___ is a legal status which is usually imposed by a Court on an individual or a firm that is unable to meet debt obligations.

Insolvency

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

Corruption

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

Bankruptcy

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

Non-Performing

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

None of these

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

Open in App

Solution

The correct option is C
Bankruptcy

Bankruptcy is a legal status which is usually imposed by a Court on an individual or a firm that is unable to meet debt obligations.

Suggest Corrections

Similar questions

Q. Which of the following has been appointed as an adjudicating authority for individual and partnership firms under Insolvency and Bankruptcy Code, 2016

Q12. Consider the following statements about Liquidity Crisis:

1. This refers to a situation where an individual, a business or a government is unable to gather enough cash to meet its payment obligations to lenders.

2. A liquidity crisis is similar to a solvency crisis.

Which of the above statements are correct?

A firm is unable to pay debts when ___________

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. On the insolvency of one or more partners of a firm, the loss is borne by:

Join BYJU'S Learning Program

___ is a legal status which is usually imposed by a Court on an individual or a firm that is unable to meet debt obligations.

The correct option is C Bankruptcy Bankruptcy is a legal status which is usually imposed by a Court on an individual or a firm that is unable to meet debt obligations.

The correct option is C
Bankruptcy

Bankruptcy is a legal status which is usually imposed by a Court on an individual or a firm that is unable to meet debt obligations.