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25 C ABM Resolution of stressed assets under insolvency and bankruptcy code 2016
What is the primary objective of the Insolvency and Bankruptcy Code (IBC) 2016?
The IBC 2016 aims to consolidate and amend laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner to maximise the value of assets.
What is the maximum extended time limit for CIRP completion including litigation-related delays under IBC 2016?
330 days including mandatory litigation extensions allowed.
Which authority administers the Insolvency and Bankruptcy Code 2016?
The Insolvency and Bankruptcy Board of India (IBBI) is the apex regulatory authority that administers the IBC 2016 and regulates insolvency professionals, agencies, and information utilities.
Under which section of IBC 2016 does a financial creditor file an application to initiate CIRP?
Section 7 of IBC 2016 for financial creditors.
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