Question

In the questions given below, a blank has been provided for each and needs to be filled with the appropriate word. Choose the best option among the given ones.

The IBC provides for a time limit of 180 days once a case of default is brought to the National Company Law Tribunal, following a joint decision of creditors accounting for a _______ share of claims on a company.

A Auxiliary Correct Answer Incorrect Answer
B Dominant Correct Answer Incorrect Answer
C Minority Correct Answer Incorrect Answer
D Humble Correct Answer Incorrect Answer
E Inconspicuous Correct Answer Incorrect Answer

Solution

It conveys the idea that the time limit is triggered when there's a joint decision by the creditors who hold a substantial or controlling influence (dominant share) of claims on the company.

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