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WorksheetsIBC 2016 (2)
Total questions: 10
Worksheet time: 10mins
Who are considered corporate persons under the provisions of IBC:
Companies and Limited Liability Partnerships.
Companies and Unlimited Liability Partnership firms.
Companies, Limited Liability Partnerships and Trusts.
Companies, Unlimited Liability Partnership firms and Societies.
Which of the following is not a financial service:
Accepting of deposits
Effecting contracts of insurance
Payment of wages to employees
Establishing or operating an investment scheme
Who is the Regulator under IBC:
Reserve Bank of India.
INSOL India.
Insolvency and Bankruptcy Board of India
Indian Board for Insolvency and Bankruptcy.
Which among the following is not entitled to initiate CIRP:
A corporate debtor in respect of whom a liquidation order has been made.
A corporate debtor that has not gone through a corporate insolvency resolution process.
A financial creditor.
An operational creditor.
What is insolvency commencement date:
The date on which a financial creditor, corporate applicant or operational creditor makes an application to the Adjudicating Authority for initiating corporate insolvency resolution process.
The date of admission of an application by a financial creditor, corporate applicant or operational creditor for initiating corporate insolvency resolution process by the Adjudicating Authority.
The date on which a financial creditor, corporate applicant or operational creditor realizes the insolvent status of the corporate debtor.
The date on which the corporate debtor is unable to pay its debts to the creditors.
Who shall receive the notice of meeting of committee of creditors:
Only the members of committee of creditors.
Members of committee of creditors, members of suspended Board of Directors and operational creditors in case their aggregate dues is not less than ten percent of debt.
Members of the committee of creditors, operational creditors in case their aggregate dues is not less than ten percent of debt and special invitees
Members of the committee of creditors and special invitees.
What is the time limit within which the first meeting of committee of creditors should be held:
Within 10 days of constitution of committee.
Within 14 days of constitution of committee
Within 7 days of constitution of committee.
As per the discretion of the committee.
Which of the following is not a related party in relation to corporate debtor:
A director or partner of the corporate debtor.
A key managerial personnel of the corporate debtor.
Any person or entity that is materially related to the company
Relatives of a director or partner or key managerial personnel of the corporate debtor.
What is the time limit for an operational creditor to initiate insolvency resolution process from the date of delivering of notice or invoice demanding payment:
7 days
10 days
14 days
12 days
Who shall determine the amount of claim due to a creditor:
Committee of creditors.
Resolution professional
Adjudicating Authority.
Corporate debtor.
