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IBBI launched a National Online Quiz on the Code - 1st to 31st July 2020

The Insolvency and Bankruptcy Code, 2016 (Code) provides for reorganization and insolvency resolution of persons - corporates, limited liability partnerships, proprietorship and partnership firms, and individuals - in stress, 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.

1. It is one of the deepest economic reforms of India in the recent years. The Insolvency and Bankruptcy Board of India (IBBI) established under the Code is a regulator having specific statutory duties.
2. The provisions relating to corporate insolvency (resolution process, liquidation process and voluntary liquidation process), and individual insolvency dealing with resolution process and bankruptcy process of personal guarantors to corporate debtors are currently in force. 

The provisions relating to individual insolvency dealing with fresh start process, proprietorship and partnership firms and other individuals are expected to be implemented in phases. 

Note: One needs to have a basic idea about the objectives of and processes under the Code to enable her to use it to her advantage, should a need arise.

3. With a view to promote awareness and understanding of the Code among stakeholders, the IBBI launched a National Online Quiz on the Code very recently, in collaboration with the Government of India’s citizen engagement portal, 

The Quiz is open on for a period of one month from 1st July, 2020 to 31st July, 2020. One can take the quiz from anywhere, on any mobile / computer, anytime. 

The best performers will be awarded medals and cash prizes, while top 10% participants will be issued a Certificate of Merit. 

The details are available in brochure available at the weblink

4. You can participate and also encourage everyone around you to participate in the quiz. Should you need any clarification, you  may please to send a mail at or

Hope this info helped you to participate on National Online Quiz on the Code, from IBBI.