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CA Final Corporate Insolvency Resolution Process under the IBC — practice questions — page 3

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 61–90 of 91.

Suspended directors who attend committee meetings under section 24(4) may do what?Read the answer and worked solution →What is the first listed duty of the RP under section 25(1)?Read the answer and worked solution →Under section 25(2)(i), the RP presents all resolution plans to whom?Read the answer and worked solution →Raising interim finance by the RP needs whose approval under section 25(2)(c)?Read the answer and worked solution →If a creditor gives no voting instructions, its authorised representative must do what (section 25A)?Read the answer and worked solution →Filing an avoidance application under section 26 does what to CIRP?Read the answer and worked solution →Replacing an RP under section 27(2) needs what vote of voting shares?Read the answer and worked solution →Under section 28(1), the RP needs prior committee approval to do what?Read the answer and worked solution →Which change to capital needs committee approval under section 28(1)(c)?Read the answer and worked solution →Who prepares the information memorandum under section 29(1)?Read the answer and worked solution →A resolution applicant given access to information must undertake to follow which law?Read the answer and worked solution →Under section 29A(a), who cannot submit a resolution plan?Read the answer and worked solution →Section 29A(b) bars a wilful defaulter as per guidelines of which body?Read the answer and worked solution →A convict is barred under 29A(d) for an offence under another law with at least what jail term?Read the answer and worked solution →Disqualification as a director under which Act bars a bidder (29A(e))?Read the answer and worked solution →A bidder barred by which regulator from the securities market is ineligible (29A(f))?Read the answer and worked solution →Section 29A(j) makes a bidder ineligible if which person is ineligible?Read the answer and worked solution →A resolution plan under section 30(1) goes along with an affidavit on what?Read the answer and worked solution →What must a plan pay first, per section 30(2)(a)?Read the answer and worked solution →Operational creditors under a plan get at least the higher of what two amounts (30(2)(b))?Read the answer and worked solution →An approved plan under section 31(1) binds which government bodies as creditors?Read the answer and worked solution →After a plan is approved under section 31(1), what ceases to have effect?Read the answer and worked solution →A plan involving a combination needs approval of which body before CoC approval?Read the answer and worked solution →A plan's other legal approvals must be obtained within what time under section 31(4)?Read the answer and worked solution →A committee decision to liquidate under section 33(2) needs what share of voting?Read the answer and worked solution →Besides the order, NCLT must issue what on liquidation under section 33(1)?Read the answer and worked solution →The Centre may raise the minimum default under section 4 to at most how much?Read the answer and worked solution →The insolvency commencement date is the date of what?Read the answer and worked solution →How long is the insolvency resolution process period defined in section 5(14)?Read the answer and worked solution →The initiation date in section 5(11) is the day an application is what?Read the answer and worked solution →

Worked practice questions

Suspended directors who attend committee meetings under section 24(4) may do what?

  1. Vote on the plan
  2. Attend, no voting
  3. Chair the meeting
  4. Veto the plan
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Correct answer: B. Attend, no voting

Section 24(4) allows directors and an operational creditor representative to attend but not vote.

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What is the first listed duty of the RP under section 25(1)?

  1. Sell the assets
  2. Protect the assets
  3. Pay promoters first
  4. Dissolve the firm
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Correct answer: B. Protect the assets

Section 25(1) makes it the duty of the resolution professional to preserve and protect the assets and continued business operations.

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Under section 25(2)(i), the RP presents all resolution plans to whom?

  1. The promoter group
  2. The tribunal bench
  3. The company registry
  4. Creditors' committee
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Correct answer: D. Creditors' committee

Section 25(2)(i) makes the RP present all resolution plans at the meetings of the committee of creditors.

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