Union Cabinet’s Key Decisions on 17th July

Current Affairs: The Cabinet meeting took place on 17th July 2019 under the chairmanship of Prime Minister has cleared important amendments and bills

• Amendment in the Companies Act, 2013 was approved by the Cabinet. The proposed amendments are done for de-clogging of National Company Law Tribunal and Special Courts and further promotion of ease of doing business
• Amendments to The Insolvency and Bankruptcy Code (IBC) was approved. This includes 330 days deadline for corporate resolution process and 7 other amendments. Currently, IBC allows a maximum of 270 days for clearing a resolution plan (180 days and extended 90 days if a majority of the creditors agree)
• The cabinet extended 15th Finance Commission term till 30th November 2019
• The cabinet approved Rs 1600 crore for the Dibang Multipurpose Project in Arunachal Pradesh. This is a hydro-electric project and focuses on flood moderation
• Doubling of New Bongaigaon-Agthori Railway line in Assam and new railway line for Dohrighat- Sahjanwa and between Allahabad and Pt. Deen Dayal Upadhyaya Junction in U.P. are approved
• A bill to amend the National Institutes of Design (NID) Act, 2014 was approved to include 4 new centres as institutions of national importance. The 4 centres are Amravati, Bhopal, Jorhat, and Kurukshetra
• National Exit Test (NEXT) for entrance into postgraduate medical courses and a screening test for foreign medical graduates is approved to unify all entrance exams for Medical courses

Question: 

Q.1 What is the maximum duration of time for the completion of the resolution process for corporates, allowed under the Insolvency and Bankruptcy Code (IBC)? 
a. 330 days
b. 270 days
c. 250 days
d. 100 days