Thank you for visiting Under IBC 2016 what is the normal time period stipulated for a Corporate Insolvency Resolution Procedure A 1 year B 180 days C 180 days. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Under the Insolvency and Bankruptcy Code (IBC) 2016 in India, the normal time period stipulated for a Corporate Insolvency Resolution Procedure (CIRP) is specified as follows:
The initial period is 180 days. This is the period granted to complete the entire resolution process for an insolvent corporate debtor.
If necessary, this period can be extended by an additional 90 days. However, this extension requires the approval of the adjudicating authority, which is typically the National Company Law Tribunal (NCLT). The process for seeking an extension must be adequately justified and is not guaranteed.
Irrespective of these extensions, the CIRP must be completed within a mandatory maximum period of 330 days. This 330-day period includes any time spent on litigation or other legal processes associated with the resolution process.
The rationale for this timeline is to ensure a swift resolution process that reduces uncertainty and aims to maximize the value of the assets of the debtor while balancing the rights of all creditors. That said, the correct option from the given choices is:
C) 180 days or within an extended period of 90 days and mandatorily within 330 days overall.
Thank you for reading the article Under IBC 2016 what is the normal time period stipulated for a Corporate Insolvency Resolution Procedure A 1 year B 180 days C 180 days. We hope the information provided is useful and helps you understand this topic better. Feel free to explore more helpful content on our website!
- You are operating a recreational vessel less than 39 4 feet long on federally controlled waters Which of the following is a legal sound device
- Which step should a food worker complete to prevent cross contact when preparing and serving an allergen free meal A Clean and sanitize all surfaces
- For one month Siera calculated her hometown s average high temperature in degrees Fahrenheit She wants to convert that temperature from degrees Fahrenheit to degrees
Rewritten by : Jeany
