CMA Final · Corporate and Economic Laws · Insolvency and Bankruptcy Code, 2016
Regarding territorial extent, section 1(2) of the Code as shown in the official text provides that the Code extends to:
The Code extends to the whole of India. The earlier proviso concerning Jammu and Kashmir was omitted by the 2020 adaptation orders, so there is no state-wise adoption requirement and no exclusion of Union Territories.
- AThe whole of IndiaCorrect
- BOnly those States that have adopted it by resolution
- CIndia except Union Territories
- DOnly places where the National Company Law Tribunal has benches
Explanation
Section 1(2) says the Code extends to the whole of India. The earlier proviso relating to Jammu and Kashmir was omitted by the 2020 adaptation orders, so no State or territory is excluded. Extent does not depend on tribunal benches or state adoption.
Did you get it right without looking?
One question tells you little. A timed set on Insolvency and Bankruptcy Code, 2016 shows your real accuracy, how long you take and where you lose marks.
More Insolvency and Bankruptcy Code, 2016 questions
- Sections 33 to 54 of the Code (both inclusive), covering liquidation provisions, were notified to come into force from which date?
- Under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, to which process do the Regulations apply?
- Notification S.O. 3687(E) of 9 December 2016 brought certain sections of the Code into force from 15 December 2016. Which set was that?
- Under Section 1 of the Insolvency and Bankruptcy Code, 2016, on what basis does the Code come into force?
- Per the notes to Section 1 of the Code, which of the following correctly describes when Sections 55 to 58 (both inclusive) were brought into…
- When do the IBBI (Liquidation Process) Regulations, 2016 come into force, according to their commencement clause?