Practice 2 Insolvency Law multiple-choice questions with detailed answers and explanations. Ideal for RAS/RPSC exam preparation.
Q1. The Insolvency and Bankruptcy Code (IBC) was originally enacted in which year, and what was its original target timeline for corporate insolvency resolution?
Explanation
IBC was enacted in 2016 with a target corporate insolvency resolution timeline of 270 days. In practice, many cases have taken over 600 days, prompting the 2025 amendments.
Q2. The IBC Amendment Bill 2025 Select Committee report proposes cross-border insolvency provisions aligned with which international model law?
Explanation
The IBC Amendment Bill 2025 aligns cross-border insolvency provisions with the UNCITRAL Model Law on Cross-Border Insolvency, facilitating mutual recognition of foreign insolvency proceedings — making India more FDI-friendly.
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