The Insolvency and Bankruptcy Code, 2015 mandates:

  1. adjudicating authority to notify the debtor, within two days of the receipt of the application from creditor
  2. no civil court or authority to have jurisdiction over matters on the Debt Recovery Tribunal
  3. solution to the case within 180 days,  with one-time extension of up to 90 days under discretionary power of adjudicating authority

Which of the above statements is/are correct?

Answer: [A] Only 1 & 2

Third statement is incorrect because if three-fourths of the creditors decide that the case is complex and cannot be addressed within 180 days, then only, the adjudicator can grant a one-time extension of up to 90 days on the process.

This question is a part of GKToday's Integrated IAS General Studies Module