Question

Q22. Consider the following statements
1. The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for overseeing insolvency proceedings
2. The Insolvency and Bankruptcy Board of India also oversees entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India)
3. IBBI handles the cases using two tribunals like NCLT (National company law tribunal) and Debt recovery tribunal.
Identify the correct statements from the options given below

• A. a) 1 and 2
• B. b) 2 and 3
• C. c) 1 and 3
• D. d) 1, 2 and 3

Answer 1

The correct option is D d) 1, 2 and 3

1. The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India) It was established on 1 October 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016.It covers Individuals, Companies, Limited Liability Partnerships and Partnership firms. The new code will speed up the resolution process for stressed assets in the country. It attempts to simplify the process of insolvency and bankruptcy proceedings.
2. It handles the cases using two tribunals like NCLT (National company law tribunal) and Debt recovery tribunal.