Lok Sabha Passes Insolvency And Bankruptcy Code Amendment Bill

  • The Lok Sabha passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2017, which disqualifies wilful defaulters and existing promoters from bidding for stressed assets of companies undergoing insolvency proceedings.
  • The high levels of NPA at present are due to window dressing and due to evergreening of loans. 
  • This situation has arisen because loans were restructured and not classified as NPAs. 
  • The problems were shoved under the carpet and these came to light because of the asset quality review initiated by RBI in 2015. 
  • Importantly, the bill replaces an ordinance that was brought in last month seeking to bar wilful defaulters, defaulters whose dues had been classified as non-performing assets (NPAs) for more than a year and all related entities of these firms from participating in the resolution process.

China Launches World's Largest Human Genome Research Project

  • The world's largest human genome research project of 100,000 people was launched by China to document their genetic makeup for a study that aims to help generate the precision medicines of the future. 
  • It is the country's first large project detecting the genetic links between health and sickness and will involve 100,000 people from different ethnic backgrounds and regions.
  • The project includes four stages - collecting, sequencing gene samples, gathering the data and sharing the findings.

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