![Climate change shaping business solvency in India](https://cdn.magzter.com/1651053503/1719088943/articles/LLwyKi_8v1719090312447/CLIMATE-CHANGE-SHAPING-BUSINESS-SOLVENCY-IN-INDIA.jpg)
The revolutionary, Insolvency and Bankruptcy Code,2016 which put creditors in the driving seat, sprinted India's rank in the World Bank Group's Ease of Doing Business Index from 136 to 52 in terms of resolving insolvency. In 2021, BEE or Business Enabling Environment, an approach used by the World Bank to measure the business and investment climate worldwide replaced the EoDB index. BEE details how environmental obligations affect Insolvency Resolution, putting in focus the debtor's ability to fulfill environmental liabilities.
Consider the case of Pacific Gas and Electric Company (PG&E) in California, USA.
After being held accountable for the 2018 wildfires, which claimed 86 lives and destroyed thousands of homes, PG&E faced an onslaught of over 750 lawsuits demanding $30 billion. The crisis forced the energy giant into bankruptcy in 2019.
It emerged with a restructured board and substantial compensation of $5.4 billion in cash along with 22.19% stock into a trust for victims of wildfires. This showcases how environmental liabilities can push corporate giants to the brink of bankruptcy.
In India, the aftermath of the Bhopal Gas Tragedy led to the enactment of the Public Liability Insurance Act of 1991, requiring companies dealing with hazardous chemicals to carry compulsory insurance. This created an alternative forum for victims to claim compensation.
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India's Data Being Exploited By Global Giants, Says Ola's Bhavish Aggarwal
In âtechno-colonialismâ data is exported to global centers, processed, and then repurposed and sold back to India.
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China Grapples With Economic Headwinds Due To Aging Population
Chinaâs shrinking population poses significant challenges for its economy, including a reduced labor force and pressure on fiscal policy.
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DELHI RECORDS YEAR'S LOWEST AQI
The AQI was recorded in the satisfactoryâ category with a reading of 56 at 6 pm
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Air India welcomes first narrow body aircraft in Delhi
Tata Group-owned Air India welcomed its first narrow-body aircraft in new livery.
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73% Indians read ingredient lists and nutritional value of snacks, says Report
As many as 73 per cent Indians prefer to read ingredient lists and nutritional value before purchasing any snack, reveals a new survey, highlighting the majority of Indiansâ growing inclination towards healthy snacking.
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Govt to construct 4.5 km long drain between Najafgarh, Mundka Haat
The Delhi government will construct a 4.5 km long drain between Najafgarh Supplementary Drain and Mundka Haat Railway Station to solve the waterlogging problem in Kirari, an official statement said.
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HC to hear Kejriwal's Tihar plea today
The trial court noted that counsel for the applicant, Kejriwal, also submitted during arguments that, after filing this application, the applicant has been arrested in one more case by CBI.
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COURT IN MERCEDES HIT-AND-RUN CASE TAUGHT A LESSON TO THE RICH BOY: THE FATHER WHO GAVE MERCEDES TO A MINOR WAS FINED SO HEAVILY BY THE COURT THAT HIS GENERATIONS WILL REMEMBER IT
The MACT court judge Dr. Pankaj Sharma made it clear in the Civil Lines Mercedes hit and run case of Delhi that the father cannot escape his responsibility just by saying that he was unaware of the act of his son.
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NYKAA EXPECTS REVENUE TO RISE 22-23% IN APR-JUN QUARTER
The company, however, flagged the soft demand environment in the Indian fashion industry
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7 PROPOSALS ON TABLE FOR SEBI EXPERT GROUP TO TAME F&O FRENZY
Proposals included rationalisation or limiting weekly options, rationalisation of strike prices of the underlying assets and removal of calendar spread