Date: 6/23/2017

  • Lenders led by SBI are set to initiate action under the Insolvency & Bankruptcy Code (IBC) against Bhushan Steel and Essar Steel, which will join companies such as Electrosteel, Monnet Ispat, Alok Industries and Jyoti Structures.
  • Sources said SBI will take the two companies with combined loans of Rs 85,000 crore to the joint lenders forum and formal action is expected to be initiated next month.
  • In case of the other companies, the country's largest bank plans to approach the National Company Law Tribunal (NCLT) by June 30.
  • Separately, Punjab National Bank is initiating action against Bhushan Power & Steel.
  • The two Bhushan Group companies with combined debt of over Rs 80,000 crore are seen as examples where the lenders were more than liberal in sanctioning loans and are among the most capital-intensive steel plants, at least in India.

  • Indian Space Research Organisation (Isro) once again displayed its mastery in launching multiple satellites in a single flight by placing 31 satellites in their orbits on 23 june. A Polar Satellite Launch Vehicle -- PSLV-C38 - placed earth observation satellite Cartosat-2s and 30 nano satellites, including 29 from 14 different countries, in their respective orbits.
  • PSLV-C38 blasted off from the first launch pad at Satish Dhawan Space Centre in Sriharikota at 9.29am. It was PSLV's the 40th flight.
  • Around 16 minutes after lift-off, the rocket placed its main payload -Cartosat-2 Series Satellite-- in orbit. The satellite is the sixth in the Cartosat-2 series.
  • As the rocket propelled further up the space, it ejected 30 other nano satellites. Twenty nine satellites belonged to 14 foreign countries -- Austria, Belgium, Chile, the Czech Republic, Finland, France, Germany, Italy, Japan, Latvia, Lithuania, Slovakia, the UK and the US.

  • India seeks to help improve security networks with countries in the Asean region, using strong bilateral relations and economic and physical integration with the member countries.
  • Delivering the keynote address at an event by Research and Information Systems (RIS) to celebrate 25 years of India-Asean relations, external affairs minister Sushma Swaraj said, "India has been working with Asean towards evolving regional security architecture in the Asia-Pacific that hinges on emphasising the peaceful settlement of disputes, finding collaborative solutions to emerging and non-traditional challenges, and support for the centrality of Asean.
  • India's remarks come at a time when China is rapidly establishing dominance over the South China Sea with barely any pushback from either the US or any other power.
  • The minister's remarks come days before Prime Minister Narendra Modi is to meet Donald Trump during which India hopes to get a better understanding of how the US approaches its "pivot" to Asia.
  • While India cannot match the economic heft China brings to the table, India is hoping to build collaborative security structures, extending its security cooperation to all Asean countries.

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