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      Question

      A preference shall be deemed to be given at a relevant

      time under the IBC a preference is given to a person other than a related party during the period of _____________
      A One year preceding the insolvency commencement date Correct Answer Incorrect Answer
      B Two years preceding the insolvency commencement date Correct Answer Incorrect Answer
      C One hundred and twenty days preceding the insolvency commencement date Correct Answer Incorrect Answer
      D One year after the conclusion of the insolvency commencement date Correct Answer Incorrect Answer
      E No such specific time period has been laid down under the Code Correct Answer Incorrect Answer

      Solution

      Section 43-Preferential transactions and relevant time: (4) A preference shall be deemed to be given at a relevant time, if— (a) it is given to a related party (other than by reason only of being an employee), during the period of two years preceding the insolvency commencement date; or (b) a preference is given to a person other than a related party during the period of one year preceding the insolvency commencement date.

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