Question : In India, according to the Insolvency and Bankruptcy Code, 2016, the process of insolvency resolution for companies should be completed in how many days?
Option 1: 180
Option 2: 150
Option 3: 170
Option 4: 120
Correct Answer: 180
Solution : The correct answer is 180.
According to the Insolvency and Bankruptcy Code, 2016, the Corporate Insolvency Resolution Procedure (CIRP) should ideally conclude within 180 days. However, if necessary, an extension of up to 90 days can be granted. In exceptional cases, the entire resolution process, including any extensions and time consumed in legal proceedings, should be completed within 330 days.
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