Chapter 11 - Insolvency Resolution Process for Individuals and Firms
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Insolvency and Bankruptcy Code 2016 — Insolvency and Bankruptcy Code 2016.
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Which Part of IBC 2016 deals with insolvency resolution for individuals and partnership firms?
Part III of IBC 2016 deals with insolvency resolution and bankruptcy for individuals and partnership firms.
What is the minimum debt threshold for initiating individual insolvency resolution under IBC 2016?
Not less than one thousand rupees (₹1,000).
What is the maximum gross annual income allowed for a debtor to be eligible for the Fresh Start Process under IBC 2016?
The gross annual income of the debtor must not exceed ₹60,000 to be eligible for the Fresh Start Process under Part III of IBC 2016.
Which authority acts as the Adjudicating Authority for individual insolvency under IBC 2016?
Debt Recovery Tribunal (DRT) with territorial jurisdiction.
What is the maximum value of assets a debtor can hold to qualify for the Fresh Start Process?
A debtor's total assets must not exceed ₹20,000 in value to be eligible for the Fresh Start Process under Chapter II of Part III.
Under IBC 2016, what notice period must a creditor give before filing under section 95?
14 days notice demanding payment of the debt.
What is the maximum qualifying debt limit for a debtor to apply under the Fresh Start Process?
The qualifying debts of the debtor must not exceed ₹35,000 to be eligible for the Fresh Start Process under IBC 2016.
What fraction of creditor votes in value is required to approve a repayment plan under section 111 of IBC 2016?
More than three-fourth (75%) in value of creditors present and voting.
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