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Question

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

What is the time period under which Pre-Packaged Resolution process should be completed from the date of initiation?

A 60 days Correct Answer Incorrect Answer
B 75 days Correct Answer Incorrect Answer
C 90 days Correct Answer Incorrect Answer
D 120 days Correct Answer Incorrect Answer
E 150 days Correct Answer Incorrect Answer

Solution

It shall be completed within a period of one hundred and twenty days from the pre-packaged insolvency commencement date

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