CURRENT AFFAIRS

2018

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Recently, IBBI signed MoU with Reserve Bank of India for better implementation of IBC. What is the full form of IBC?

A	Incorrect and Bankruptcy Code
B	Insolvency and Bankruptcy Code
C	Insolvency and Banking Code
D	Information and Banker Code

Explanation:

Detailed explanation-1: -The Insolvency and Bankruptcy Code, 2016 (IBC/Code) was enacted to provide for insolvency resolution of distressed entities in a time bound manner.

Detailed explanation-2: -Section 4(1) of the Insolvency and Bankruptcy Code, 2016 (’Code’ for short) provides that Chapter I of the Code shall apply to matters relating to the insolvency and liquidation of corporate debtors where the minimum amount of the default is Rs. 1 lakh.

Detailed explanation-3: -IBBI has played a leadership role, amongst its other responsibilities, in disseminating best practices and knowledge building tools to improve understanding of the IBC and how it operates in practice.

Detailed explanation-4: -Insolvency and Bankruptcy Code (IBC) 2016 was implemented through an act of Parliament. It got Presidential assent in May 2016. Centre introduced the IBC in 2016 to resolve claims involving insolvent companies.

There is 1 question to complete.