A
2 only
B
Both 1 and 2
C
1 only
D
Neither 1 nor 2
Correct answer: (c) 1 only
Explanation
Statement 1 is correct because IBBI is a statutory authority established in 2016 under the IBC. Statement 2 is incorrect because IBBI regulates both the service providers (such as insolvency professionals) and the processes under the Insolvency and Bankruptcy Code.
Same topic · past papers
UPSC has asked this before
These previous-year questions sit on the same topic. Open one to practise the earlier ask.