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…
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Which one of the following bodies in India deals with the insolvency resolution of financially sick companies under the Insolvency and Bankruptcy Code, 2016?
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 It took over this field after the Sick Industrial Companies (Special Provisions) Act, 1985 was repealed with effect from 1 December 2016 and the Board for Industrial and Financial Reconstruction (BIFR), which earlier dealt with industrial sickness, was dissolved.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.
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IIT Kharagpur LL.M. Entrance
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Insolvency
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