Insolvency and Bankruptcy Code - Cross Border Insolvency

Q.  Which of the following is/are true regarding features of the Insolvency and Bankruptcy Code?

1) National Company Law Tribunal will exercise regulatory oversight over insolvency professionals.
2) There are enabling provisions to deal with cross border insolvency.
- Published on 16 May 16

a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2

ANSWER: Only 2
 
The salient features of the law are as follows:
  • Establishment of an Insolvency and Bankruptcy Board of India to exercise regulatory oversight over insolvency professionals, insolvency professional agencies and information utilities.
  • Insolvency professionals would handle the commercial aspects of insolvency resolution process. Insolvency professional agencies will develop professional standards, code of ethics and be first level regulator for insolvency professionals members leading to development of a competitive industry for such professionals.
  • Information utilities would collect, collate, authenticate and disseminate financial information to be used in insolvency, liquidation and bankruptcy proceedings.
  • Enabling provisions to deal with cross border insolvency.

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