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CA Final Corporate Insolvency Resolution Process under the IBC — practice questions

Explore 91 free Corporate Insolvency Resolution Process under the IBC questions in CA Final Law. Open each question or exercise to read its content, reference answers and available explanation.

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Corporate Insolvency Resolution Process under the IBC questions and exercises with answers

Showing questions 1–30 of 91.

Under IBC section 6, which party may start CIRP on a corporate debtor's default?Read the answer and worked solution →Which creditor files a CIRP application under IBC section 7?Read the answer and worked solution →Real estate allottees file under section 7 jointly. What share of allottees is the alternative minimum to 100?Read the answer and worked solution →Within how many days of receiving a section 7 application must NCLT ascertain default?Read the answer and worked solution →Before rejecting an incomplete section 7 application, NCLT gives the applicant how many days to cure it?Read the answer and worked solution →From which date does CIRP commence on a section 7 filing?Read the answer and worked solution →For section 7, a default may be a financial debt owed to which creditor?Read the answer and worked solution →A section 7 applicant furnishes its record of default from which body?Read the answer and worked solution →A section 7 application must name which proposed professional?Read the answer and worked solution →What does an operational creditor deliver first after default under section 8?Read the answer and worked solution →The debtor replies to a section 8 demand notice within how many days?Read the answer and worked solution →Which reply to a section 8 notice blocks a later section 9 application?Read the answer and worked solution →An operational creditor may file under section 9 after how long without payment or dispute?Read the answer and worked solution →Within how many days must NCLT act on a section 9 application?Read the answer and worked solution →What must a section 9 applicant swear in its affidavit?Read the answer and worked solution →NCLT rejects a section 9 application if what has been received by the creditor?Read the answer and worked solution →Under section 9(4), what may an operational creditor propose in its application?Read the answer and worked solution →Which resolution backs a company's own section 10 filing?Read the answer and worked solution →What share of partners must approve a partnership-type debtor's section 10 filing?Read the answer and worked solution →How long does a section 10 applicant get to fix defects before rejection?Read the answer and worked solution →Section 10A suspended new filings for defaults arising on or after which date?Read the answer and worked solution →After completing CIRP, a debtor cannot apply again within how long (section 11)?Read the answer and worked solution →Which debtor cannot apply under section 11 at all?Read the answer and worked solution →Explanation II to section 11 allows a debtor in CIRP to do what?Read the answer and worked solution →The base time-limit for completing CIRP under section 12(1) is how many days?Read the answer and worked solution →An extension of CIRP needs a committee vote of what share of voting shares (section 12(2))?Read the answer and worked solution →NCLT may extend CIRP beyond 180 days by at most how many more days?Read the answer and worked solution →The outer limit for CIRP including extension and litigation time is how many days?Read the answer and worked solution →Withdrawal of an admitted application under section 12A needs what committee approval?Read the answer and worked solution →After admission, the order under section 13(1) first declares what?Read the answer and worked solution →

Worked practice questions

Under IBC section 6, which party may start CIRP on a corporate debtor's default?

  1. An equity analyst
  2. A statutory auditor
  3. A registrar of firms
  4. An operational creditor
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Correct answer: D. An operational creditor

Section 6 names the financial creditor, the operational creditor and the corporate debtor itself as the persons who may trigger the process.

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Which creditor files a CIRP application under IBC section 7?

  1. An operational creditor
  2. An equity shareholder
  3. A statutory auditor
  4. A financial creditor
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Correct answer: D. A financial creditor

Section 7 is the route reserved for a financial creditor, alone or jointly, when a default has occurred.

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Real estate allottees file under section 7 jointly. What share of allottees is the alternative minimum to 100?

  1. Five per cent
  2. Fifty per cent
  3. Ten per cent
  4. Twenty per cent
Show answer and solution

Correct answer: C. Ten per cent

The second proviso requires 100 allottees of the same project or ten per cent of them, whichever is less.

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