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Evolution of Insolvency and Bankruptcy Code
What is the foremost objective of the Insolvency and Bankruptcy Code, 2016 when a viable corporate debtor defaults?
The primary objective is time-bound reorganisation and insolvency resolution to maximise the value of assets and ensure revival and continuation of the firm.
What minimum voting threshold of the Committee of Creditors is required to approve a resolution plan under IBC?
66% in value of the Committee of Creditors' voting share
Why is liquidation considered a last resort under the IBC, 2016?
IBC protects the corporate debtor from 'death by liquidation' and focuses on revival; liquidation is only triggered when resolution fails or is not feasible.
Under Section 8 of IBC, how many days' notice must an operational creditor serve before filing for CIRP?
10 days' demand notice before filing for insolvency
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