{"id":11421,"date":"2016-05-12T09:42:53","date_gmt":"2016-05-12T09:42:53","guid":{"rendered":"https:\/\/www.edristi.in\/?p=11421"},"modified":"2016-05-12T09:42:53","modified_gmt":"2016-05-12T09:42:53","slug":"insolvency-bankruptcy-code-2016","status":"publish","type":"post","link":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/insolvency-bankruptcy-code-2016\/","title":{"rendered":"Insolvency and  Bankruptcy Code \u2013 2016"},"content":{"rendered":"<p style=\"text-align: justify\"><strong>Question: When the Lok Sabha passed the Insolvency and Bankruptcy Code Bill 2016?<\/strong><br \/>\n(a) 6 May 2016<br \/>\n(b) 5 May 2016<br \/>\n(c) 1 April 2016<br \/>\n(d) 5 April 2016<br \/>\n<strong>Ans.(b)<\/strong><br \/>\n<strong>Related facts:<\/strong><\/p>\n<ul style=\"text-align: justify\">\n<li>The Lok Sabha passed the Insolvency and Bankruptcy Code Bill 2016 on May 2016.<\/li>\n<li>The law will ensure time-bound settlement of insolvency, enable faster turnaround of businesses and create a data base of serial defaulters.<\/li>\n<li>These procedures must be completed within 180 days.<\/li>\n<li>If insolvency cannot be resolved, the assets of the borrowers may be sold to repay creditors.<\/li>\n<li>The resolution processes will be conducted by licensed Insolvency Professionals (IPs).<\/li>\n<li>This IPs will be members of Insolvency Professional Agencies (IPAs).<\/li>\n<li>Information utilities (IUs) will be established to collect, collate and disseminate financial information to facilitate insolvency resolution.<\/li>\n<li>The National Company Law Tribunal (NCLT) will adjudicate insolvency resolution for companies and The Debt Recovery Tribunal (DRT) will adjudicate insolvency resolution for individuals.<\/li>\n<li>The Insolvency and Bankruptcy Board of India will be set up to regulate functioning of IPs, IPAs and IUs.<\/li>\n<li>This will help in improving India\u2019s ranking in the World Bank\u2019s \u2018Ease of Doing Business\u2019 index.<\/li>\n<li>It is notable that normally it takes 4 years of time for the settlement of insolvency resolution.<\/li>\n<li>The Bankruptcy Bill was introduced in the Lok Sabha on December 21, 2015 and was later referred to a Joint Committee of Parliament. Based on the committee\u2019s suggestions, a modified Code was drafted on April 28, 2016.<\/li>\n<\/ul>\n<p style=\"text-align: justify\">\n<strong>Reference:<\/strong><br \/>\n<a href=\"http:\/\/164.100.47.4\/BillsTexts\/LSBillTexts\/PassedLoksabha\/349_2015_LS_Eng.pdf\" target=\"_blank\">http:\/\/164.100.47.4\/BillsTexts\/LSBillTexts\/PassedLoksabha\/349_2015_LS_Eng.pdf<\/a><br \/>\n<a href=\"http:\/\/www.thehindubusinessline.com\/economy\/policy\/lok-sabha-passes-insolvency-and-bankruptcy-codebill\/article8561440.ece\" target=\"_blank\">http:\/\/www.thehindubusinessline.com\/economy\/policy\/lok-sabha-passes-insolvency-and-bankruptcy-codebill\/article8561440.ece<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Question: When the Lok Sabha passed the Insolvency and Bankruptcy Code Bill 2016? (a) 6 May 2016 (b) 5 May 2016 (c) 1 April 2016 (d) 5 April 2016 Ans.(b) Related facts: The Lok Sabha passed the Insolvency and Bankruptcy Code Bill 2016 on May 2016. The law will ensure time-bound settlement of insolvency, enable [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":11407,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1139],"tags":[],"class_list":["post-11421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lj"],"_links":{"self":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/posts\/11421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/comments?post=11421"}],"version-history":[{"count":0,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/posts\/11421\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/media\/11407"}],"wp:attachment":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/media?parent=11421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/categories?post=11421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/tags?post=11421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}