Insolvency and Bankruptcy Code — Prelims Questions

Which of the following statements about the Insolvency and Bankruptcy Code (IBC), 2016, is/are correct? 1. It aims to consolidate laws relating to insolvency resolution of corporate persons, partnership firms, and individuals. 2. It prioritizes liquidation over resolution to ensure quick recovery of assets. 3. The National Company Law Tribunal (NCLT) is the sole adjudicating authority for all types of insolvency proceedings under the Code. Select the correct answer using the code given below:

Which of the following is NOT a ground for disqualification under Section 29A of the Insolvency and Bankruptcy Code (IBC)?

Consider the following statements regarding the Corporate Insolvency Resolution Process (CIRP) under IBC: 1. A moratorium is declared immediately upon the admission of an insolvency application by the NCLT. 2. The Committee of Creditors (CoC) is primarily composed of operational creditors. 3. The maximum period for completion of CIRP, including extensions and litigation, is 330 days. Which of the statements given above is/are correct?

Which of the following bodies is the primary regulator for Insolvency Professionals (IPs) and Information Utilities (IUs) under the IBC?

The 'Pre-packaged Insolvency Resolution Process' (PPIRP) was introduced under the IBC primarily for which category of entities?