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CA Final Corporate Insolvency Resolution Process under the IBC — practice questions — page 2

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 31–60 of 91.

When is the public announcement made under section 13(2)?Read the answer and worked solution →Moratorium under section 14(1)(a) bars which step against the debtor?Read the answer and worked solution →Section 14(1)(c) stops enforcement of security under which 2002 Act?Read the answer and worked solution →Under section 14(1)(d), moratorium bars recovery of property by whom?Read the answer and worked solution →Which supplies must continue during the moratorium under section 14(2)?Read the answer and worked solution →Section 14(3)(b) exempts whom from the moratorium?Read the answer and worked solution →The moratorium ends on approval of a plan or on which other event?Read the answer and worked solution →During moratorium, a regulator's licence cannot be ended on what ground?Read the answer and worked solution →A public announcement under section 15(1)(e) must state penalties for what?Read the answer and worked solution →The announcement states CIRP closes on which day from admission?Read the answer and worked solution →When does NCLT appoint the interim resolution professional under section 16(1)?Read the answer and worked solution →If an operational creditor proposes no IRP, NCLT refers to which body?Read the answer and worked solution →The Board recommends an IRP name within how many days of reference (section 16(4))?Read the answer and worked solution →The IRP's term now continues until which event (section 16(5))?Read the answer and worked solution →Who has management of the debtor's affairs from the IRP's appointment (section 17)?Read the answer and worked solution →What happens to the board's powers once the IRP is appointed (section 17(1)(b))?Read the answer and worked solution →Banks holding the debtor's accounts act on whose instructions under section 17(1)(d)?Read the answer and worked solution →Under section 17(2)(c), the IRP may access electronic financial records held by whom?Read the answer and worked solution →Which body does the IRP constitute under section 18(c)?Read the answer and worked solution →The IRP collects business and payment data for how many previous years (section 18(a))?Read the answer and worked solution →If staff will not cooperate, the IRP applies to whom for directions (section 19)?Read the answer and worked solution →Section 20(1) tells the IRP to run the debtor as what kind of enterprise?Read the answer and worked solution →Who sits on the committee of creditors under section 21(2)?Read the answer and worked solution →A financial creditor that is a related party of the debtor has what right at committee meetings?Read the answer and worked solution →How is voting share fixed for consortium lenders under section 21(3)?Read the answer and worked solution →The first committee meeting must be held within how many days of constitution?Read the answer and worked solution →The committee picks or replaces the RP at first meeting by what majority (section 22(2))?Read the answer and worked solution →A proposed replacement RP is confirmed by whom before NCLT appoints (section 22(4))?Read the answer and worked solution →Who conducts the entire CIRP under section 23(1)?Read the answer and worked solution →Operational creditors with at least what share of dues get notice of committee meetings?Read the answer and worked solution →

Worked practice questions

When is the public announcement made under section 13(2)?

  1. On the default date
  2. After first meeting
  3. After IRP appointment
  4. After plan approval
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Correct answer: C. After IRP appointment

Section 13(2) says it shall be made immediately after the appointment of the interim resolution professional.

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Moratorium under section 14(1)(a) bars which step against the debtor?

  1. Filing tax returns
  2. Holding audits
  3. Paying wages
  4. Starting suits
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Correct answer: D. Starting suits

Section 14(1)(a) prohibits the institution or continuation of suits and proceedings, including execution of decrees.

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Section 14(1)(c) stops enforcement of security under which 2002 Act?

  1. The Arbitration Act
  2. The Contract Act
  3. The SARFAESI Act
  4. Sale of Goods Act
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Correct answer: C. The SARFAESI Act

Section 14(1)(c) bars foreclosure or enforcement of security interest, including action under the Securitisation Act, 2002.

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