Banking Awareness Based on IBC-2016 | Daily Banking Awareness Quiz

Banking Awareness Based on IBC-2016 | Daily Banking Awareness Quiz

Banking Awareness Quiz for SBI Clerk, SBI PO, RBI, IBPS PO/Clerk/RRB/SO & other Banking & competitive exams 2020-21. Banking Awareness is an important part of any banking and Financial exam. You can Attempt Banking Awareness Quiz.

Topic-IBC-2016

Q1. When did the Insolvency and Bankruptcy Code 2016 receive the President’s assent?
(a) 15 June 2016
(b) 5 June 2016
(c) 5 May 2016
(d) 28 May 2016
(e) 5 August 2016

Answer & Explanation
Ans.1.(d)
Exp. The Code received the assent of the President of India on 28 May 2016.

Q2. Who can initiate Corporate Insolvency Resolution Process (CIRP)?
(a) Financial Creditor and Operational Creditor.
(b) Financial Creditor, Operational Creditor and Corporate Debtor.
(c) Corporate Debtor and Financial Creditor.
(d) Only Corporate Debtor
(e) None of these

Answer & Explanation
Ans.2.(b)
Exp. Financial Creditor, Operational Creditor and Corporate Debtor can initiate Corporate Insolvency Resolution Process.

Q3. Who is a Financial Creditor under IBC?
(a) Any person who owes financial debt to another.
(b) Any person to whom a financial dent is owed.
(c) Any person that has a claim on the services of a second party.
(d) Any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to.
(e) None of these

Answer & Explanation
Ans.3.(d)
Exp. Under the IBC, ‘financial creditor’ means any person to whom a ‘financial debt’ is owed and includes a person to whom such debt has been legally assigned or transferred to.

Q4. Who are considered corporate persons under the provisions of IBC?
(a) Companies, Unlimited Liability Partnership firms and Societies.
(b) Companies, Limited Liability Partnerships and Trusts
(c) Companies and Unlimited Liability Partnership firms.
(d) Companies and Limited Liability Partnerships.
(e) None of these

Answer & Explanation
Ans.4.(d)
Exp. Companies and Limited Liability Partnerships are considered corporate persons under the provisions of IBC.

Q5. Who is an applicant under Section 7 of IBC?
(a) Financial Creditor
(b) Operational Creditor
(c) Corporate Debtor
(d) Adjudicating Authority
(e) None of these

Answer & Explanation
Ans.5.(a)
Exp.  A financial creditor either by itself or jointly is an applicant under Section 7 of IBC.

Q6.  In which form is the public announcement by the interim resolution professional required to be made:
(a) Form D of Schedule of the IBBI (CIRP) Regulations 2016.
(b) Form C of Schedule of the IBBI (CIRP) Regulations 2016.
(c) Form B of Schedule of the IBBI (CIRP) Regulations 2016.
(d) Form A of Schedule of the IBBI (CIRP) Regulations 2016.
(e) None of the Above

Answer & Explanation
Ans.6.(d)
Exp.

Q7. Who is the Adjudicating Authority for Corporate Insolvency Resolution Process (CIRP)?
(a) Board for Industrial and Financial Reconstruction (BIFR)
(b) National Company Law Tribunal (NCLT)
(c) High Court
(d) Debt Recovery Tribunal (DRT)
(e) None of these

Answer & Explanation
Ans.7.(b)
Exp.

Q8. What is the punishment for undertaking transactions to defraud creditors?
(a) Imprisonment for a term not less than 1 years, extendable to 4 years or fine of minimum Rs. 3 lakh, extendable to Rs. 3 crore or both.
(b) Imprisonment for a term not less than 2 years, extendable to 4 years or fine of minimum Rs. 1 lakh, extendable to Rs. 3 crore or both.
(c) Imprisonment for a term not less than 1 year, extendable to 5 years or fine of minimum Rs. 1 lakh, extendable to Rs. 1 crore or both.
(d) Imprisonment for a term not less than 2 years, extendable to 4 years or fine of minimum Rs. 2 lakh, extendable to Rs. 3 crore or both.
(e) None of these

Answer & Explanation
Ans.8.(c)
Exp.

Q9. What is the time limit to appeal to the Supreme Court?
(a) 90 days from the date of receipt of order of Adjudicating Authority
(b) 60 days from the date of receipt of order of Adjudicating Authority
(c) 35 days from the date of receipt of order of Adjudicating Authority
(d) 30 days from the date of receipt of order of Adjudicating Authority
(e) 45 days from the date of receipt of order of Adjudicating Authority

Answer & Explanation
Ans.9.(e)
Exp. The “time limit” set for appeals under section 421 of the Companies Act, 2013 is 45 days from the date of the impugned order with a “further period” of 45 days, beyond which, the NCLAT cannot condone delay.

Q10. Which of the following persons can be appointed as registered valuers?
(a) A relative of the interim resolution professional.
(b) A relative of the suspended director of the corporate debtor.
(c) A related party of the corporate debtor.
(d) A partner or director of the insolvency professional entity.
(e) None of these

Answer & Explanation
Ans.10.(b)
Exp.

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