Question
Consider the following statements regarding
“Insolvency and Bankruptcy Board of India”: I. It has regulatory oversight over the Insolvency Professionals and Insolvency Professional Agencies only. II. It has the same powers as a civil court under the Code of Civil Procedure,1908 in every case. III. It can do the Inspection of any books, registers and other documents of any person at any place. Which of the statements given above is/are correct?Solution
The Insolvency and Bankruptcy Board of India was established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016 (Code). It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies, Insolvency Professional Entities and Information Utilities. It writes and enforces rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code. The Board has the same powers as are vested in a civil court under the Code of Civil Procedure, 1908, while trying a suit, in respect of the following matters, namely:— I. The discovery and production of books of account and other documents, at such place and such time as may be specified by the Board. II. Summoning and enforcing the attendance of persons and examining them on oath. III. Inspection of any books, registers and other documents of any person at any place. IV. Issuing of commissions for the examination of witnesses or documents.
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