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For the purposes of section 18 of the Insolvency and Bankruptcy Code, 2016, which of the following is…

Section 18(f) requires the IRP to take custody of assets of the corporate debtor, including assets in a foreign country, intangible assets such as intellectual property, and…

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For the purposes of section 18 of the Insolvency and Bankruptcy Code, 2016, which of the following is NOT an 'asset' that the IRP must take into control and custody?

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Correct answer B

Section 18(f) requires the IRP to take custody of assets of the corporate debtor, including assets in a foreign country, intangible assets such as intellectual property, and shares held in a subsidiary. The Explanation, however, excludes "assets of any Indian or foreign subsidiary of the corporate debtor", along with third-party assets held in trust or under bailment. The subsidiary is a separate legal person, and only the shares in it belong to the corporate debtor.

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