Current Affairs Exam  >  Current Affairs Questions  >  With reference to the Indian Bankruptcy and I... Start Learning for Free
With reference to the Indian Bankruptcy and Insolvency Code (IBC), consider the following statements:
1. The Supreme Court upheld a government move to allow lenders to initiate insolvency proceedings against personal guarantors.
2. Section 60(2) of the Code had required the bankruptcy proceedings of corporate debtors and their personal guarantors to be held before a common forum.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
With reference to the Indian Bankruptcy and Insolvency Code (IBC), con...
The Supreme Court upheld a government move to allow lenders to initiate insolvency proceedings against personal guarantors, who are usually promoters of big business houses, along with the stressed corporate entities for whom they gave guarantee.
  • It held that the November 15, 2019, government notification allowing creditors, usually financial institutions and banks, to move against personal guarantors under the Indian Bankruptcy and Insolvency Code (IBC) was “legal and valid”.
  • The court said there was an “intrinsic connection” between personal guarantors and their corporate debtors. It was this “intimate” connection that made the government recognise personal guarantors as a “separate species” under the IBC.
  • It was again this intimacy that made the government decide that corporate debtors and their personal guarantors should be dealt with by a common forum — National Company Law Tribunal (NCLT) — through the same adjudicatory process.
  • Section 60(2) of the Code had required the bankruptcy proceedings of corporate debtors and their personal guarantors to be held before a common forum — the NCLT.
  • Hence both statements are correct.
View all questions of this test
Explore Courses for Current Affairs exam

Top Courses for Current Affairs

With reference to the Indian Bankruptcy and Insolvency Code (IBC), consider the following statements:1. The Supreme Court upheld a government move to allow lenders to initiate insolvency proceedings against personal guarantors.2. Section 60(2) of the Code had required the bankruptcy proceedings of corporate debtors and their personal guarantors to be held before a common forum.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
Question Description
With reference to the Indian Bankruptcy and Insolvency Code (IBC), consider the following statements:1. The Supreme Court upheld a government move to allow lenders to initiate insolvency proceedings against personal guarantors.2. Section 60(2) of the Code had required the bankruptcy proceedings of corporate debtors and their personal guarantors to be held before a common forum.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the Indian Bankruptcy and Insolvency Code (IBC), consider the following statements:1. The Supreme Court upheld a government move to allow lenders to initiate insolvency proceedings against personal guarantors.2. Section 60(2) of the Code had required the bankruptcy proceedings of corporate debtors and their personal guarantors to be held before a common forum.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Indian Bankruptcy and Insolvency Code (IBC), consider the following statements:1. The Supreme Court upheld a government move to allow lenders to initiate insolvency proceedings against personal guarantors.2. Section 60(2) of the Code had required the bankruptcy proceedings of corporate debtors and their personal guarantors to be held before a common forum.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
Solutions for With reference to the Indian Bankruptcy and Insolvency Code (IBC), consider the following statements:1. The Supreme Court upheld a government move to allow lenders to initiate insolvency proceedings against personal guarantors.2. Section 60(2) of the Code had required the bankruptcy proceedings of corporate debtors and their personal guarantors to be held before a common forum.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Current Affairs. Download more important topics, notes, lectures and mock test series for Current Affairs Exam by signing up for free.
Here you can find the meaning of With reference to the Indian Bankruptcy and Insolvency Code (IBC), consider the following statements:1. The Supreme Court upheld a government move to allow lenders to initiate insolvency proceedings against personal guarantors.2. Section 60(2) of the Code had required the bankruptcy proceedings of corporate debtors and their personal guarantors to be held before a common forum.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of With reference to the Indian Bankruptcy and Insolvency Code (IBC), consider the following statements:1. The Supreme Court upheld a government move to allow lenders to initiate insolvency proceedings against personal guarantors.2. Section 60(2) of the Code had required the bankruptcy proceedings of corporate debtors and their personal guarantors to be held before a common forum.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?, a detailed solution for With reference to the Indian Bankruptcy and Insolvency Code (IBC), consider the following statements:1. The Supreme Court upheld a government move to allow lenders to initiate insolvency proceedings against personal guarantors.2. Section 60(2) of the Code had required the bankruptcy proceedings of corporate debtors and their personal guarantors to be held before a common forum.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of With reference to the Indian Bankruptcy and Insolvency Code (IBC), consider the following statements:1. The Supreme Court upheld a government move to allow lenders to initiate insolvency proceedings against personal guarantors.2. Section 60(2) of the Code had required the bankruptcy proceedings of corporate debtors and their personal guarantors to be held before a common forum.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice With reference to the Indian Bankruptcy and Insolvency Code (IBC), consider the following statements:1. The Supreme Court upheld a government move to allow lenders to initiate insolvency proceedings against personal guarantors.2. Section 60(2) of the Code had required the bankruptcy proceedings of corporate debtors and their personal guarantors to be held before a common forum.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice Current Affairs tests.
Explore Courses for Current Affairs exam

Top Courses for Current Affairs

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev