Insolvency Quiz

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

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

Acceptance Credit Facility

Indemnity

Corporate Guarantee

Sale of invoice on non-recourse basis

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

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]

50

66

75

90

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;

75

90

66

75

10 lakhs

1 lakh

100 lakhs

50 lakhs

30 days

21 days

15 days

60 days