Economics · Insolvency and Bankruptcy Code
Consider the following statements regarding the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016: 1. The CIRP must generally be completed within 180 days, with a maximum mandatory outer limit of 330 days including legal proceedings. 2. The Committee of Creditors (CoC) must approve a resolution plan by a vote of at least 66% of the voting share. 3. A moratorium is imposed during the CIRP period, restricting legal suits against the corporate debtor. 4. If the CIRP fails to resolve insolvency within the timeline, liquidation proceedings are initiated. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11, 2, 3 and 4
- 21, 3 and 4 only✓
- 32 and 4 only
- 41 and 3 only
Correct answer
1, 3 and 4 only
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