Question
Which Legislations are getting repealed on enforcement
of IBC?ÂSolution
• The Insolvency and Bankruptcy Code (IBC), 2016 repealed the Presidency Towns Insolvency Act, 1909 and the Provincial Insolvency Act, 1920 (though not listed in the options, this is important context). • The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) was also repealed with effect from December 1, 2016, dissolving the Board for Industrial and Financial Reconstruction (BIFR) which handled sick company revival processes. • The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was not repealed by IBC but continues to exist as a complementary law dealing with security interest enforcement.
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