 9 per cent under the now dissolved Board for Industrial and Financial Reconstruction (BIFR).
Srinivas pointed out that the haircut, or the loan losses, given to the creditors needed to be seen from the perspective of the enterprise value and not from the claimed value, which includes interest, penal interest and compounding interest.
Insolvency and Bankruptcy Board of India (IBBI) Chairman M.S. Sahoo said challenges are related to the haircut offered to the creditors and the fiduciary duty of financial creditors with regards to other stakeholders of the bankrupt company.
"The financial creditors have the right to decide the haircut but at the same time they should delimit the haircut for other creditors. The committee of creditors being a statutory body is at the position of being a trustee," Sahoo stated.
The Code is not only a mechanism of recovery for the creditors but also an opportunity to revive the insolvent company, Sahoo added.
CII President Designate Uday Kotak lauded the pro-active approach of the government and regulators with respect to making appropriate and timely changes to the Code.
Kotak said one of the most noteworthy achievements of the Code is the caution and discipline the system has infused while borrowing money from the market.
CII National Committee on Legal Services Chairman Shardul Shroff highlighted the challenge related to Information Utility that is weak due to the tough regime of privacy in India. It is leaving a gaping hole in the success of the Code, he said.
E-admission on template basis for insolvency cases should be allowed and National Company Law Tribunal (NCLT) should act as a one-stop shop for the submissions under the Code, Shroff added.