Regulatory & Miscellaneous Aspects
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Which institutional pillar of the IBC collects, collates, authenticates and disseminates financial information of debtors in a centralised electronic database?
An Information Utility (IU) performs this role; it is a regulated and licensed repository of information relating to corporate debtors.
What is an Information Utility (IU) under the IBC, 2016?
A regulated licensed repository collecting and disseminating debtor financial information.
Under the IBC, which body is the adjudicating authority for corporate insolvency resolution and liquidation?
The National Company Law Tribunal (NCLT) is the adjudicating authority for corporate persons, while the Debt Recovery Tribunal (DRT) handles individuals and partnership firms.
Under Regulation 21, within how many days must an IU deliver information of default to the debtor for confirmation?
Within seven days of receiving the information of default.
What is the primary function of an Insolvency Professional Agency (IPA) under the IBC framework?
An IPA enrols and regulates insolvency professionals, setting standards of professional conduct and ensuring accountability of its members.
What is the correct appellate chain for corporate insolvency matters under the IBC?
NCLT, then NCLAT, then Supreme Court.
Which authority was established under the IBC to oversee insolvency and bankruptcy proceedings and regulate professionals and agencies?
The Insolvency and Bankruptcy Board of India (IBBI) was established as the regulator to oversee the IBC ecosystem, including IPs, IPAs, and IUs.
Why do Debt Recovery Tribunals not yet exercise jurisdiction as Adjudicating Authorities under the IBC for partnership firms?
IBC provisions for partnership firms and individuals are not yet in force.
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