Insolvency and Bankruptcy Code deals with insolvency of corporates alone

True

No worries! We‘ve got your back. Try BYJU‘S free classes today!

False

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Open in App

Solution

The correct option is B False

Suggest Corrections

Similar questions

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?

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.

Q. Consider the following statements regarding the Insolvency and Bankruptcy Code (IBC):

Select the incorrect answer using the code given below:

1 only
2 only
Both 1 and 2
Neither 1 nor 2

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:

Q3. Which of the following are administered by the Ministry of Corporate Affairs (MCA)?

1. Companies Act, 2013

2. The Insolvency and Bankruptcy Code, 2016

3. India trade portal

4. The Bureau of Indian Standards Act, 2016

Select the correct answer using the code given below.

Join BYJU'S Learning Program