As per the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018, which of the following is true? I. Home Buyers Recognized as Financial Creditors. II. Extension of the application of the Code to personal guarantors of Corporate Debtors and Proprietorship firms III. A person shall be eligible to submit a resolution plan, if such person is an undischarged insolvent. IV. A resolution applicant cannot withdraw a resolution application, from the National Company Law Tribunal (NCLT), after such process has been initiated.

Option A: I and II

Option B: I, III and IV

Option C: I, II and IV

Option D: All of the above

Correct Answer

Option: a

Explanation

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. The Ordinance amends the Insolvency and Bankruptcy Code, 2016 to clarify that allottees under a real estate project should be treated as financial creditors.

Sample Mock Tests for Practice

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