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      Question

      Insolvency and Bankruptcy Code was implemented through

      an act of Parliament . It got Presidential assent in which year?
      A 2014 Correct Answer Incorrect Answer
      B 2016 Correct Answer Incorrect Answer
      C 2011 Correct Answer Incorrect Answer
      D 2012 Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      Insolvency and Bankruptcy Code 2016 was implemented through an act of Parliament . It got Presidential assent in May 2016. IBC applies to companies, partnerships and individuals. It provides for a time- -bound process to resolve insolvency. When a default in repayment occurs, creditors gain control over debtor’s assets and must take decisions to resolve insolvency. Under IBC debtor and creditor both can start 'recovery' proceedings against each other.

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