WorksheetsIBC LIE - 1
Total questions: 10
Worksheet time: 5mins
Can an Adjudicating Authority order the liquidation of a corporate debtor before The expiry of the insolvency resolution process period:
No, an Adjudicating Authority cannot order the liquidation of a corporate debtor before the expiry of the insolvency resolution process period
As per the discretion of the Adjudicating Authority
Yes, if the Adjudicating Authority rejects the resolution plan
Yes, if the interim resolution professional does not constitute Committee of Creditors
Q.2. Who is the Adjudicating Authority for dealing with the liquidation matter of corpora Persons:
National Company Law Tribunal
Insolvency and Bankruptcy Board of India
Company Law Board
Delhi High Court
Who is the Adjudicating Authority for dealing with the liquidation matter of a Limited Liability partnership:
Insolvency and Bankruptcy Board of India
National Company Law Tribunal
Delhi High Court
Company Law Board
Can an Adjudicating Authority order the liquidation of a corporate debtor even After approving the resolution plan:
Yes, if the resolution plan is contravened
The Adjudicating Authority may order the liquidation of a corporate debtor even after approving the resolution plan on receiving an application from a third party who is unaffected by such liquidation
Yes, the Adjudicating Authority may order for the liquidation of a corporate debtor if the committee of creditor does not approve the resolution plan after its approval by the Adjudicating Authority
No, the Adjudicating Authority cannot order the liquidation of a corporate debtor after approving the resolution plan
What are the actions consequent upon the passing of the liquidation order by the Adjudicating Authority:
Public Announcement
Intimation to the authority with which corporate debtor is registered
Public Announcement and Intimation to the authority with which corporate debtor is registered
Public Announcement and Intimation to the Regional Director
Under which of the following condition can an Adjudicating Authority order the Liquidation of corporate debtor:
When the committee of creditors of corporate debtor decides to liquidate after the confirmation of resolution plan
When half of the committee of creditors of corporate debtor decides to liquidate before the confirmation of resolution plan
When half of the committee of creditors of corporate debtor decides to liquidate after the confirmation of resolution plan
When the committee of creditors of corporate debtor decides to liquidate before the confirmation of resolution plan
Whether any legal proceeding can be initiated by or against the corporate debtor after the passing of liquidation order by the Adjudicating Authority:
No, the legal proceedings cannot be initiated by the liquidator on behalf of the corporate debtor after the passing of a liquidation order by the Adjudicating Authority.
Yes, the legal proceeding can be initiated by the liquidator on behalf of the corporate debtor without prior approval of any authority
Yes, the legal proceeding can be initiated by the liquidator on behalf of the corporate debtor with prior approval of the Adjudicating Authority
Yes, the legal proceeding can be initiated by the liquidator on behalf of the corporate debtor subject to approval by the Committee of creditors
What is the nature of liquidation order?
Deemed to be a notice of discharge to the officers of the corporate debtor
Deemed to be a notice of discharge to the financial creditor
Deemed to be a notice of discharge to the officers and workmen of the corporate debtor
Deemed to be a notice of discharge to the officers, employees and workmen of the corporate debtor
Upon appointment of liquidator in a company, whose power shall be vested in the hands of the liquidator?
Power of Executive Directors of the corporate debtor
Power of Executive Directors and Independent Directors of the corporate debtor
Power of Board of directors, Key Managerial Personnel and the partners of the corporate debtor
Power of only Board of Directors of the corporate debtor
Under which situation can an Adjudicating Authority replace the resolution professional from getting appointed as liquidator?
When a resolution plan has failed to meet the requirements and has been rejected by the Adjudicating Authority
When resolution plan is not approved by the committee of creditors of the corporate debtor
When Board of the corporate debtor recommends the replacement after approval of resolution plan by Adjudicating Authority
When IBBI recommends replacement without any reason to be recorded in writing
