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Identify the correct statement about Insolvency and Bankruptcy Code.
1. It became operational in 2015
2. It was constituted to provide better governance in banking sector
3. It is being implemented by Finance Ministry
- a)1, 2 and 3
- b)1 and 2 only
- c)3 only
- d)1 and 3 only
- e)None of the above
Correct answer is option 'E'. Can you explain this answer?
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Identify the correct statement about Insolvency and Bankruptcy Code.1...
A Bankruptcy Law Reforms Committee was set up in 2014 for providing an entrepreneur friendly legal bankruptcy framework for meeting global standards for improving the ease of doing business with necessary judicial capacity. Accordingly, the Insolvency and Bankruptcy Code (IBC), 2016, became operational in 2016. The Code aims to promote entrepreneurship, availability of credit, and balance the interests of all the stakeholders by consolidating and amending the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals. It is being implemented by ministry of corporate affairs.
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Identify the correct statement about Insolvency and Bankruptcy Code.1...
The correct statement about the Insolvency and Bankruptcy Code (IBC) is option 'E', which states that none of the given statements are correct.
Insolvency and Bankruptcy Code, 2016:
The Insolvency and Bankruptcy Code (IBC) was enacted by the Government of India in the year 2016 with the aim of consolidating and amending the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner. The IBC replaced the existing insolvency laws and provided a comprehensive framework for resolving insolvency and bankruptcy cases in India.
Understanding the Statements:
1. It became operational in 2015: This statement is incorrect. The Insolvency and Bankruptcy Code was passed by the Parliament of India in 2016 and became operational from December 1, 2016.
2. It was constituted to provide better governance in the banking sector: This statement is incorrect. While the IBC does have provisions that impact the banking sector, its primary objective is to provide a time-bound and efficient resolution process for insolvency and bankruptcy cases involving corporate entities, partnership firms, and individuals. It aims to promote entrepreneurship, availability of credit, and balance the interests of all stakeholders.
3. It is being implemented by the Finance Ministry: This statement is incorrect. The Insolvency and Bankruptcy Code is implemented by the Insolvency and Bankruptcy Board of India (IBBI), which is a statutory body established under the provisions of the IBC. The IBBI is responsible for regulating the insolvency professionals, insolvency professional agencies, and information utilities, as well as promoting and facilitating the implementation of the IBC.
Conclusion:
In conclusion, the correct statement about the Insolvency and Bankruptcy Code is option 'E', which states that none of the given statements are correct. The IBC became operational in 2016, it aims to provide a time-bound resolution process for insolvency and bankruptcy cases, and it is implemented by the Insolvency and Bankruptcy Board of India.
Insolvency and Bankruptcy Code, 2016:
The Insolvency and Bankruptcy Code (IBC) was enacted by the Government of India in the year 2016 with the aim of consolidating and amending the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner. The IBC replaced the existing insolvency laws and provided a comprehensive framework for resolving insolvency and bankruptcy cases in India.
Understanding the Statements:
1. It became operational in 2015: This statement is incorrect. The Insolvency and Bankruptcy Code was passed by the Parliament of India in 2016 and became operational from December 1, 2016.
2. It was constituted to provide better governance in the banking sector: This statement is incorrect. While the IBC does have provisions that impact the banking sector, its primary objective is to provide a time-bound and efficient resolution process for insolvency and bankruptcy cases involving corporate entities, partnership firms, and individuals. It aims to promote entrepreneurship, availability of credit, and balance the interests of all stakeholders.
3. It is being implemented by the Finance Ministry: This statement is incorrect. The Insolvency and Bankruptcy Code is implemented by the Insolvency and Bankruptcy Board of India (IBBI), which is a statutory body established under the provisions of the IBC. The IBBI is responsible for regulating the insolvency professionals, insolvency professional agencies, and information utilities, as well as promoting and facilitating the implementation of the IBC.
Conclusion:
In conclusion, the correct statement about the Insolvency and Bankruptcy Code is option 'E', which states that none of the given statements are correct. The IBC became operational in 2016, it aims to provide a time-bound resolution process for insolvency and bankruptcy cases, and it is implemented by the Insolvency and Bankruptcy Board of India.
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