<<12345678910111213141516>> 1. When can a bank initiate a corporate insolvency resolution process in relation to a corporate debtor?On determination of default by National Company Law Tribunal.On net-worth of the debtor becoming negative.On the bank classified the account as Non-Performing Asset.Occurrence of default.Question 1 of 16 2. Can an interim resolution professional act as the resolution professional?Yes, if appointed by the committee of creditors with not less than 66% of the voting share of the creditors.Yes, if appointed by the committee of creditors with votes of not less than 66% of the number of creditors.Yes, if appointed at a meeting of the committee of creditors with a majority of the creditorsNo, as it involves conflict of interest.Question 2 of 16 3. An application against the decision of the liquidator rejecting the claim of a creditor may be made tothe Insolvency and Bankruptcy Board of India.the National Company Law Tribunal.the committee of creditors.the Debt Recovery Tribunal.Question 3 of 16 4. An application for bankruptcy can be withdrawn with the voting percentage of the .....75 % of Committee of Creditors..66 % of Committee of Creditors.90 % of Committee of Creditors51 % of Committee of Creditors.Question 4 of 16 5. Any person aggrieved by the order of the National Company Law Tribunal may make an appeal toDebt Recovery Tribunal.High Court.Supreme Court.National Company Law Appellate Tribunal.Question 5 of 16 6. The term of the office of Chairperson of the Insolvency and Bankruptcy Board of India is .....5 years or till she attains the age of 65 years, whichever is earlier.5 years3 years5 years or till she attains the age of 60 years, whichever is earlier.Question 6 of 16 7. Who makes regulations to be adopted by Insolvency Professional?Insolvency and Bankruptcy Board of IndiaMinistry of Corporate AffairsGoverning Board of the Insolvency Professional AgencyNational Company Law TribunalQuestion 7 of 16 8. What is the maximum default value for which the pre-pack framework is applicable to MSMEs?Rs. 5 croreRs. 2 croreRs. 1 croreRs. 10 croreQuestion 8 of 16 9. What is the timeframe given for the completion of the entire Pre-packaged Insolvency Resolution Process (PIRP)?60 days90 days120 days180 daysQuestion 9 of 16 10. In the Pre-packaged Insolvency Resolution Process (PIRP) framework, who initiates the process if the corporate debtor does not have any financial creditors?Resolution ProfessionalCommittee of CreditorsCorporate DebtorAdjudicating AuthorityQuestion 10 of 16 11. What percentage of creditors' vote is required to initiate the Pre-packaged Insolvency Resolution Process (PIRP) by financial creditors?50%60%66%75%Question 11 of 16 12. What happens if the resolution plan submitted by the Resolution Professional is not approved by the Committee of Creditors (CoC) within the specified timeframe?The resolution plan is automatically accepted.The resolution plan is referred to the Adjudicating Authority for approval.The Pre-packaged Insolvency Resolution Process (PIRP) is terminated.The resolution process is extended for another 60 days.Question 12 of 16 13. In the Insolvency and Bankruptcy Code (IBC), which forum serves as the Adjudicating Authority for dealing with insolvency cases related to individuals?National Company Law TribunalInsolvency and Bankruptcy Board of IndiaDebt Recovery TribunalIndian Bankruptcy AuthorityQuestion 13 of 16 14. What is the main objective of the Insolvency and Bankruptcy Code, 2016?To complicate the process of corporate bankruptcyTo prolong legal action for recovery by borrowersTo simplify and consolidate laws related to insolvency resolutionTo facilitate viable businesses going into liquidationQuestion 14 of 16 15. How is insolvency defined in the Insolvency and Bankruptcy Code?A situation where an individual or entity has more assets than liabilitiesA situation where an individual or entity is unable to pay debt obligationsA legal recognition of financial stabilityA process to prolong debt repayment obligationsQuestion 15 of 16 16. What is bankruptcy according to the Insolvency and Bankruptcy Code?A situation where an individual or entity's assets exceed its liabilitiesA legal recognition of financial stability beyond resolutionA process of reorganizing debt obligationsA situation where an individual or entity has been adjudged as unable to pay debtsQuestion 16 of 16 Loading...
