25 C ABM Resolution of stressed assets under insolvency and bankruptcy code 2016
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Advanced Bank Management — CAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
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.
What is the minimum default amount required to trigger the Corporate Insolvency Resolution Process (CIRP) under IBC 2016?
A minimum default of Rs. 1 crore is required to initiate the Corporate Insolvency Resolution Process (CIRP) under IBC 2016 (revised from the original Rs. 1 lakh threshold).
Under which section of IBC 2016 does an operational creditor initiate CIRP?
Section 9 of IBC 2016 for operational creditors.
Who can initiate the Corporate Insolvency Resolution Process under IBC 2016?
CIRP can be initiated by a financial creditor, an operational creditor, or the corporate debtor itself by filing an application before the National Company Law Tribunal (NCLT).
What is the minimum default threshold for MSMEs to trigger CIRP under IBC 2016?
Rs. 1 crore minimum default for MSMEs.
Video classes for this chapter
25 C ABM Resolution of stressed assets under insolvency and bankruptcy code 2016 Part 1
25 C ABM Resolution of stressed assets under insolvency and bankruptcy code 2016 Part 2
25 C ABM Resolution of stressed assets under insolvency and bankruptcy code 2016 Part 3
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