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    Question

    Which Legislations are getting repealed on enforcement

    of IBC? 
    A The Presidency Towns Insolvency Act 1909 and Sick Industrial Companies (Special Provisions) Act 1985. Correct Answer Incorrect Answer
    B Sick Industrial Companies (Special Provisions) Act 1985 and The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 Correct Answer Incorrect Answer
    C Provincial Insolvency Act 1920 and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002. Correct Answer Incorrect Answer
    D Sick Industrial Companies (Special Provisions) Act 1985 and some provisions of Negotiable Instruments Act, 1881. Correct Answer Incorrect Answer
    E All of the above Correct Answer Incorrect Answer

    Solution

    • The Insolvency and Bankruptcy Code (IBC), 2016 repealed the Presidency Towns Insolvency Act, 1909 and the Provincial Insolvency Act, 1920 (though not listed in the options, this is important context). • The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) was also repealed with effect from December 1, 2016, dissolving the Board for Industrial and Financial Reconstruction (BIFR) which handled sick company revival processes.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and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was not repealed by IBC but continues to exist as a complementary law dealing with security interest enforcement.

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