The Insolvency and Bankruptcy Board of India (IBBI) was established in the year
- A.2014
- B.2015
- C.2016
- D.2017
Correct answer
Explanation
The correct answer is C, 2016. The Insolvency and Bankruptcy Board of India was set up on 1 October 2016 under the Insolvency and Bankruptcy Code, 2016. Parliament passed the Code in May 2016 to replace a tangle of older laws with one time-bound process for resolving the insolvency of companies, partnership firms and individuals. The Board is the regulator of this process: it registers and oversees insolvency professionals, insolvency professional agencies and information utilities, and it frames the regulations under the Code. Cases of companies are heard by the National Company Law Tribunal, and those of individuals by the Debts Recovery Tribunal. The Code first set a limit of 180 days, extendable by 90, for a resolution, later capped at 330 days including litigation. Option A is wrong because in 2014 neither the Code nor the Board existed; the Bankruptcy Law Reforms Committee was formed only in 2014 to draft it. Option B is wrong because the Code was introduced in Parliament in December 2015 but not yet passed. Option D is wrong because by 2017 the Board was already working. Exam tip: IBC 2016, IBBI from 1 October 2016; companies go to the NCLT, individuals to the DRT.
Practice Questions
View allConsider the following statements : 1. An additional spending by the Government of ₹ X is likely to have less impact on income than an additional transfer of ₹ X to households. 2. An additional spending by the Government of ₹ X is likely to have less impact on income if it is not accompanied by an expansion in money supply. Which of the statements given above is/are correct ?
- A.1 only
- B.2 only
- C.Both 1 and 2
- D.Neither 1 nor 2
Show answer
Government spending adds to income more than an equal transfer, and its effect is smaller when money supply is not expanded alongside it.
Read the full explanation →Which one of the following central features is not associated with Capitalist Economy?
- A.There is generalised commodity production - it has market value.
- B.Productive wealth is held predominantly in private hands.
- C.Economic life is organised according to market principles.
- D.Economic organisation is based on planning, a supposedly rational process of resource allocation.
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Allocation of resources through central planning is the mark of a socialist or command economy, not a capitalist one. In a capitalist economy, the means of production such as land, factories and capital are owned mainly by private individuals and firms.
Read the full explanation →Consider the following statements:
I. The Second Five-Year Plan sought to promote development which would establish socialistic pattern of society in India.
II. Between 1966 and 1969, three Annual Plans were formulated.
III. The Ninth Five-Year Plan could not take off at its stipulated time in the 60th year of India's Independence.
Which of the statements given above are correct?
- A.I and II only
- B.I and III only
- C.II and III only
- D.I, II and III
Show answer
Statements I and II are true, but the Ninth Plan began in 1997, the fiftieth year of Independence, not the sixtieth.
Read the full explanation →According to the National Multi-dimensional Poverty Index (MPI) constructed by the NITI Aayog, a household is considered deprived if 1. a single member of the household is identified as under-nourished 2. the body mass index of a woman member, between 15 years and 49 years of age, is below 18.5 kg/m2 Select the correct answer using the code given below.
- A.1 only
- B.2 only
- C.Both 1 and 2
- D.Neither 1 nor 2
Show answer
Under the nutrition indicator, a household is deprived if any one eligible member is undernourished, and a woman of 15 to 49 with a BMI below 18.5 counts as undernourished.
Read the full explanation →Which one of the following canons of taxation was not advocated by Adam Smith?
- A.Canon of equality
- B.Canon of certainty
- C.Canon of convenience
- D.Canon of fiscal adequacy
Show answer
Adam Smith laid down four canons of taxation, and fiscal adequacy was not one of them; it was added by later economists.
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