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The Insolvency and Bankruptcy Code, 2023 (IBC) provides a market mechanism for reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. It is one of the deepest economic reforms in India in recent years. Elucidating its importance, the Hon’ble Prime Minister in his address at the centenary celebrations of the Kirloskar Group on 6th January 2020 observed:
The Insolvency and Bankruptcy Board of India (IBBI) is a key pillar of the ecosystem responsible for the implementation of the IBC. It is responsible for the development and regulation of insolvency professionals and other service providers. It regulates various processes, namely, corporate insolvency resolution, corporate liquidation, a fresh start, individual insolvency resolution and individual bankruptcy. It acts as the ‘Authority’ for the regulation and development of the profession of valuers.
Objective:
To promote awareness and understanding of the IBC among various stakeholders (Indian citizens) across the country, the IBBI has launched this online Quiz in collaboration with MyGov.in.
Highlights of the Quiz:
- Start Date: 1 July 2023, 9:00 AM
- End Date: 31 July 2023, 11:45 PM
- No. of Questions: 20
- Time: 600 seconds
Benefits:
The best performer will be awarded a Gold Medal along with a cash prize of ₹ 1,00,000/- (One lakh rupees only). The second-best performer will be awarded a Silver Medal along with a cash prize of ₹ 50,000/- (Fifty thousand rupees only). The third best performer will be awarded a Bronze Medal along with a cash prize of ₹ 25,000/- (Twenty five thousand rupees only). The next ten best performers will be awarded consolation prizes of ₹ 10,000/- (Ten thousand rupees only) each. These prizes and medals are sponsored by BSE Investors Protection Fund, as part of its investor awareness initiatives. These prizes and medals will be given away at an appropriate function to be decided by the IBBI.
Besides that, top 10% of the participants in terms of performance shall be awarded a “Certificate of Merit”
