📝 One-liners · 65 cards
Resolution of Stressed Assets under the Insolvency and Bankruptcy Code 2016
What is the minimum default threshold for a financial creditor to file an application under Section 7 of IBC 2016 for initiation of CIRP?
The minimum default threshold is Rs 1 crore, revised in March 2020 via MCA notification.
Under IBC 2016, what was the original minimum default threshold before March 2020 for filing CIRP by a financial creditor?
Rs 1 lakh
Under IBC 2016, which section allows a financial creditor to initiate Corporate Insolvency Resolution Process against a corporate debtor?
Section 7 of the Insolvency and Bankruptcy Code 2016 allows a financial creditor to initiate CIRP against a corporate debtor.
Which MCA notification revised the default threshold for initiating CIRP to Rs 1 crore?
MCA notification dated March 24, 2020
🔒
Unlock 65 revision one-liners
Interactive flashcard deck — flip every card to drill questions and answers, mark the ones you got wrong, and revise smarter for Resolution of Stressed Assets under the Insolvency and Bankruptcy Code 2016.
🪙
Unlock cost
300 coins
30-day access · re-unlocks free for 30 days