Qus 1 : 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 15 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 2 : Who among the following cannot be a financial debtor?
A personal guarantor
A person who’s taken a loan
A person who has sold an invoice on a non-recourse basis
A person who has sold an invoice on a with-recourse basis
Qus 3 : Company ABC entered into an arrangement with Bank XYZ wherein the Bank XYZ agreed to extend a credit facility with a maximum limit of INR 20,00,000/- to Company ABC. Under the arrangement, the Company ABC may draw bills of exchange on the bank as and when required throughout the term of the agreement, provided it does not exceed the maximum limit of the facility. Such bills are then sold on the discount market, and on maturity the Company ABC would reimburse the bank the full value of the bill, and the Bank XYZ would pay the holder of the bill. Identify the kind of transaction that is described above.
Acceptance Credit Facility
Indemnity
Corporate Guarantee
Sale of invoice on non-recourse basis
Qus 4 : Who appoints the authorised representative for allottees who are owed dues by the Corporate Debtor undergoing the corporate insolvency resolution process?
The interim resolution professional appoints the authorised representative upon receiving the preference by way of the majority preference of allottees of the Corporate Debtor
NCLT
Interim resolution professional of his own accord
Corporate Debtor
Qus 5 : Is the National Highway Authority of India (NHAI) a corporate person under Section 3(7) of the Insolvency and Bankruptcy Code, 2016?
Yes, as per Dharani Sugars and Chemicals Ltd. Vs. Union of India & Ors. [Transferred Case (Civil) No. 66 of 2018 in Transfer Petition (Civil) No. 1399 of 2018 with several Writ Petitions and Transferred Cases and an SLP]
No, as per Pioneer Urban Land and Infrastructure Limited and Anr. Vs. Union of India & Ors. [WP (C) No. 43/2019 and other petitions]
Yes, as per Manish Kumar Vs. Union of India & Ors. [WP(C) No. 26 of 2020 with 40 other writ petitions]
No, as per Hindustan Construction Company Ltd. Vs. Union of India & Ors. [WP Civil No. 1074 of 2019 with other Civil Appeals]
Qus 6 : 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
66
75
90
Qus 7 : When does the Corporate Insolvency Resolution Process (CIRP) commence under 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
When the defaults of a Corporate Debtor amount to the minimum limit prescribed under Section 4 of the IBC, 2016;
Upon constitution of the Committee of Creditors of the Corporate Debtor;
Qus 8 : 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.
Qus 9 : What is the minimum amount a corporate debtor must default on for a financial creditor to initiate an insolvency resolution process against the corporate debtor?
10 lakhs
1 lakh
100 lakhs
50 lakhs
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 __________
30 days
21 days
15 days
60 days
