Qus 1 : 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
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
Corporate Debtor
Qus 2 : 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 3.23 crore
INR 3.33 crore
INR 4.53 crore
INR 3.53 crore
Qus 3 : What is the minimum number of allottees that must jointly file an application to initiate an insolvency resolution process against a defaulting real-estate developer under section 7 of the Insolvency and Bankruptcy Code, 2016?
No minimum number of allottees is prescribed under section 7 of the Insolvency and Bankruptcy Code, 2016.
100 allottees or 10% of the total allottees of the same real-estate project, whichever is less;
10 allottees or 10% of the total allottees of any real estate project promoted by the real-estate developer, whichever is less;
100 allottees of any real-estate project being promoted by the real-estate developer;
Qus 4 : Who among the following cannot be a financial debtor?
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
A personal guarantor
Qus 5 : What is not a financial debt under the Insolvency and Bankruptcy Code, 2016?
An invoice sold on with recourse basis
Advance raised from an allottee in a real-estate project
An invoice sold on a non-recourse basis
A syndicate loan
Qus 6 : 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 the duration of the insolvency resolution process
For 7 days after the commencement 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 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 defaults of a Corporate Debtor amount to the minimum limit prescribed under Section 4 of the IBC, 2016;
When the Resolution Professional is appointed under section 22 of the IBC, 2016
Upon constitution of the Committee of Creditors of the Corporate Debtor;
Qus 8 : 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
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
A partnership firm in which the relative of the director of the corporate debtor is a partner
Qus 9 : 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 7 years of operations
After 5 years of operations
After 3 years of operations
Qus 10 : 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?
1 lakh
100 lakhs
10 lakhs
50 lakhs
