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    Question

    Part II of the IBC shall apply to the matters relating

    to the insolvency and liquidation of corporate debtors where the_____________________
    A Minimum amount of the default is one lakh rupee Correct Answer Incorrect Answer
    B Minimum amount of the default is ten lakh rupees Correct Answer Incorrect Answer
    C Minimum amount of the default is one crore rupees Correct Answer Incorrect Answer
    D Maximum amount of the default is one crore rupees Correct Answer Incorrect Answer

    Solution

    IBC Section 4-Application of this Part- (1) This Part shall apply to matters relating to the insolvency and liquidation of corporate debtors where the minimum amount of the default is one lakh rupees: Provided that the Central Government may, by notification, specify the minimum amount of default of higher value which shall not be more than one crore rupees- In exercise of the powers conferred by the proviso to section 4 of the IB Code, 2016, the Central Government hereby specifies one crore rupees as the minimum amount of default for the purposes of the said section.

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