Delhi government’s electric vehicle policy
The Delhi government August 7, 2020, notified the new Electric Vehicle Policy under which it aims to make a quarter of all new vehicle registrations battery-operated by 2024.
- The proposed 25 per cent transformation of Delhi’s new vehicle market could catalyse electric vehicle production and bring more product diversity, said CSE experts.
- According to the VAHAN database of the Ministry of Road Transport and Highways, electric vehicles comprised only 3.2 per cent of the new vehicles registered in Delhi in 2019-20.
- The intervention is critical to cushion the impact of the COVID-19 lockdown on the overall vehicle market, especially the electric vehicle market, said experts.
- While the overall vehicle sales nosedived during the lockdown period, that of electric vehicles plummeted even lower, according to CSE’s analysis of the VAHAN database.
- The electric vehicle registration dropped by 93.4 per cent between March and April 2020.
Some key highlights of the policy are:
- A purchase incentive of Rs 5,000 per kilowatt / hour of battery capacity (advanced battery), maximum incentive of Rs 30,000 per vehicle for two-wheelers.
- A purchase incentive of Rs 30,000 per vehicle (advanced battery) for e-autos.
- A purchase incentive of Rs 30,000 per vehicle for purchase of one e-rickshaw and e-cart. Additionally, interest subsidy of 5 per cent on loans on vehicles with advanced battery.
- Conversion of 50 per cent of all new stage carriage buses (all public transport vehicles with 15 seats or more) by 2022.
- A purchase incentive of Rs 10,000 per kilowatt / hour of battery capacity (advanced battery), and maximum incentive of Rs 150,000 per vehicle to the first 1,000 e-four wheelers.
- Complete removal of road tax and registration fee for all battery electric vehicles.
Insolvency and Bankruptcy Code
The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020.
What is the amendment?
- The Insolvency and Bankruptcy Code, 2016 (Code) envisages appointment of an authorised representative (AR) by the Adjudicating Authority to represent financial creditors in a class, like allottees under a real estate project, in the committee of creditors.
- For this purpose, the Regulations require the interim resolution professional to offer a choice of three Insolvency Professionals (IP) in the public announcement, and the creditors in a class to choose one of them to act as their authorised representative.
- The amendment made to the Regulations provide that the three IPs offered by the interim resolution professional must be from the State or Union Territory, which has the highest number of creditors in the class as per records of the corporate debtor. This will facilitate ease of coordination and communication between the AR and the creditors in the class he represents.
- The amendment made to the Regulations provide that after evaluation of all compliant resolution plans as per evaluation matrix, the committee of creditors shall vote on all compliant resolution plans simultaneously. The resolution plan, which receives the highest votes, but not less than sixty-six percent of voting share, shall be considered as approved.
About ‘Insolvency and Bankruptcy Code of India’
- The IBC 2016 applies to companies and individuals. It provides for a time-bound process to resolve insolvency.
- When a default in repayment occurs, creditors gain control over debtor’s assets and must take decisions to resolve insolvency within a 180-day period.
- To ensure an uninterrupted resolution process, the Code also provides immunity to debtors from resolution claims of creditors during this period.
- The Code also consolidates provisions of the current legislative framework to form a common forum for debtors and creditors of all classes to resolve insolvency.
- National Company Law Tribunal (NCLT) – The adjudicating authority (AA), has jurisdiction over companies, other limited liability entities.
- Debt Recovery Tribunal (DRT) has jurisdiction over individuals and partnership firms other than Limited Liability Partnerships.
- The Insolvency and Bankruptcy Board of India (IBBI) – It is the apex body for promoting transparency & governance in the administration of the IBC; will be involved in setting up the infrastructure and accrediting IPs (Insolvency Professionals (IPs) & IUs (Information Utilities). It has 10 members from Ministry of Finance, Law, and RBI.