Under the Insolvency and Bankruptcy Code (IBC) in India, the Insolvency and Bankruptcy Board of India (IBBI) handles cases using which of the following forums?

Introduction / Context:
The Insolvency and Bankruptcy Code (IBC) is a major reform in India that provides a unified process for resolving insolvency and bankruptcy for companies, limited liability partnerships and individuals. The Insolvency and Bankruptcy Board of India (IBBI) is the regulator that oversees insolvency professionals and related processes. However, the actual adjudication of cases happens through specific tribunals. This question checks whether candidates know which forums are used for handling insolvency cases under the IBC framework.

Given Data / Assumptions:
- The focus is on the tribunals used under the Insolvency and Bankruptcy Code in India.
- The question links these forums to the work of the IBBI and the insolvency process.
- Options include the National Company Law Tribunal (NCLT), Debt Recovery Tribunal (DRT), Securities Appellate Tribunal (SAT) and a combined option of only a and b.
- Standard knowledge of IBC structure and adjudicating authorities is assumed.

Concept / Approach:
Under the Insolvency and Bankruptcy Code, corporate insolvency resolution processes for companies and limited liability partnerships are handled by the National Company Law Tribunal (NCLT). Insolvency and bankruptcy cases relating to individuals and partnership firms are handled by the Debt Recovery Tribunal (DRT). The Securities Appellate Tribunal (SAT) is not an IBC adjudicating authority; it deals mainly with appeals against orders passed by the Securities and Exchange Board of India (SEBI) or related to securities laws. Therefore, the correct combination of forums used under the IBC is NCLT and DRT only.

Step-by-Step Solution:
Step 1: Recall that corporate insolvency cases under the IBC go to the National Company Law Tribunal.
Step 2: Remember that individual and partnership insolvency cases go to the Debt Recovery Tribunal.
Step 3: Recognise that the Securities Appellate Tribunal deals with securities law and not directly with IBC resolution processes.
Step 4: Match this understanding with the options and see that NCLT and DRT are the relevant forums.
Step 5: Select the option “Only a and b” which includes NCLT and DRT but excludes SAT.

Verification / Alternative check:
Standard summaries of the IBC always explain that NCLT acts as the adjudicating authority for corporate persons, while DRT acts as the adjudicating authority for individuals and partnership firms. These points are usually presented in a simple table in exam guides. SAT appears in separate sections covering capital markets and SEBI related matters. Recalling these basic structures confirms that only NCLT and DRT are the correct tribunals in the context of the Insolvency and Bankruptcy Code.

Why Other Options Are Wrong:
- National Company Law Tribunal (NCLT) alone: While NCLT is correct, mentioning it alone ignores the role of DRT for non corporate persons, so it is incomplete.
- Debt Recovery Tribunal (DRT) alone: This would ignore the crucial role of NCLT in corporate insolvency cases, so it is also incomplete.
- Securities Appellate Tribunal (SAT): Not an IBC adjudicating authority. It handles appeals related to securities laws and SEBI orders, so including it with IBC forums would be incorrect.

Common Pitfalls:
The main confusion arises because students encounter several specialised tribunals during their preparation, such as NCLT, DRT, SAT and others. Some may wrongly think that SAT is involved in all financial sector disputes. To avoid such mix ups, learners should link each tribunal with its primary area: NCLT with companies law and corporate insolvency, DRT with recovery and insolvency for individuals and firms, and SAT with securities and SEBI matters. Creating a small chart matching tribunals to subject areas will significantly reduce these errors in the exam hall.

Final Answer:
Under the Insolvency and Bankruptcy Code, the correct forums used are the National Company Law Tribunal (NCLT) and the Debt Recovery Tribunal (DRT), so the correct option is only a and b.