CMA Final · Corporate and Economic Laws · Insolvency and Bankruptcy Code, 2016
Regulation 1(3) of the IBBI (Liquidation Process) Regulations, 2016 states that the Regulations apply to which process?
The Liquidation Process Regulations apply to the liquidation process under Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016. They do not govern the resolution process in Chapter II or individual bankruptcy under Part III.
- AThe liquidation process under Chapter III of Part II of the CodeCorrect
- BThe voluntary liquidation process under Part II of the Code only
- CThe corporate insolvency resolution process under Chapter II of Part II
- DThe bankruptcy process for individuals under Part III of the Code
Explanation
The Regulations state they apply to the liquidation process under Chapter III of Part II of the Code. The corporate insolvency resolution process is in Chapter II, so that option is wrong. Individual bankruptcy falls under Part III.
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