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Insolvency and Bankruptcy Code Ques
In what year was the Insolvency and Bankruptcy Code (IBC) enacted in India?
The Insolvency and Bankruptcy Code was enacted in 2016. It consolidated and amended laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals.
What is the full form of IBC?
Insolvency and Bankruptcy Code
What is the time limit for completing the Corporate Insolvency Resolution Process (CIRP) under IBC?
The CIRP must be completed within 180 days from the date of admission of the application, extendable by a further 90 days with the approval of the Committee of Creditors. The overall limit including litigation extensions is 330 days.
Which authority is the adjudicating body for corporate insolvency under IBC?
National Company Law Tribunal (NCLT)
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