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      Question

      Under the Insolvency and Bankruptcy Code, 2016, which

      authority is primarily responsible for overseeing the corporate insolvency resolution process?
      A Securities and Exchange Board of India (SEBI) Correct Answer Incorrect Answer
      B National Company Law Tribunal (NCLT) Correct Answer Incorrect Answer
      C Reserve Bank of India (RBI) Correct Answer Incorrect Answer
      D Insolvency and Bankruptcy Board of India (IBBI) Correct Answer Incorrect Answer
      E Ministry of Corporate Affairs (MCA) Correct Answer Incorrect Answer

      Solution

      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.

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