2020
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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2 months
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3 months
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4 months
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5 months
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Detailed explanation-1: -Since the year-long Insolvency and Bankruptcy Code (IBC) suspension was lifted on 25 March, India has not witnessed a surge in fresh bankruptcy filings, said experts. This comes as a respite to policymakers battling the economic fallout of the pandemic.
Detailed explanation-2: -Under the IBC 2016, where any violation of any provision of the moratorium is violated, on behalf of the Corporate Debtor, the same is subject to imprisonment for a minimum of three years and can be extended up to five years.
Detailed explanation-3: -19. Proposal 6: It is proposed that in case COC decides during CIRP process to explore the process under section 230 of the Companies Act, 2013, the liquidator shall complete such process within thirty days from the liquidation commencement date.