New 55% Off on All Courses - Enroll Now! Click Here

    Question

    The Insolvency and Bankruptcy Code, 2016 does not apply

    to________________
    A LLP Correct Answer Incorrect Answer
    B Individuals Correct Answer Incorrect Answer
    C Depositories Correct Answer Incorrect Answer
    D Partnership Firms or proprietorship firms Correct Answer Incorrect Answer
    E Companies incorporated under Companies Act Correct Answer Incorrect Answer

    Solution

    IBC Section 2-Application- The provisions of this Code shall apply to- (a) any company incorporated under the Companies Act, 2013 or under any previous company law; (b) any other company governed by any special Act for the time being in force, except in so far as the said provisions are inconsistent with the provisions of such special Act; (c) any Limited Liability Partnership incorporated under the Limited Liability Partnership Act, 2008; (d) such other body incorporated under any law for the time being in force, as the Central Government may, by notification, specify in this behalf; (e) Personal guarantors to corporate debtors; (f) partnership firms or proprietorship firms; and (g) individuals, other than persons referred to in clause (e), in relation to their insolvency, liquidation, voluntary liquidation or bankruptcy, as the case may be

    Practice Next