CMA Final · Corporate and Economic Laws · Insolvency and Bankruptcy Code, 2016
Under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, to which process do the Regulations apply?
The Liquidation Process Regulations, 2016 apply to the liquidation process under Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016, as stated in their application clause. They do not govern the resolution process in Chapter II or individual bankruptcy.
- AThe corporate insolvency resolution process under Chapter II of Part II of the Code
- BThe voluntary winding up of any company under the Companies Act
- CThe liquidation process under Chapter III of Part II of the CodeCorrect
- DThe bankruptcy process of individuals under Part III of the Code
Explanation
Regulation 1(3) says the Regulations apply to the liquidation process under Chapter III of Part II of the Code. Chapter II is the resolution process, which these Regulations do not govern, so that option is wrong. Individual bankruptcy and Companies Act winding up are also outside their stated scope.
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