Site navigation

Which one of the following bodies in India deals with the insolvency resolution of financially sick…

Under the Insolvency and Bankruptcy Code, 2016, the National Company Law Tribunal (NCLT) is the Adjudicating Authority for the insolvency resolution and liquidation of…

Choose your answer

Which one of the following bodies in India deals with the insolvency resolution of financially sick companies under the Insolvency and Bankruptcy Code, 2016?

Select one answer
Answer and explanation

Correct answer C

Under the Insolvency and Bankruptcy Code, 2016, the National Company Law Tribunal (NCLT) is the Adjudicating Authority for the insolvency resolution and liquidation of companies. It took over this field after the Sick Industrial Companies (Special Provisions) Act, 1985 was repealed with effect from 1 December 2016 and the Board for Industrial and Financial Reconstruction (BIFR), which earlier dealt with industrial sickness, was dissolved. NABARD, the Disinvestment Commission and SIDBI are not adjudicating bodies for corporate insolvency.

Practice for these exams

Related exam syllabi

Related questions in this topic