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