Q.1 When was the Insolvency and Bankruptcy Code 2016 notified in the gazette of India?
(a) 28.05.2016
(b) 28.06.2016
(c) 28.07.2016
(d) 28.12. 2016
Q.2 What is the motive of enactment of the Insolvency and Bankruptcy Code, 2016?
(a) To consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals
(b) To maximize the value of assets of interested persons
(c) To increase availability of credit
(d) All of above
Q3. Applicability of the provisions of the Code shall be applied to:
(a) Company incorporated under the Companies Act, 2013
(b) Limited Liability Partnership under Limited Liability Partnership Act, 2008
(c) Personal Guarantors
(d) All of above
Q.4 Which Legislations are getting repealed on enforcement of IBC?
(a) The Presidency Towns Insolvency Act 1909 and Sick Industrial Companies (Special Provisions) Act 1985.
(b) Sick Industrial Companies (Special Provisions) Act 1985 and The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002
(c) Provincial Insolvency Act 1920 and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002.
(d) Sick Industrial Companies (Special Provisions) Act 1985 and some provisions of Negotiable Instruments Act, 1881.
Q5. Which of the following enactments has not been amended as part of the Insolvency
and Bankruptcy Code, 2016?
(a) The Indian Partnership Act, 1932
(b) The Customs Act, 1962
(c) The Recovery of Debts due to Banks and Financial Institutions Act, 1993
(d) The Limitation Act, 1963
Q6. Who is the Corporate Debtor as per the Code?
(a) Company who owes a debt to any person
(b) Corporate person who owes a debt to any person
(c) Company who borrows from any company
(d) Corporate person who owes a debt to any company
Q7. Who are considered corporate persons under the provisions of the Code?
(a) Companies and Limited Liability Partnerships.
(b) Companies and Unlimited Liability Partnership firms.
(c) Financial service provider
(d) Companies, Limited Liability Partnerships and Trusts
Q8. Who are the persons who may initiate Corporate Insolvency Resolution Process (CIRP):
(a) Only Corporate Debtor
(b) Financial Creditor and Operational Creditor.
(c) Financial Creditor, Operational Creditor and Corporate Debtor.
(d) Corporate Debtor and Financial Creditor.
Q9. According to the Code, which of the following is not a financial service?
(a) Underwriting the Issuance of a financial product
(b) Accepting of deposits
(c) Operating an Investment scheme
(d) Payment of wages to employees
Q10. What is the meaning of Debt under the Code?
(a) Debt means a liability or obligation in respect of a claim which is due from any person
(b) It includes a financial debt and operational debt
(c) Both (a) & (b)
(d) None of the above
Reference by : ICSIÂ https://www.icsi.edu/home/
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