Question
Which of the following statements are true regarding Pre-Packaged Resolution Process? 1. By way of a further amendment to IBC viz., IBC (Amendment) Act, 2021, the Pre-Packaged Insolvency Resolution Process (“PIRP”) has been introduced. 2. The PIRP is applicable ONLY in respect of Micro, Small and Medium Enterprises 3. A Corporate Debtor which has committed a default of at least Rs.20,00,000/- (Rupees Twenty Lakh Only) is eligible to make an application before the Appellate Authority for initiation of PIR
- P 4. CIRP (Corporate Insolvency Resolution Process) and PIRP can run simultaneously
Read the following passage and answer the next 4 question (Q11 to Q14):- There is a need to strengthen the insolvency resolution process. The Insolvency and Bankruptcy Board of India (IBBI) must swiftly finalise the code of conduct for the committee of creditors (CoC), mainly in banks. The code is meant to provide clarity on the scope of the responsibilities of the CoC. It adds another layer of oversight, given that banks are already regulated by the RBI and public sector bankers are also under the purview of the Prevention of Corruption Act. The draft norms that cover disclosure of any conflict of interest, not acquiring any assets of the corporate debtor and adhering to bankruptcy code timelines are fine. Robust enforcement must go hand in hand. Source: Economic times
More Banking System in India Questions
- Which of the following Statement is correct with respect to cash and cash equivalents?
- In which state is the Insurance Regulatory and Development Authority of India (IRDAI) headquartered?
- The REER is used to measure the value of a specific currency in relation to an average group of major currencies. What does REER stand for?
- What is the name of the banking service which is provided by a group of networked bank branches where customers may access their bank account and perform b...
- Which of the following is true regarding the Reserve Bank of India's prudential norms for income recognition, asset classification, and provisioning for ba...
- DSCR indicates the ability of a company to?
- What is the maximum amount that can be borrowed by banks under the Marginal Standing Facility (MSF) route?
- According to Fitch Ratings, what is India’s revised medium-term GDP growth potential till FY26?
- XYZ Ltd. is planning a private placement to raise capital and is considering including the following groups: a. 40 identified individuals. b. 20 qualified ...
- Pradhan Mantri Shram Yogi Maan-Dhan Yojana assures a minimum assured pension of ________ upon attaining the age of 60 years.
Hey! Ask a query
Please enter email id
The email must be a valid email address.
Please enter Mobile Number
Please enter valid Mobile Number
Please enter your Doubt
Think You're Ready for RBI Grade B?
RBI Grade B 2026 Phase 1 Memory Based Paper
- 200 Questions with Detailed Solutions
- Section-wise Coverage (GA, English, Quant & Reasoning)