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UPSC CSE Prelims Insolvency & Bankruptcy Code (IBC) Framework Flashcards

Master 8 insolvency & bankruptcy code (ibc) framework concepts for the UPSC CSE Prelims.

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Question

Consider the following statements regarding the Insolvency and Bankruptcy Code (IBC), 2016:

  1. It replaced the Sick Industrial Companies Act (SICA) and the Board for Industrial and Financial Reconstruction (BIFR).
  2. Its primary objective is to ensure the time-bound resolution of insolvency.

Which of the statements given above is/are correct?

Question

Complete the statement regarding the regulatory architecture of the IBC framework:

The acts as the primary regulator under the IBC. It is uniquely responsible for regulating and overseeing and Information Utilities, but it does not directly regulate the .

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