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Insolvency and Bankruptcy Code creates time-bound processes for insolvency resolution of companies and individuals. According to this the process needs to be completed in ________.
  • a)
    180 days
  • b)
    90 days
  • c)
    60 days
  • d)
    360 days
  • e)
    None of these
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Insolvency and Bankruptcy Code creates time-bound processes for insol...
The Code creates time-bound processes for insolvency resolution of companies and individuals. These processes will be completed within 180 days. If insolvency cannot be resolved, the assets of the borrowers may be sold to repay creditors.
The resolution processes will be conducted by licensed insolvency professionals (IPs). These IPs will be members of insolvency professional agencies (IPAs). IPAs will also furnish performance bonds equal to the assets of a company under insolvency resolution.
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Insolvency and Bankruptcy Code creates time-bound processes for insolvency resolution of companies and individuals. According to this the process needs to be completed in ________.a)180 daysb)90 daysc)60 daysd)360 dayse)None of theseCorrect answer is option 'A'. Can you explain this answer?
Question Description
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