economics hard MCQ

The Insolvency and Bankruptcy Code (IBC), which provides a time-bound process for resolving insolvency, was enacted in which year?

  1. 2014
  2. 2015
  3. 2016
  4. 2018

Answer: 2016

The IBC was passed in 2016 to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals. It shifted the legal framework from a 'debtor-in-possession' to a 'creditor-in-control' regime.

Topic Banking - NPA Resolution
Exam Relevance UPSC Prelims, Banking, SSC
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