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Resolution of stressed assets under insolvency and bankruptcy code 2016
What is the primary objective of the Insolvency and Bankruptcy Code, 2016 (IBC)?
The IBC aims to consolidate and amend laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner. It maximises value of assets and promotes entrepreneurship while balancing the interests of all stakeholders.
What is the full form of IBC as used in banking and insolvency law?
Insolvency and Bankruptcy Code, enacted in 2016.
Which authority adjudicates insolvency resolution of corporate debtors under IBC 2016?
The National Company Law Tribunal (NCLT) is the adjudicating authority for corporate insolvency resolution, while the Debt Recovery Tribunal (DRT) handles insolvency of individuals and partnership firms.
Which court handles insolvency cases of individuals and partnership firms under IBC?
Debt Recovery Tribunal (DRT) adjudicates individual insolvency cases.
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