Law · Insolvency and Bankruptcy Code
Consider the following statements regarding the Insolvency and Bankruptcy Code (IBC) 2016: 1. The Corporate Insolvency Resolution Process (CIRP) must be completed within a mandatory period of 180 days from admission, subject to extensions. 2. During the moratorium period under Section 14, no fresh suits can be instituted or pending legal proceedings continued against the corporate debtor. 3. All decisions of the Committee of Creditors must be taken by a vote of not less than 51 percent, except for certain critical decisions requiring 66 percent. 4. The IBC overrides the provisions of the Recovery of Debts and Bankruptcy Act 1993 in case of any inconsistency. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1All 1, 2, 3, and 4✓
- 2Only Statement 2
- 3Statements 1, 2, and 3
- 4Statements 1, 2, and 4
Correct answer
All 1, 2, 3, and 4
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