What Happened On This Day – 16 October 1986 First Person to Scale all Eight-Thousanders Italian Mountaineer, Reinhold Messner, scaled the Lhotse, in Nepal. It is the world’s 4th tallest peak, and it is one of the 14 eight-thousanders – mountains that are more than 8000 meters above sea level. 1978 First Non-Italian to Win the Papacy since 1523 Karol Józef Wojtyła, the Archbishop of Kraków, won the papal elections that were held after his predecessor Pope John Paul I died after only 33 days in office. As Pope, Wojtyła took on the name of John Paul II. He was the second-longest serving pope in modern history, after Pope Pius IX, who was in office for over 31 years. 1964 First Chinese Nuclear Test Codenamed Chic-1 or 596, the 22 kiloton uranium fission device was dropped at Lop Nur. With this test, China became the fifth nuclear power state in the World. The other four are the United States, Russia, the United Kingdom, and France. Israel is thought to have nuclear weapons, h...
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Unto the breach
The Insolvency and Bankruptcy Code (IBC), which was enacted in May 2016, is a critical link in a chain of steps initiated since 1991 to transition India to a market economy. The first set of reforms lowered entry barriers and thereby expanded sectors such as aviation. The early reforms however didn’t provide for exit options. This led to enormous misallocation of resources and lost opportunities as zombie firms took up scarce resources. IBC is the best possible solution. On Wednesday, the Cabinet approved eight amendments to IBC aiming to safeguard the Code’s underlying spirit. A key aim of the Code is to induce behavioural change, particularly among promoters. Continued ownership following default of debt obligations is no longer guaranteed. One consequence of this aim is a spate of litigations. Insolvency likely has the single largest body of case laws. Some judicial interpretations seem to create doubt rather than clarify. In others, interpretation appears to ...

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