alleryStart learning →An approved plan under section 31(1) binds which government bodies as creditors?
AOnly the Centre
BCentre, State, local
COnly local bodies
DNo government body
Answer & Solution
Correct answer: B. Centre, State, local
The 2019 insertion in section 31(1) makes the plan binding on the Central Government, any State Government or local authority owed statutory dues.
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Which Code term means non-payment of debt that has become due and payable?The initiation date in section 5(11) is the day an application is what?How long is the insolvency resolution process period defined in section 5(14)?The insolvency commencement date is the date of what?The Centre may raise the minimum default under section 4 to at most how much?Besides the order, NCLT must issue what on liquidation under section 33(1)?A committee decision to liquidate under section 33(2) needs what share of voting?A plan's other legal approvals must be obtained within what time under section 31(4)?