1. Section – I Introduction & Corporate Insolvency Resolution Process(CIRP) under Insolvency and Bankruptcy Code, 2016.
2. Section – II IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
3. Section -III Adjudicating Authority for Corporate Persons
4. Section – IV Offences and Penalties

Question No.1: MCQ for Pre Test- Corporate Restructuring, Valuation and Insolvency 

Which of the given statement is incorrect in respect of “Corporate Applicant” means?

• Corporate Debtor, or
• An individual who is in charge of managing the operations and resources of the corporate debtor, or
• A person in favour of whom security interest is created or
• A person who has the control and supervision over the financial affairs of the corporate debtor

Question No.2

Bankruptcy Law Reforms Committee (BLRC) was set up under the Chairmanship of Shri______

• J J Irani
• TK Viswanathan
• N L Mitra
• V B Eradi

Question No.3: MCQ for Pre Test- Corporate Restructuring, Valuation and Insolvency 

_________ is an offer to the shareholders of a company, who are not promoters of the company or the sellers of the shares under an agreement, to buy their shares in the company at the offered price within the stipulated period of time.

• Friendly takeover
• Hostile takeover
• Buy-back
• Takeover bid

Question No.4

An appeal by aggrieved party against the order refusing any circular under sub-section 238 of the Companies act, 2013 shall be supported with_____ in the Form No. NCLT.6

• Statement by or on behalf of the transferee company
• Circular
• Offer of scheme
• Affidavit

Question No.6

As per Section 24(3) of the IBC (Code), the resolution professional shall give notice of each meeting of the committee of creditors to operational creditors or their representatives if the amount of their aggregate dues is_____ of the debt.

• not less than ten percent
• not more than ten percent
• not less than twenty percent
• not more than twenty percent

Question No.7

Where the Chairperson of the meeting files the report of the meeting called under section 230 of the Companies Act, 2013, the Company shall present the petition to the Tribunal (NCLT) in Form No.______ for the sanction of the scheme

• CAA-4
• CAA-5
• NCLT-3
• NCLT-4

Question No.8

______________ is an investment strategy of using borrowed money, specifically, the use of various financial instruments or borrowed capital to increase the potential return of an investment.

• Rehabilitation finance
• Leverage
• Depository receipt
• Funding through Swaps

Question No.9

Under Section 94 a debtor shall not be eligible to apply for insolvency resolution process if an application regarding insolvency resolution process has been admitted in respect of the debtor during the period of _________the date of submission of the application under this Section

• Six months preceding
• Thirty six months preceding
• Three months preceding
• Twelve months preceding

Question No.10

Which one of the following is not a common reason for voluntary liquidation of companies?

• Not carrying business operations
• Commercially unviable
• Mismanagement
• Running into losses

Question No.11

The_______ is designed to assist States to equip their insolvency laws with a modern legal framework to more effectively address cross-border insolvency proceedings concerning debtors experience severe financial distress or insolvency

• United States Bankruptcy Code
• Insolvency and Bankruptcy Code, 2016 (India)
• United Nations Commission on International Trade Model Law
• Bankruptcy Act, 1966 (Australia)

Question No.12

In case of listed company, public announcement of buy-back shall be made within________

• 10 working days from the date of Board/shareholder’s resolution
• 2 working days from the date of Board/shareholder’s resolution
• 15 working days from the date of Board/shareholder’s resolution
• 30 working days from the date of Board/shareholder’s resolution

Question No.13

_______is a meaningful analysis of the collected information to arrive at some decision about the potential transaction. It is integral to business It is exercised in a simple over-the-counter transaction or a complicated merger and acquisition transaction.

• Future projection
• Due diligence
• Planning
• Budgeting

Question No.14

Debt restructuring mechanisms such as Framework for Revitalizing Distressed Assests, Corporate Debt Restructuring Scheme (CDR) and the Joint Lenders’ Forum (JLF) Framed by______ has been withdrawn vide a circular dated 12 February 2018.

• SBI
• IBBI
• RBI
• SEBI

Question No.15

The Law of Insolvency in India owes its origin to_________

• German’s Law
• Australia’s Law
• USA’s Law
• English Law

Question No.16

According to section 281(1), where the tribunal has made a winding up order or appointed a Company liquidator, such liquidator shall,_______ from the order, submit to the tribunal, a report containing the particulars, like, the nature and details of the assets of the company, amount of capital issued, subscribed and paid-up, guarantees etc.

• within thirty days
• within sixty days
• within ninety days
• within one eighty days

Question No.17

Where a scheme of compromise or arrangement is proposed, the Tribunal (NCLT) may order a meeting of_______

• Board of Directors
• Creditors or members or any class of them
• Shareholders and company
• Debtors or any class of them

Question No.18

The authorized representative shall circulate the minutes of the meeting received by the resolution professional to creditors in a class and announce the voting window_______ before the window opens for voting instructions and keep the voting window open for at least twelve hours.

• At least twenty-four hours
• At least forty-eight hours
• At least Ninety-six hours
• At least Seventy-two hours

Question No.19

______________ is not termed as capital assets as per Section 2(14) of the Income Tax Act, 191

• Property of any kind held by an assessee, connected with his business or profession
• Property of any kind held by an assessee, not connected with his business or profession
• Any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under SEBI Act, 1992
• Stock in trade

Question No.20

Which one is not a part of an External restructuring?

• Restructuring through acquisition of controlling stake
• Restructuring through mergers
• Restructuring through conversion of debt of the corporate debtor into securities of the Corporate debtor
• Restructuring through creation of new departments to serve growing markets or downsizing departments to conserve overheads

Question No.21

An application for merger and amalgamation shall be filed with NCLT by_________

• Only Transferor Company
• Only Transferee Company
• Both Transferor and Transferee Company
• By only target company

Question No.22

The Insolvency and Bankruptcy Code, 2016 is drafted by the_______

• Raghuram Rajan committee
• Bankruptcy Law Reforms committee
• Financial Sector Legislative Reforms Commission
• J J Irani Committee

Question No.23

_________ Merger involves firm engaged in unrelated types of activities.

• Vertical
• Horizontal
• Conglomerate
• Demerger

Question No.24

The Competition Act provides for a deemed clearance if the Competition Commission of India (CCI) does not pass an order_______ from the date of notification.

• Within 180 days
• Within 200 days
• Within 210 days
• Within 365 days

Question No.25

Section 54A of the Insolvency and Bankruptcy Code, 2016, lays down the provisions of a pre-packaged insolvency resolution process MSME’ Threshold Cap in Turnover for Small Enterprise is_____

• 1 crore
• 10 crore
• 50 crore
• 250 crores

Question No.26

Which of the following shall supervise the implementation of the scheme of compromise arrangement after it is sanctioned by the Tribunal?

• Central Government
• Creditors or members or any class of them
• Official Liquidator
• NCLT

Question No.27

Valuation involves financial modeling, in case of merger/ amalgamation, calculating the______ is at the core of the valuation process

• Debt-equity ratio
• Swap Ratio
• EBIT
• Earnings per share

Question No.28

If the Current dividend is Rs. 20, share price is Rs. 150 and annual dividend growth rate is 10 Percent per annum. Calculate the rate of return as per Gordon growth model.

• 14.67 Percent
• 26.67 Percent
• 13.33 Percent
• 10 Percent

Question No.29

Faimess opinion issued by_______ on the scheme of amalgamation shall be filed along with scheme of amalgamation.

• Bankers
• Auditors
• Merchant Banker
• Directors

Question No. 30

Who may order for amalgamation of Companies under section 237 of the Companies Act, 2013, if it is satisfied that such amalgamation is in public interest?

• Registrar of Companies
• NCLT
• Central Government
• Competition Commission of India

Question No.31

_________ gives the holder the right to buy the shares at a predetermined period of time and at a predetermined price under which the price of the underlying stock is expected to rise.

• Derivative
• Call option
• Put-option
• Future contact

Question No.32

As per rule 25 of the Companies (Companies, Arrangements and Amalgamations) Rules, 2016, the notice of the meeting to file members and creditors under section 233 of the Company Act, 2013 shall be accompanied by declaration of solvency in_______

• Form No. CAA 10
• Form No. CAA 11
• Form No. CCA 9
• Form No. CAA 12

Question No.33

Return of buy-back of a listed company shall be filed with_______ within________ days of such completion.

• Registrar, Thirty
• SEBI, Thirty
• Registrar and SEBI; Thirty
• Registrar and SEBI; Fifteen

Question No.34

Section 53 Insolvency and Bankruptcy Code, 2016 deals with distribution of assets in liquidation. In case of liquidation, which one is the correct order for distributing the assets?

• • Fees of insolvency professional
  • Employee wages,
  • Workmen’s dues for preceding 24 months and security creditors.
  • Unsecured creditors

• • Fees of insolvency professional
  • Workmen’s dues for preceding 24 months and security creditors.
  • Shareholders
  • Unsecured creditors

• • Fees of insolvency professional
  • Workmen’s dues for preceding 24 months and security creditors.
  • Employee wages
  • Unsecured creditors

• • Fees of insolvency professional
  • Workmen’s dues for preceding 24 months and security creditors.
  • Shareholders
  • Governments dues

Question No.35

What type of body is Competition Commission of India (CCI)?

• Administrative body
• Judicial body
• Quasi-judicial body
• Tribunal

Question No. 36

Appointment of _________ is mandatory for monitoring the compliance of the securities laws and for redressal of investors grievances in case of IPO by issuer company.

• Merchant Banker
• Registrar to issue
• Underwriters to the issue
• Compliance Officer

Question No.37

The Financial Creditor shall file_______ with NCLT to initiate insolvency proceedings against the Corporate Debtor.

• Form 5
• Form 1
• Form 2
• Form 3

Question No.38

Choose correct options, during the period of moratorium, the debtor shall

• Dispose of or alienate any of his assets;
• Not inform his business partners that he is undergoing a fresh start process,
• Not travel outside India expect with the permission of the Adjudicating Authority
• Act as a director of any company, or directly or indirectly take part in or be concerned in the promotion, formation or management of a company,

Question No.39

Small companies are required to conduct only________ in a year whereas private limited companies not classified as small companies have to conduct four board meetings in a year.

• 1 board meeting
• 2 board meetings
• 3 board meetings
• 4 board meetings

Question No.40

The Manager to the open offer shall file a report with the Board (SEBI) within______ from the expiry of the tendering period.

• Twelve working days
• Fifteen working days
• Twenty one working days
• Twentey six working days

Question No.41

A Practicing Company Secretary can be appointed as a Technical Member of NCLT, provided he has_________ working experience as secretary in whole-time practice.

• 15 Years
• 10 Years
• 20 Years
• 8 Years

Question No.42

“Which Committee proposed significant charges to make the restructuring and liquidation process speedier, efficient and effective and accordingly amendments were made to (RDDBFI) Act, 1993 and (SARFAESI) 2002?

• Narasimham Committee||
• Tiwari Committee
• J JIrani Committee
• Bankruptcy Law Reforms committee (BLRC)

Question No. 43

______________ is not a Debt Recovery Appellate Tribunal (DRAT)

• DRAT Delhi
• DRAT Mumbai
• DRAT Jaipur
• DRAT Allahabad

Question No.44

Which of the following persons/ authorities is not entitled to receive a notice of a meeting convened by the order of NCLT in respect of a scheme of amalgamation?

• Members or a class of members
• Auditor
• Income-Tax Authorities
• Central Government

Question No.45

Capital reduction, in simple words, means________

• Cancellation of paid-up capital
• Cancellation of subscribed capital
• Cancellation of uncalled capital
• Cancellation of authorized capital

Question No.46

Which one of the following is not a current asset?

• Stock of raw material
• Cheques not yet cleared
• Preliminary expenses
• Marketable Shares shown as Stock

Question No.47

Where all financial creditors are related parties of the corporate debtor the committee of creditors shall comprise of________

• All debentureholders
• Insolvency resolution professional and authorized representative
• 18 largest operational creditors by value and one representative each of workman and of employees
• All of the above

Question No.48

A company has authorized and paid-up capital of Rs 1, 00,000. The Company further wants to issue new equity shares for cash through preferential offer. What is the immediate action that the Company shall take w.r.t capital?

• Consolidation of share capital
• Reduction of share capital
• Increase in authorized share capital
• Sub-division of share capital

Question No.49

Who among the following constitutes the committee of creditors under Insolvency and Bankruptcy Code 2016?

• Insolvency professional
• Financial or operational creditor
• Interim resolution professional
• Adjudicating Authority

Question No.50

______ is a merger in which a private company becomes a public company by acquiring it

• Reverse merger
• Conglomeration
• Divestiture
• Demerger

Download : 1-50 MCQ Questions

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Q18. When is the applicability of the provisions of insolvency resolution and liquidation on a corporate person?

(a) When the amount of the default is one lakh rupees or more

(b) When the amount of the default is ten lakh rupees or more

(c) When the amount of the default is two lakh rupees or more

(d) Amount of default is immaterial

Q19. Who among the following is considered as constitutional document in relation to corporate person under IBC, 2016?

(a) Articles of association

(b) Memorandum of association of a company

(c) Incorporation document of a limited liability partnership

(d) All of the above

Q20. Insolvency resolution process costs under the Code does not include:

(a) The amount of any interim finance and the costs incurred in raising such finance

(b) The fees payable to any person acting as a resolution professional

(c) Any payment of fees for the services of an insolvency professional to any person other than the insolvency professional

(d) any costs incurred at the expense of the Government to facilitate the insolvency resolution process

Q21. Dispute does not includes a suit or arbitration proceedings relating to:

(a) the quality of goods or services

(b) rights and liabilities of a person

(c) existence of the amount of debt

(d) breach of a representation or warranty

Q22. Resolution Professional under the Code means:

(a) Insolvency Professional appointed to conduct CIRP

(b) Interim resolution professional

(c) Both (a) and (b)

(d) None of the above

Q23. Persons who can initiate Corporate Insolvency Resolution process are:

(a) Financial Creditor and Operational creditor

(b) Financial Creditor, Operational Creditor and Corporate debtor

(c) Financial Creditor and Corporate Debtor

(d) Operational Creditor and Corporate Debtor

Q24. Who among the following is the Adjudicating Authority under the Code:

(a) Registrar of Companies

(b) Regional Director of Companies

(c) National Company Law Tribunal

(d) Debt Recovery Tribunal

Q25. Date of commencement of The Corporate Insolvency Resolution Process shall be;

(a) Date of filing application before Adjudicating Authority

(b) Due date for payment which has not been met by the debt

(c) Date of admission of the application by the Adjudicating authority

(d) Date of communication of order by Adjudicating authority

Q26. Once the application is received, the adjudicating authority shall confirm the existence

of default within:

(a) 7 days

(b) 14 days

(c) 21 days

(d) None of the above

Q27. The Adjudicating Authority before rejecting the application for initiating Corporate Insolvency Resolution Process shall give a notice to the applicant to rectify the defects in the application within ——- days of receipt of such notice.

(a) 10

(b) 14

(c) 7

(d) 30

Q28. When can an Operational creditor file application before the adjudicating authority?

(a) After expiry of the period of Ten days from the date of delivery of notice under sub section 1 of section 8

(b) After expiry of the period of Fifteen days from the date of delivery of notice under sub section 1 of section 8

(c) After expiry of the period of Eight days from the date of delivery of notice under sub section 1 of section 8

(d) After expiry of the period of Twenty eight days from the date of delivery of notice under sub section 1 of section 8

Q29. Documents furnished along with application by operational creditors include:

(a) Copy of Invoice

(b) Copy of certificate from the financial institution

(c) Both (a) and (b)

(d) None of the above

Q30. Corporate Insolvency Resolution process shall be completed within a period of:

(a) 120 days from the date of admission of application

(b) 180 days from the date of admission of application

(c) 140 days from the date of admission of application

(d) 100 days from the date of admission of application

Q31. Persons not entitled to make application:

(a) A corporate debtor having completed corporate insolvency resolution process twenty four months preceding the date of making of the application

(b) A corporate debtor having completed corporate insolvency resolution process fifteen months preceding the date of making of the application

(c) A corporate debtor having completed corporate insolvency resolution process twelve months preceding the date of making of the application

(d) A corporate debtor having completed corporate insolvency resolution process nine months preceding the date of making of the application

Q32. Public announcement of appointment of Interim resolution professional shall be made:

(a) Within 5 days

(b) Within 7 days

(c) Within 3 days

(d) Within 14 days

Q33. After Insolvency commencement date Interim resolution professional shall be appointed :

(a) Within 7 days

(b) Within 14days

(c) Within 15 days

(d) Within 18 days

Q34. Name of Resolution professional proposed to be appointed shall be in the application filed by:

(a) Operational and Financial creditor

(b) Financial creditor and corporate debtor

(c) Corporate debtor and operational debtor

(d) None of the above

Q35. An independent resolution professional shall mention in the disclosures made at the time of appointment that he is:

(a) Not a related party of the corporate debtor

(b) Not an employee of a firm of auditors of corporate debtor

(c) Eligible for his appointment as an Independent director on the Board of corporate debtor

(d) All of above

Q36. The interim resolution professional under the Corporate Insolvency resolution process vested with the management of the corporate debtor shall have the authority to access the books of accounts, records and other relevant documents of corporate debtor available with:

(a) Depositories of securities

(b) Adjudicating authority

(c) Information utility, depositories of securities

(d) Board of directors, information utility, depositories of securities

Q37. Term period of interim resolution professional shall be:

(a) 45 days

(b) 60 days

(c) 15 days

(d) 30days

Q38. The order of moratorium under the Corporate Insolvency resolution process shall have effect from the date of such order till:

(a) Date of appointment of committee of creditors

(b) A compulsory period of 90 days

(c) A compulsory period of 180 days

(d) Completion of the corporate insolvency resolution process

Q39.Vikas and Co, the tax consultants of M/S ABC Limited for which an interim resolution professional – Mr Sudhir, has been appointed under the Corporate Insolvency resolution process has refused to furnish information to Mr Sudhir on the grounds of client confidentiality. Are they right

(a) Yes, they are right

(b) No, the Code provides powers to the IRP to access all information from various parties

(c) Partly right, they can do so only after consent of the directors

d) Mr Sudhir is not right in even asking for this information

Q40. What is the time limit within which Interim Resolution Professional shall convene the first meeting of the committee of creditors?

(a) Within 7 days of filing report of constitution of committee of creditors with the Adjudicating Authority.

(b) Within 7 days of appointment of resolution professional.

(c) Within 7 days of admission of the insolvency case.

(d) Within 7 days of formation of committee of creditors

Q41. Who can make a request to convene a meeting of the committee of creditors:

(a) Members of the Committee representing 50% of the voting rights.

(b) Members of the Committee representing 75% of the voting rights.

(c) Members of the Committee representing 33% of the voting rights.

(d) Members of the Committee representing 85% of the voting rights

Q42. The public announcement of the Corporate Insolvency resolution process need not include

(a) The Closure date of the insolvency resolution process

(b) The Statement of Assets and Liabilities of the Corporate Debtor

(c) The last date for submission of claims

(d) Details of the interim resolution professional

Q43. Interim resolution professional shall compile business and financial operations of Corporate debtor for:

(a) 2 years

(b) 3 years

(c) 4 years

(d) 5 years

Q44. IRP shall not have control and custody over the assets of corporate debtor where the asset is:

(a) Asset owned by third party in possession of corporate debtor

(b) Assets of the Indian or foreign subsidiary of the corporate debtor

(c) Tangible and intangible assets of corporate debtor

(d) Assets over which the corporate debtor has ownership rights but located in a foreign

country

Q45. The management under the Corporate Insolvency resolution process of the Company refuses to cooperate with the Interim resolution professional. The options available to the IRP include

(a) Write to the CEO and BOD

(b) Write to the Committee of Creditors for commencement of liquidation proceedings

(c) Application to the Adjudicating authority for directions

(d) He has to be capable to resolve the conflict

Q46. The Interim Resolution Professional under the Corporate Insolvency Resolution process does not have the powers under the code to:

(a)Appoint a forensic expert to review the transactions of the company

(b) renegotiate certain materials purchase contracts in line with prevailing market conditions

(c)raise interim finance against certain assets on which are unencumbered

(d) to close down the operations which will cause going concern impairment

Q47. Related party under the Corporate Insolvency Resolution process shall have the right of

(a) Representation in the committee of creditors

(b) Participation in the committee of creditors

(c) Voting in a meeting of the Committee of creditors

(d) Enforcing his claim for debts against the corporate debtor

Q48. Members of the committee of creditors of corporate debtor shall be:

(a)Only Operational debtors who own financial debt

(b)Financial creditor, operational debtors who owns financial debt

(c) Related party who owes a financial debt, financial creditor

(d)Financial creditor, Operational debtors who is not a financial creditor

Q49.Financial creditor lent as a part of consortium shall have a voting share in thecommittee meeting based on

(a) Financial debt owned by the lead lender

(b) financial debt owned to them

(c) none of the above

(d) one vote per creditor

Q50. Notice of each meeting of committee of creditors shall not be given to:

(a) Members of committee of creditors

(b) Members of the suspended board of directors

(c) Operational creditors

(d) Adjudicating authority

Q51.The committee of creditors under the Corporate insolvency resolution process, shall have the right to require the resolution professional to furnish any financial informationin relation to the corporate debtor within :

(a) 9 Days

(b) 15 days

(c) 7 days

(d) 5 days

Q52. The first meeting of the Committee of Creditors shall be held within days of its constitution :

(a) 14

(b) 21

(c) 7

(d) 30

Q53. For the appointment of resolution professional in the committee of creditors under the Corporate insolvency resolution process the voting share of financial creditor shall not be less than:

(a) 77%

(b) 50%

(c) 75%

(d) 33%

Q54. When NCLT doesn’t confirm the proposed name of resolution professional within the specified period then:

(a) The Interim professional shall continue

(b) The new professional shall take over unless rejected

(c) The corporate debtor shall function without a resolution professional till the approval

(d) The largest creditor shall appoint one of his officers to be the Resolution professional

Q55. Meetings of the Committee of creditors shall be conducted by

(a) The CEO of the Corporate debtor

(b) The Resolution professional

(c) The representative of the largest financial creditor

(d) The CFO of the corporate debtor

Q56. Who among the following is not entitled to receive notice of the committee meeting of creditors:

(a) Members of suspended board of directors

(b) Partner of LLP

(c) Financial creditor

(d) Operational creditors whose dues are less than 10% of the total debt

Q57. Which of the following duty is not undertaken by the resolution professional:

(a) Convene the committee meeting

(b) Raising interim finance on a suo moto basis without consent of Committee of Creditors

(c) Appoint accountant, legal or other professionals

(d) Prepare information memorandum

Q58. Does the committee of creditors can replace the resolution professional, if yes then he can be replaced:

(a) until the conclusion of the resolution process

(b) Can be replaced with 75% voting in favour of the decision and approval of the Board

(c) Untill the expiry of 90 days

(d) Can be replaced with 75% voting in favour of the decision

Q59. The Insolvency Resolution Professional does not need the consent of the Committee of Creditors to perform which of the following actions

(a) Creating new class of securities

(b) Seek information from the Company’s bankers

(c) Amend constitutional documents of corporate debtor

(d) Change the Statutory auditors

Q60. Which of the following action shall not be taken by the resolution professional during the corporate insolvency resolution process, without the prior approval of the committee of creditors?

(a) creating security interest over the assets of the corporate debtor

(b) undertaking any related party transaction

(c) both a and b

(d) None of the above

Q61 To get the access to all relevant information contained in information memorandum a resolution applicant undertakes:

(a) To comply with the provisions of law for the time being in force relating to confidentiality and insider trading

(b) To protect any intellectual property of the corporate debtor it may have access to

(c) Not to share relevant information with third parties

(d) All of the above

Q62. The resolution plan shall be approved by _____% of_______ creditors in the committee of creditors

(a) 75% of operational creditors

(b) 75% of the financial creditors

(c) 75% of the total creditors

(d) None of the above

Q63. A resolution plan shall provide:

(a) Payment of insolvency resolution process cost

(b) Repayment of debts of operational creditors

(c) Management of affairs of corporate debtor

(d) All of the above

Q64. The resolution plan shall be binding on

(a) Shareholders

(b) Corporate debtor, shareholders and employees and creditors

(c) Corporate debtor and shareholders

(d) Corporate debtor, shareholders and employees

Q65. Which of the following persons can be appointed as registered valuers:

(a) A relative of the suspended director of the corporate debtor.

(b) A relative of the interim resolution professional.

(c) A related party of the corporate debtor.

(d) A partner or director of the insolvency professional entity

Q66. Appointment of Registered Valuers shall be made:

(a) Within 7 days of appointment of resolution professional

(b) Within 14 days of appointment of resolution professional

(c) Within 5 days of appointment of resolution professional

(d) Within 3 days of appointment of resolution professional

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