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CMA Final · Corporate and Economic Laws · Insolvency and Bankruptcy Code, 2016

Which statement about the IBBI (Liquidation Process) Regulations, 2016 is correct as per their opening regulation?

The Liquidation Process Regulations apply to the liquidation process under Chapter III of Part II of the Code. They come into force on the date of their publication in the Official Gazette, not on a later or tribunal-notified date.

  1. AThey apply to the liquidation process under Chapter III of Part II of the Code and come into force on publication in the Official GazetteCorrect
  2. BThey apply to voluntary liquidation only and come into force on 1 April 2017
  3. CThey apply to the corporate insolvency resolution process under Chapter II and commence after six months of publication
  4. DThey apply to individual bankruptcy and commence on date notified by the Tribunal

Explanation

Regulation 1 states the Regulations come into force on the date of publication in the Official Gazette and apply to the liquidation process under Chapter III of Part II of the Code. The other options confuse the chapter, scope or commencement trigger.

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