CMA Final · Corporate and Economic Laws · Insolvency and Bankruptcy Code, 2016
When do the IBBI (Liquidation Process) Regulations, 2016 come into force, according to their commencement clause?
The Liquidation Process Regulations come into force on the date of their publication in the Official Gazette. No later date, financial year start or separate notification of Chapter III is required under the commencement clause.
- AOn the date of their publication in the Official GazetteCorrect
- BOn 1 December 2016 for all purposes
- COn the date the Code's Chapter III was notified by the Central Government
- DOn the first day of the next financial year after publication
Explanation
Regulation 1(2) provides that the Regulations come into force on the date of their publication in the Official Gazette. The other options give dates or triggers that the text does not mention.
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More Insolvency and Bankruptcy Code, 2016 questions
- Which statement about the IBBI (Liquidation Process) Regulations, 2016 is correct as per their opening regulation?
- Under the commencement clause of the Insolvency and Bankruptcy Code, 2016, how may the Code or its provisions be brought into force?
- Under Section 1 of the Insolvency and Bankruptcy Code, 2016, which statement about its extent and commencement is correct?
- Section 1(3) of the Insolvency and Bankruptcy Code, 2016 contains a proviso. What does it permit?
- Regarding territorial extent, section 1(2) of the Code as shown in the official text provides that the Code extends to:
- Regulation 1(3) of the IBBI (Liquidation Process) Regulations, 2016 states that the Regulations apply to which process?