Q5 · UPSC current affairs · 2 October 2026 · PIB · Insolvency and Bankruptcy Code IBBI 10th Anniversary

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English हिंदी

Consider the following statements regarding the Insolvency and Bankruptcy Board of India (IBBI):1.It functions as a statutory authority established in 2016.2.It exclusively regulates corporate debtors and does not regulate insolvency professionals or service providers.Which of the statements given above is/are correct?

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.

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