Current Affairs · Insolvency and Bankruptcy Framework
The Insolvency and Bankruptcy Code (IBC) framework handles corporate distress resolution and asset recovery in India. Which of the following statements regarding the statutory mechanisms of the IBC is/are correct? 1. The corporate insolvency resolution process (CIRP) must mandatorily be completed within a maximum legal timeframe of 180 days with no extensions. 2. Resolution professionals and creditors can approach the NCLT to claw back assets in cases of undervalued, preferential, or fraudulent transactions. 3. Personal guarantors of corporate debtors can be brought under insolvency proceedings alongside the principal corporate debtor.
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