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
- In 2008, India launched the National Action Plan on Climate Change (NAPCC), establishing _________ National Missions, covering several initiatives and a sl...
- The Annual Financial Statement (AFS) also know as Budget is provided under which of the following Article of Indian Constitution?
- Which of the following accounting rules can roughly estimate how many years a given sum of money must earn at a given compound annual interest rate in orde...
- The whole is greater than the sum of the parts is emphasised in which of the following theory of management thought?
- Linear model of communication involves: -
- Which of the following are not the components of Tier 1 (Primary Capital) for maintaining the requirements as per BASEL regulations
- When was the Security Printing and Minting Corporation of India Limited established?
- What is the expected global cereal production for 2024 according to FAO?
- Who can issue Rupee Denominated Bonds Overseas?
- The Union Budget 2024-25 introduced changes to capital gains taxation. What is the revised annual exemption limit for capital gains, aimed at benefiting lo...
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)