25 C ABM Resolution process of stressed assets under the IBC 2016
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What does IBC stand for in the context of Indian insolvency law?
IBC stands for Insolvency and Bankruptcy Code, enacted in 2016 to consolidate and amend laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms, and individuals.
What is the time limit for completion of CIRP under IBC 2016 including litigation extensions?
330 days including time spent in litigation proceedings
Which authority was established under IBC 2016 to regulate insolvency professionals and agencies?
The Insolvency and Bankruptcy Board of India (IBBI) was established under IBC 2016 as the regulator for insolvency professionals, insolvency professional agencies, and information utilities.
Under IBC 2016, who appoints the Interim Resolution Professional (IRP)?
The adjudicating authority NCLT appoints the IRP
What is the maximum time limit prescribed under IBC for completion of the Corporate Insolvency Resolution Process (CIRP)?
The maximum time limit for CIRP is 330 days including litigation periods, extended from the original 180 days plus a 90-day extension permitted by the adjudicating authority.
What is the minimum threshold for CoC approval of a resolution plan as amended by IBC 2019?
66 percent voting share of financial creditors
Who is the adjudicating authority for corporate insolvency resolution under IBC 2016?
The National Company Law Tribunal (NCLT) is the adjudicating authority for corporate insolvency resolution proceedings under IBC 2016, while NCLAT is the appellate authority.
What is the role of NCLT in the IBC resolution framework?
NCLT admits CIRP applications and approves resolution plans
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