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    Question

    Which statute governs insolvency

    professionals?
    A Income Tax Act, 1961 Correct Answer Incorrect Answer
    B Companies Act, 2013 Correct Answer Incorrect Answer
    C Reserve Bank of India Act, 1934 Correct Answer Incorrect Answer
    D Insolvency and Bankruptcy Code, 2016 Correct Answer Incorrect Answer
    E Securities and Exchange Board of India Act, 1992 Correct Answer Incorrect Answer

    Solution

    Insolvency professionals are regulated and governed primarily by the Insolvency and Bankruptcy Code, 2016 in India. The IBC provides a comprehensive framework for insolvency resolution and bankruptcy proceedings for individuals, companies, and partnerships. It establishes the roles and responsibilities of various stakeholders in the insolvency process, including insolvency professionals who play a crucial role in managing and administering the affairs of insolvent entities during the resolution process. Therefore, the IBC is the statute that specifically governs insolvency professionals in India.

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