Section 2 of ibc

Whether ibc applicable on foreign company also. (Foreign company as per companies Act)

No, IBC is not applicable on foreign company. IBC provides two provisions that assist in cross-border insolvency disputes i.e. Section 234 and Section 235. Section 234 of the IBC empowers the Central Government to enter into bilateral agreements with foreign jurisdiction in order to resolve the issues of cross-border insolvency.

Answer given by Shubhamm Sir at 13-Apr-2023 07:23 PM