The Insolvency and Bankruptcy Code, 2015 mandates:
- adjudicating authority to notify the debtor, within two days of the receipt of the application from creditor
- no civil court or authority to have jurisdiction over matters on the Debt Recovery Tribunal
- 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?
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