insolvency and bankruptcy code ordinance 2021 Flashcards
1
Q
what is new for MSMEs in this ordinance?
A
the ordinance provides a prepackaged insolvency resolution process(PIRP)
2
Q
which MSMEs are included?
A
only companies and limited liability partnerships. no HUF or partnership firms or proprietorship.
3
Q
what is the time within which a corporate debtore is required to submit a base resolution plan? NCLT needs to accept or reject it in _ days?
A
within 90 days from commencement date of prepackaged insolvency.30 days.
4
Q
what is the prescribed statutory period for the process to be completed under IBC?
A
330 days
5
Q
process for resolving corporate debts is under CIRP, whats cirp
A
corporate insolvency resolution process
6
Q
who is the chairman of IBC board of india
A
MS Sahoo
