The Insolvency and Bankruptcy Code, 2016:

  1. envisages a regulatory framework in which the Bankruptcy Board regulates the functioning of insolvency professional agencies (IPAs), and the IPAs regulate the insolvency professionals (IPs)
  2. provides for time-bound (180 days) processes for insolvency resolution of companies and individuals

Which of the above statements is/are correct?

Answer: [C] Both 1 & 2

Both are correct statements

This question is a part of GKToday's Integrated IAS General Studies Module