Qus 1 : 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.
Sale of invoice on non-recourse basis
Corporate Guarantee
Indemnity
Acceptance Credit Facility
Qus 2 : 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?
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 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 3 : Is the National Highway Authority of India (NHAI) a corporate person under Section 3(7) of the Insolvency and Bankruptcy Code, 2016?
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]
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 Hindustan Construction Company Ltd. Vs. Union of India & Ors. [WP Civil No. 1074 of 2019 with other Civil Appeals]
Qus 4 : Who amongst the following is not a related party under section 5(24) of the Insolvency and Bankruptcy Code, 2016?
A partnership firm in which the relative of the director of the corporate debtor is a partner
Relative of a director of the corporate debtor
Relative of the director of a creditor of a corporate debtor
An LLP that provides legal services on the instructions of the director of a corporate debtor
Qus 5 : 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?
100 allottees or 10% of the total allottees of the same real-estate project, whichever is less;
100 allottees of any real-estate project being promoted by the real-estate developer;
No minimum number of allottees is prescribed under section 7 of the Insolvency and Bankruptcy Code, 2016.
10 allottees or 10% of the total allottees of any real estate project promoted by the real-estate developer, whichever is less;
Qus 6 : Which of the following persons are not prohibited from submitting a resolution application under the IBC?
A person released from prison 5 years prior to making such resolution application
An undischarged insolvent
A person not qualified to be a director under the Companies Act, 2013
A wilful defaulter
Qus 7 : 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.
66
90
75
50
Qus 8 : 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
Until the time the NCLT confirms the appointment of the resolution professional after receiving the confirmation from the IBBI
For 7 days after the commencement of the insolvency resolution process
For 47 days after the commencement of the insolvency resolution process
Qus 9 : When does the Corporate Insolvency Resolution Process (CIRP) commence under 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;
When the Adjudicating Authority admits an application made under section 7, 9 or 10 of the IBC, 2016.
Upon constitution of the Committee of Creditors of the Corporate Debtor;
Qus 10 : 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
Committee of Creditors
Interim resolution professional
Board of Directors of the Corporate Debtor
