Current Affairs 16-DEC-2023 (The Hindu)

National Company Law Appellate Tribunal (NCLAT)

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NCLAT

• Established in 2016 as a statutory body under the Companies Act, 2013.
• Purpose: Hears appeals against the orders of the National Company Law Tribunal (NCLT).
• Function: An Appellate Tribunal is a special tribunal to reconsider decisions made by another court or tribunal.

National Company Law Tribunal (NCLT)

• Established in 2016 as a statutory body under the Companies Act, 2013.
• Purpose:
  • Deals with corporate disputes of civil nature.
  • Adjudicates cases related to insolvency and liquidation of corporate companies under the Insolvency and Bankruptcy Code, 2016.

Other Functions of the NCLAT

• Serves as an Appellate Tribunal under the Competition Act, 2002.
• Hears and disposes of appeals against decisions passed by the Competition Commission of India.
• Hears and disposes of appeals against orders of the National Financial Reporting Authority (NFRA).

Appeal Process

Appeal against the orders of the NCLAT can be filed in the Supreme Court within 60 days.

Composition and Appointment

• Composition: Consists of a chairperson and Judicial & Technical Members.
• Appointment:
  • Chairperson & Judicial members are appointed by the government after consultation with the Chief Justice of India (CJI).
  • Technical members are appointed based on the recommendation of a Selection Committee.

NCLAT

Selection Committee

• Consists of the CJI or the nominee of the CJI, a senior Judge of the Supreme Court or Chief Justice of a High Court, Secretary to the Ministry of Corporate Affairs, and Secretary to the Ministry of Law and Justice.

Qualification

• Chairperson: Must be a former or current Judge of the Supreme Court or the Chief Justice of a High Court.
• Technical members: Must possess special knowledge in industrial finance, industrial management, industrial reconstruction, investment, and accountancy, along with a professional experience of not less than 25 years.

Practice Question – Prelims

Consider the following statements regarding National Company Law Appellate Tribunal (NCLAT):

1. It is a statutory body established under the Companies Act, 2013.

2. It hears and disposes of the appeals against the orders passed by the Competition Commission of India.

Which of the statements given above is/are correct?

a) 1 only

b) 2 only

c) Both 1 and 2

d) Neither 1 nor 2

India-Oman Relationship

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India-Oman Relationship

• 1955: Establishment of formal diplomatic relations.
• 2008: Relationship upgraded to Strategic partnership.
• Oman: An absolute monarchical country led by a Sultan.
• 7 lakh Indians residing in Oman, fostering closer people-to-people ties.
• Oman is an integral part of Gulf Cooperation Council, the Organisation of Islamic Cooperation, and the Arab League, making its relation vitally important to India.

Location of Oman

Economic and Trade Relations

• FY 2022-23: Bilateral trade around 12 billion USD.
• India's major exports to Oman: Textiles, chemicals, iron and steel, tea, coffee, spices, rice, and meat products.
• India's major imports from Oman: Urea, LNG, polypropylene, lubricating oil, dates, and chromite ore.
• 2022: India became the 2nd largest market for Oman’s crude oil after China.
• 6,000 India-Oman joint ventures operating in Oman with 7.5 billion USD of investment.
• October 2022: India and Oman launched the Rupay debit card in Oman, a major boost to India’s initiative of promoting Digital Public Infrastructure (DPI) worldwide.
• Proposal for laying a 1,400 km long deep-sea pipeline from Oman to India for the transfer of gas.

Defence Relations

• Oman is the 1st Gulf country with which all the 3 wings of India’s defence forces hold joint exercises.
• Joint military exercise: Al Najah.
• Air force exercise: Eastern Bridge.
• Naval exercise: The Naseem Al Bahr.
• Indian naval ships stationed in the Gulf of Oman for anti-piracy operations since 2012.
• Cooperation in ensuring maritime security in the Indian Ocean region.
• June 2019: Indian Navy launched ‘Operation Sankalp’ during the Persian Gulf crisis to ensure the safe passage of Indian ships off the coast of Oman.

Practice Question – Prelims

Consider the following countries:

1. Saudi Arabia
2. United Arab Emirates
3. Qatar
4. Yemen
5. Bahrain

How many of the above countries share land borders with Oman?

(a) Only two

(b) Only three

(c) Only four

(d) All five

Coal

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Coal

• Definition: Black or brownish-black sedimentary rock.
• Composition: Primarily consists of carbon and hydrocarbon.
• Energy Source: Largest source of fuel and energy for generating electricity.
• Formation: Result of the conversion of dead vegetation into coal, making it a type of fossil fuel.

Types of Coal

1. Anthracite Coal

   • Quality: Best quality coal.
   • Carbon Content: 80 to 95%.
   • Other Name: Carboniferous coal.
   • Distribution: Found in the Jammu and Kashmir region.


2. Bituminous Coal

   • Carbon Content: 40 to 80%.
   • Other Name: Gondwana coal.
   • Significance: Constitutes 80% of coal deposits in India.
   • Distribution: Found in Jharkhand, West Bengal, Odisha, Chhattisgarh, and Madhya Pradesh.


3. Lignite

   • Grade: Low-grade coal with higher moisture content.
   • Carbon Content: 25 to 35%.
   • Other Name: Brown coal.
   • Distribution: Found in Assam, Arunachal Pradesh, Meghalaya, Nagaland, Tamil Nadu, Pondicherry, and Gujarat.


4. Peat Coal

   • Grade: Lowest grade coal with significant moisture and impurities.
   • Ash Production: Leaves a lot of ash when burned.
   • Distribution: Found in Nilgiri hills and the Jhelum valley in Jammu & Kashmir.

Practice Question – Prelims

Consider the following:

1. Carbon dioxide
2. Oxides of Nitrogen
3. Oxides of Sulphur

Which of the above are emitted from coal combustion at thermal power plants?

(a) 1 only

(b) 2 and 3 only

(c) 1 and 3 only

(d) 1, 2, and 3