Qus 1 : 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
Resolution professional
Interim resolution professional
Committee of Creditors
Board of Directors of the Corporate Debtor
Qus 2 : The NCLT may allow the withdrawal of an application under _______ on an application made by the applicant with the approval of _________ per cent of the voting share of the committee of creditors.
Section 10; 90
Section 7; 75
Section 7 or section 9 or section 10; 90
Section 7 or section 9; 66
Qus 3 : What is the tenure of the interim resolution professional in a CIRP, where the interim resolution professional has not been appointed as the resolution professional by the committee of creditors?
For 7 days after the commencement of the insolvency resolution process
For the duration of the insolvency resolution process
Until the time the NCLT confirms the appointment of the resolution professional after receiving the confirmation from the IBBI
For 47 days after the commencement of the insolvency resolution process
Qus 4 : When does the Corporate Insolvency Resolution Process (CIRP) commence under the IBC, 2016?
Upon constitution of the Committee of Creditors of the Corporate Debtor;
When the defaults of a Corporate Debtor amount to the minimum limit prescribed under Section 4 of the IBC, 2016;
When the Adjudicating Authority admits an application made under section 7, 9 or 10 of the IBC, 2016.
When the Resolution Professional is appointed under section 22 of the IBC, 2016
Qus 5 : 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.
90
75
66
50
Qus 6 : Who amongst the following is not a related party under section 5(24) of the Insolvency and Bankruptcy Code, 2016?
Relative of a director of the corporate debtor
A partnership firm in which the relative of the director of the corporate debtor is a partner
An LLP that provides legal services on the instructions of the director of a corporate debtor
Relative of the director of a creditor of a corporate debtor
Qus 7 : When can Payment Banks convert into Small Finance Banks under the RBI Regulations, if they are eligible to do so?
After 5 years of operations
After 7 years of operations
After 10 years of operations
After 3 years of operations
Qus 8 : What is not a financial debt under the Insolvency and Bankruptcy Code, 2016?
An invoice sold on a non-recourse basis
Advance raised from an allottee in a real-estate project
A syndicate loan
An invoice sold on with recourse basis
Qus 9 : 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 10 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 60 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 15 days after delivery of notice or invoice demanding payment of the unpaid amount by Corporate Debtor under section 8 of the IBC, 2016
Qus 10 : Bank A and Bank B have given INR 5 crores and INR 7 crores, respectively, as secured loans with pari passu charge on the office premises worth INR 10 crores to the Corporate Debtor XYZ. The son of the promoter of XYZ had given loans amounting to INR 0.75 crores to XYZ 2 months prior to the initiation of CIRP of the Corporate Debtor XYZ to meet the expenses of the company. The Corporate Debtor owes 0.43 crores in unpaid dues to workmen and 0.3 crores in unpaid statutory employer contributions. Assuming the insolvency resolution process failed, and the sum available from the liquidation process is INR 8.49 crores. Based on the priority of claims, Bank A would receive:
INR 3.53 crore
INR 3.33 crore
INR 4.53 crore
INR 3.23 crore
