Question

Under the Insolvency and Bankruptcy Code, 2016, which authority is primarily responsible for overseeing the corporate insolvency resolution process?

Q: Answer-Under the Insolvency and Bankruptcy Code, 2016, which authority is primarily responsible for oversee...

The National Company Law Tribunal NCLT is the adjudicating authority responsible for corporate insolvency resolution process under Part II of the Insolvency and Bankruptcy Code, 2016. As per Section 7 to Section 10 and other relevant provisions, NCLT admits insolvency applications, oversees the resolution process, and approves resolution plans. The Insolvency and Bankruptcy Board of India IBBI regulates insolvency professionals and agencies but does not adjudicate cases.