CURRENT AFFAIRS

2018

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

Which bank signed MoU with Reserve Bank of India for better implementation of Insolvency and Bankruptcy Code?

A	IDBI
B	Dena Bank
C	Canara Bank
D	Reserve Bank of India

Explanation:

Detailed explanation-1: -According to its regulator, the Insolvency and Bankruptcy Board of India (IBBI), the first objective of the IBC is resolution-a way to save a business as a going concern, through restructuring, change in ownership, mergers and other methods.

Detailed explanation-2: -Short title and commencement. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. (2) These Regulations shall come into force on1st April, 2017.

Detailed explanation-3: -This culminated in the Banking Regulation (Amendment) Act, 2017 which vested powers on the RBI to issue directions to banks for referring specific default cases for resolution under IBC.

Detailed explanation-4: -24 Nov, 2021 Circular-Filing of list of creditors under clause (ca) of sub-regulation (2) of regulation 13 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 22 Nov, 2021 Mr. Sandip Garg takes charge as Executive Director, IBBI.

There is 1 question to complete.