Law · Insolvency and Bankruptcy Code (IBC)
After the approval of a resolution plan and a change in management under the Insolvency and Bankruptcy Code, the corporate debtor’s liability for offences committed prior to the commencement of the corporate insolvency resolution process:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Is suspended for a period of one year from the date of approval
- 2Transfers entirely to the new management of the corporate debtor
- 3Ceases, but the persons who were in charge of or responsible for those offences remain liable✓
- 4Continues without any change or relief
Correct answer
Ceases, but the persons who were in charge of or responsible for those offences remain liable
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