Qus 1 : Who among the following cannot be a financial debtor?
A person who’s taken a loan
A personal guarantor
A person who has sold an invoice on a with-recourse basis
A person who has sold an invoice on a non-recourse basis
Qus 2 : With whom shall the management of affairs of the Corporate Debtor be vested during the period of the pre-packaged insolvency resolution process? Interim resolution professional
Board of Directors of the Corporate Debtor
Committee of Creditors
Resolution professional
Interim resolution professional
Qus 3 : A resolution professional shall file an application to the adjudicating authority to extend the period of fast track resolution beyond 90 days if instructed to do so by a resolution passed by a majority of not less than ______ per cent of the voting share of the financial creditors at a meeting of the committee of creditors.
75
66
90
Qus 4 : Who appoints the authorised representative for allottees who are owed dues by the Corporate Debtor undergoing the corporate insolvency resolution process?
Interim resolution professional of his own accord
Corporate Debtor
NCLT
The interim resolution professional appoints the authorised representative upon receiving the preference by way of the majority preference of allottees of the Corporate Debtor
Qus 5 : Is there a period that the Operational Creditor (OC) must wait before filing an application before the NCLT to initiate CIRP against a Corporate Debtor?
Yes, the OC must wait for 15 days after delivery of notice or invoice demanding payment of the unpaid amount by Corporate Debtor under section 8 of the IBC, 2016
No, the OC need not wait for any period prior to filing an application before the NCLT to initiate CIRP against a Corporate Debtor.
Yes, the OC must wait for 10 days after delivery of notice or invoice demanding payment of the unpaid amount by Corporate Debtor under section 8 of the IBC, 2016
Yes, the OC must wait for 60 days after delivery of notice or invoice demanding payment of the unpaid amount by Corporate Debtor under section 8 of the IBC, 2016
Qus 6 : Which among the following cannot initiate CIRP of the Corporate Debtor under the IBC, 2016?
Registrar of Companies
Operational Creditor of the Corporate Debtor
Corporate Debtor, themself
Financial Creditor of the Corporate Debtor
Qus 7 : Which of the following persons are not prohibited from submitting a resolution application under the IBC?
A wilful defaulter
A person released from prison 5 years prior to making such resolution application
A person not qualified to be a director under the Companies Act, 2013
An undischarged insolvent
Qus 8 : When can Payment Banks convert into Small Finance Banks under the RBI Regulations, if they are eligible to do so?
After 10 years of operations
After 5 years of operations
After 7 years of operations
After 3 years of operations
Qus 9 : During the pre-packaged insolvency resolution process period, the committee of creditors may by a vote of not less than _______ per cent of the voting share, resolve to vest the management of the corporate debtor with the resolution professional, and the resolution professional shall make an application to the NCLT for the same.
50
Qus 10 : After receiving notice in writing from the secured creditor, the time period within which the borrower must discharge in full his liabilities under section 13 of the SARFAESI Act, 2002 is __________
15 days
60 days
30 days
21 days
