Current Affairs · Bills and Acts
Regarding the Insolvency and Bankruptcy Code (Amendment) Bill introduced in Lok Sabha in August 2025, consider the following statements: 1. The Bill aims to introduce a creditor-initiated insolvency resolution process (CIIRP) with out-of-court initiation for faster resolutions. 2. The bill mandates that an insolvency application by a financial creditor must be admitted if default and procedural compliances are proven. 3. The bill repeals the group insolvency framework and cross-border insolvency provisions introduced in 2021. Which of the following statements is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both 2 and 3
- 2Only 3
- 3Both 1 and 2✓
- 4Only 1
Correct answer
Both 1 and 2
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