IBC is aimed at
1. Resolving insolvency in a time bound manner
2. NCLT and DRT are responsible for resolution of insolvency of individuals and companies respectively

1 only

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2 only

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Both 1 and 2

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None of the above

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Solution

The correct option is A 1 only
The government amended the Insolvency and Bankruptcy Code in an attempt to speed up the corporate insolvency resolution process by setting a limit of 330 days, including the time taken for litigation. NCLT and DRT are responsible for resolution of insolvency of companies and individuals respectively.

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Similar questions

Q10. Consider the following statements regarding the Insolvency and Bankruptcy Code, 2016.

i. The Code outlines separate insolvency resolution processes for individuals, companies and partnership firms.

ii. The process has to be initiated by the debtor only.

iii. Insolvency and Bankruptcy Board of India was established to oversee the insolvency proceedings in the country and regulate the entities registered under it.

Q3. Consider the following statements about Insolvency and Bankruptcy Code 2016:

1. The Code highlights insolvency processes for individuals, companies and partnership firms.

2. Under IBC debtor and creditor both can start ‘recovery’ proceedings against each other.

Select the correct answer using the codes given:

Q.  deals with the resolution of Insolvency of Individuals and Partnerships.

Q. Consider the following statements about the insolvency and Bankruptcy Code

2016

1

. The adjudicating authority of the IBC code is RBI.

2

. IBC code is applicable only to public sector banks.

3

. IBC code gives power to the RBI to begin insolvency proceedings against defaulters.
Which of the given statement(s) is/are correct?

Q. 39. Consider the following statements about Insolvency and Bankruptcy Board of India (IBBI):
1. It functions under Ministry of Finance.
2. It was given statutory powers through the Insolvency and Bankruptcy Code.
3. Insolvency and Bankruptcy Code does not cover individuals.
Which of the above statement(s) is/are incorrect?

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IBC is aimed at 1. Resolving insolvency in a time bound manner 2. NCLT and DRT are responsible for resolution of insolvency of individuals and companies respectively

IBC is aimed at
1. Resolving insolvency in a time bound manner
2. NCLT and DRT are responsible for resolution of insolvency of individuals and companies respectively