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    Question

    Insolvency and Bankruptcy Code was implemented through

    an act of Parliament . It got Presidential assent in which year?
    A 2014 Correct Answer Incorrect Answer
    B 2016 Correct Answer Incorrect Answer
    C 2011 Correct Answer Incorrect Answer
    D 2012 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Insolvency and Bankruptcy Code 2016 was implemented through an act of Parliament . It got Presidential assent in May 2016. IBC applies to companies, partnerships and individuals. It provides for a time- -bound process to resolve insolvency. When a default in repayment occurs, creditors gain control over debtor’s assets and must take decisions to resolve insolvency. Under IBC debtor and creditor both can start 'recovery' proceedings against each other.

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