2nd National Online Quiz on Insolvency and Bankruptcy Code 2016 with Questions and Answers

2nd National Online Quiz on Insolvency and Bankruptcy Code 2016 Quiz organized by mygov  Government of India. ServiceCentreList.com is providing you complete details of 2nd National Online Quiz on Insolvency and Bankruptcy Code 2016 and sample questions and answers of 2nd National Online Quiz on Insolvency and Bankruptcy Code 2016. You can also participate many more quiz and win the prize from here. You just need to go through below questions and answers before you attempt 2nd National Online Quiz on Insolvency and Bankruptcy Code 2016 Quiz. To promote awareness and understanding of the IBC among various stakeholders (Indian citizens) across the country, the IBBI has launched this online Quiz in collaboration with MyGov.in. Another opportunity to participate in Mygov Quiz for Labour code.

 

• This is a timed quiz with 20 questions to be answered in 600 seconds
• These questions will be randomly picked from the question bank.
• Winners will be adjudged on the basis of maximum number of correct answers.
• In case of multiple participants having given same number of correct answers, the participants who take the least time to complete the
• quiz will be adjudged the winner.
• You can skip a tough question and come back to it later.
• The quiz will start as soon as you click the Start Quiz button.

Terms and Conditions National Online Quiz on Insolvency and Bankruptcy

• The Quiz shall be open on the MyGov portal https://quiz.mygov.in for a period of one month from 1st August, 2021 to 31st August, 2021.
• The Quiz is open to Indian citizens aged 18 years and above as on 31st July, 2021. Individuals working in IBBI and BSE Investors Protection Fund (permanent and contractual), service providers under the IBC and registered with IBBI and also their immediate family members are not eligible to participate in the Quiz. A participant is required to self-certify that he/she is eligible to take the Quiz and also that he/she abides by these terms and conditions.
• A participant needs to register on the MyGov portal before taking the Quiz. For registration, the participant needs to submit a valid mobile number and a valid e-mail ID. The same mobile number or email ID cannot be used twice for registration. This means that a participant can participate in the Quiz only once. In case of same mobile number/email id being used multiple times, only the first entry will be considered eligible, and the remaining entries will be eliminated.
• The Quiz is available both in English and Hindi. A participant may choose either of the languages.
• The Quiz will have 20 (twenty) multiple choice questions, each carrying one mark. A participant will get 10 (ten) minutes to complete the Quiz. There will be no negative marking.
• Any kind of malpractice, such as, impersonation, double participation, etc., will render the participation of the individual null and void.
  Performance in the Quiz will be evaluated based on “Maximum Correct Answers in the Shortest Time”. For example, if many individuals secure 20 marks, they will be ranked on the basis of the time taken to complete the Quiz, as electronically determined. The individual, who has completed the Quiz at the earliest shall be considered the best performer. After ranking the individuals with score of 20, the individuals with score of 19 will be ranked, and so on.
• The best performer will be awarded a Gold Medal along with a cash prize of ₹ 1,00,000/- (One lakh rupees only). The second-best performer will be awarded a Silver Medal along with a cash prize of ₹ 50,000/- (Fifty thousand rupees only). The third best performer will be awarded a Bronze Medal along with a cash prize of ₹ 25,000/- (Twenty five thousand rupees only). The next ten best performers will be awarded consolation prizes of ₹ 10,000/- (Ten thousand rupees only) each. These prizes and medals are sponsored by BSE Investors Protection Fund, as part of its investor awareness initiatives. These prizes and medals will be given away at an appropriate function to be decided by the IBBI.
• Besides the above, top 10% of the participants in terms of performance shall be awarded a “Certificate of Merit”.
• After the closure of the Quiz, and prior to the announcement of results, the winners of cash prizes will be required to provide their identity details. Non-submission of these details will render their participation null and void and the next best performer will be chosen accordingly. The entries, if any, of cash prize winners of 1st National Online Quiz, organized by IBBI in 2020, will not be considered for award of cash prizes.
• In case of any dispute, the decision of the IBBI shall be final. By participating in the Quiz, the participant agrees to have read and accepted the above-mentioned terms and conditions.

Who Can Participate in National Online Quiz on Insolvency and Bankruptcy?

• The Quiz is open to Indian citizens aged 18 years and above.
• Individuals working in IBBI, service providers under the IBC and registered with IBBI and also their immediate family members are not permitted to participate in the Quiz.

How to Participate in National Online Quiz on Insolvency and Bankruptcy ?

1. Visit MyGov portal by checking here

2. You need to register on the MyGov portal before taking the Quiz.  by submitting valid mobile number and a valid e-mail ID.

3. Click on Play quiz of 2nd National Online Quiz on Insolvency and Bankruptcy Code 2016 before 31st August, 2021.

2nd National Online Quiz on Insolvency and Bankruptcy Code 2016 with Sample Questions and Answers

1. The provisions of ___________________ apply to the proceedings before a special court under the Insolvency and Bankruptcy Code, 2016?
the Code of Criminal Procedure, 1973
the Indian Penal Code, 1860
the Insolvency and Bankruptcy Code, 2016
the Code of Civil Procedure, 1908

2. Who is the head of newly established National Asset Reconstruction Company Ltd.?
Padmakumar Madhavan Nair
Sunil Mehta
Salee Sukumaran Nair
Ajit Krishnan Nair


3. The pre-registration educational course for insolvency professionals is conducted by the __________
IBBI
IICA
Insolvency professional agency
Insolvency professional entity


4. Which of the following assets forms a part of the bankruptcy estate?
Tools necessary for personal use
Furniture necessary for satisfying basic domestic needs
Fixed deposits
Life insurance policy


5. The committee of creditors in a pre-packaged insolvency resolution process of a corporate debtor with no financial creditors comprises of _________ operational creditors.
5
10
15
18


6. In a corporate insolvency resolution process, the committee of creditors may resolve to replace the resolution professional with a vote of not less than ____ per cent.
50
66
90
75


7. The Supreme Court in the matter of _____________ held that the purpose of grievance redressal mechanism is to penalise errant conduct of the resolution professional and not to determine the claims of other professionals which form part of insolvency process costs.
Arun Kumar Jagatramka Vs. Jindal Steel and Power Ltd. & Anr
Alok Kaushik Vs. Mrs Bhuvaneshwari Ramanathan and Ors.
Dwarkadhish Sakhar Karkhana Ltd. Vs. Pankaj Joshi and Anr.
Indus Biotech Private Limited Vs. Kotak India Venture (Offshore) Fund & Ors.


8. An option to buy an underlying share is called _________.
Put option
Index option
Call option
Straddle


9. The Supreme Court in the matter of _____________ held that to assert that there was scope for negotiations and discussions after the approval of the resolution plan by the committee of creditors would be plainly contrary to the terms of the Insolvency and Bankruptcy Code, 2016.
P. Mohanraj & Ors. Vs. M/s. Shah Brothers Ispat Pvt. Ltd.
Committee of Creditors of AMTEK Auto Ltd. through Corporation Bank Vs. Dinkar T Venkatasubramanian & Ors.
A. Navinchandra Steels Pvt. Ltd. Vs. SREI Equipment Finance Ltd. & Ors.
Kalpraj Dharamshi & Anr. Vs. Kotak Investment Advisors Ltd. & Anr.


10. As provided by the Insolvency and Bankruptcy Code, 2016, an individual may undergo an insolvency proceeding if he has defaulted _________
not less than Rs.1000
not less than Rs.10,000
not less than Rs.1 lakh
not less than Rs. 1 crore


11. The qualification and eligibility criteria of having 10 years’ experience for registration as an insolvency professional is applicable to which of the following?
A registered member of any professional institute established by an Act of Parliament
Chartered Accountant, Company Secretary, Cost Accountant, Advocate
Chartered Accountant, Company Secretary, Cost Accountant
Chartered Accountant, Cost Accountant, Advocate, Post-graduate in specified discipline


12. The Liquidator shall make public announcement in _________newspaper to call upon stakeholders to submit their claims.
one English and one regional language
one Hindi and one English language
any three languages mentioned in the schedule 8 of the Indian constitution.
one Hindi and one regional language


13. Maximum numbers of members in case of public company are____________
100
200
1000
unlimited


14. “S4A” scheme of RBI stood for _______________.
Scheme for Sustainable Structuring of Stressed Assets
Scheme for Sustainable Structuring of Systemic Assets
Scheme for Schematic Structuring of Stressed Assets
Scheme for Schematic Structuring of Systemic Assets


15 An insolvency professional aggrieved by an order of the Disciplinary Committee of the IBBI may prefer an appeal under the Code to ______________
the NCLT
the NCLAT
There is no provision for appeal
Insolvency Professional Agency


16. In the individual insolvency resolution process, the resolution professional is required to file the repayment plan, with the Adjudicating Authority on or before completion of ______days from the resolution process commencement date.
60 days
90 days
120 days
180 days


17. A company filing a shelf prospectus shall be required to file a(n) ______ with the Registrar.
Article of Information
Information Article
Article of Association
Information Memorandum


18. A Liquidator shall disclose the existence of any pecuniary or personal relationship with the concerned corporate debtor, to __________
concerned Registrar of Companies
the IBBI
the Ministry of Corporate affairs
insolvency professional agency


19. The objective of an insolvency professional entity (IPE) is to provide support services to______.
Insolvency professionals
Other IPEs
Any stakeholder in the insolvency resolution process
Insolvency professionals who are its directors / partners


20. A debtor who wishes to apply for a fresh start process under Part-III of Insolvency and Bankruptcy Code, 2016 should not have undergone a fresh start process in the preceding __________.
6 months
12 months
15 months
18 months


Which is the Adjudicating Authority for insolvency resolution and bankruptacy of individuals and partnership firms.
Insolvency and Bankruptcy Bord of India – IBBI

Who may apply for replacement of resolution professional in case of Individual insolvency resolution process ?
Only a Creditor

An insolvency proceeding can be initiated against a personal guarantor of a corporate debator when _____
the corporate debator is undergoing liquidation insolvency resolution process

Who appoints an insolvency professional as an Administrator to be engaged by a Recovery officer for the purpose of recovering monies from defaulters under depositories act 1996 ?
The IBBI

In case of an unlisted start up company, the sweat equity share should not increase more than ____ of paid up capital up to 5 years from the date of incorporation.
75%

The bonds that do not pay any interest are called ______
Zero Coupon Bond

How many insolvency professional agencies are registered with the IBBI ?
Five

As per the provisions of the Companies Act, 2013 an individual auditor CANNOT be appointed for more than ____ consecutive years ?
10

The Supreme Court in the matter of _____________ held that moratorium under the insolvency and Bankruptcy code 2016, would apply only to the corporate debator and that natural persons mentioned in section 141 of the Negotiable insturments Act 1881 shall continue to be statutorily liable under chapter XVII of the act.
P.Mohanraj and Ors. Vs. M/s Shah Brothers Ispat Pvt.

Who is responsible for monetary policy in India ?
Ministry of Finance

Who constitue the Advisory Committee in a corporate insolvency resolution process of a financial service provider?
The IBBI

When a corporate debator is under liquidation as per the provisions of the insolvency and Bankruptcy code 2016 all powers of the board of directors shall be vested in the ____
IBBI

A legal document prepared during the formation and registration process of a company to define its relationship with shareholders and specifies the objectives of the company. What is the document called as ?
Memorandum of Association

A company filing a shelf prospectus shall be required to file a(n) ______ with the Registrar.
Article of Information

In which case has the Supreme Court held that “Liquidation of the Corporate Debator Should be a matter of last resort. The IBC recognize a wider public interest in resolving corporate insolvencies and its object is not the mere recovery of monies due and outstanding”?
Kridhan Infrastructure PVT ltd vs Venkatesan Sankaranarayan and Ors

As per the provisions of the insolvency and Bankruptcy code 2016 and regulations thereunder, who is authorised to operate and maintain corporate Liquidation Account in the Public Accounts of India ?
The Ministry of Finance

Dues owed by a corporate debator to its trade creditors as treated as _________ under insolvency and Bankruptcy code 2016.
financial debt

What of the following circumstances does not enable the debator or a creditors to file an application for bankruptacy?
Application for insolvency process was rejected by the Adjudicating Authority

The power of judicial review in section 31 of the code is not akin to the power of a superior authority to deal with the merits of the decision of any inferior or subordinate authority. In which case did the Supreme court make this observation ?
Jaypee Kensington Boulevard Apartment Welfare ASsociation and Ors Vs NBCC India Ltd and Ors

Which of the following is NOT a component of Aatmanirbhar Bharat Abhiyan announces in the wake of Covid-19 pendamic ?
A special insolvency resolution framework for MSMEs under insolvency and Bankruptcy Code 2016

The repayment plan approved by the Adjudicating Authority in case of individual insolvency resolution process is binding on _____________/व्यष्टिक दिवाला समाधान प्रक्रिया की दशा में न्यायनिर्णायक प्राधिकारी द्वारा अनुमोदित प्रतिसंदाय योजना _________ पर आबद्धकर होती है

all creditors and the debtor/समस्त लेनदार और ऋणी
creditors mentioned in the repayment plan and the debtor/प्रतिसंदाय योजना में उल्लिखित लेनदार और ऋणी
the creditor and all debtors/लेनदार और समस्त ऋणी
debtors mentioned in the repayment plan and the creditor/प्रतिसंदाय योजना में उल्लिखित ऋणी और लेनदार

In a pre-packaged insolvency resolution process, the committee of creditors is required to invite resolution plans from the market when the resolution plan submitted by the corporate debtor impairs the rights of ____________./पूर्व-निर्धारित दिवाला समाधान प्रक्रिया में, लेनदारों की समिति से यह अपेक्षित है क वह बाजार से समाधान योजनाएं आमंत्रित करें जब कारपोरेट ऋणी द्वारा प्रस्तुत की गई समाधान योजना से ______के अधिकारों का ह्रास होता है ।

operational creditors’/परिचालन लेनदार
unsecured financial creditors’/अप्रतिभूत वित्तीय लेनदार
creditors in a class/एक ही वर्ग के लेनदार
statutory dues/कानूनी शोध्य

In the corporate insolvency resolution process of a financial service provider, the administrator is appointed by the Adjudicating Authority, as proposed by the _________/किसी वित्तीय सेवा प्रदाता की कारपोरेट दिवाला समाधान प्रक्रिया में, प्रशासक की नियुक्ति न्यायनिर्णायक प्राधिकारी द्वारा इस प्रकार की जाती है जैसा________द्वारा प्रस्तावित किया जाए

IBBI/आई.बी.बी.आई.
NCLT/एन.सी.एल.टी.
Department of Financial Services/वित्तीय सेवा विभाग
appropriate regulator/समुचित विनियामक

Who may file an application for insolvency of a partnership firm? /किसी भागीदारी फर्म के दिवाला के लिए आवेदन कौन फाइल कर सकेगा?

Any one partner/कोई एक भागीदार
Majority of partners of the firm/फर्म के अधिकांश भागीदार
At least two partners/कम से कम दो भागीदार
The managing partner/प्रबंध भागीदार

In a corporate insolvency resolution process, the resolution professional does not need the consent of the committee of creditors to _______. / कारपोरेट दिवाला समाधान प्रक्रिया में, समाधान व्यावसायिक को __________ के लिए लेनदारों की समिति की सम्मति की आवश्यकता नहीं होती है ।

issue additional securities/अतिरक्त प्रतिभूतियां जारी करने
seek information from the company’s bankers/कंपनी के बैंकरों से जानकारी की ईप्सा करने
make changes in the management of the corporate debtor/कारपोरेट ऋणी के प्रबंधतंत्र में परिवर्तन करने
change the statutory auditors/कानूनी लेखापरीक्षकों को बदलने

The Liquidator shall maintain the records in relation to a liquidation and shall preserve them for a period of_________ years after the dissolution of the corporate debtor./परिसमापक, किसी समापन के संबंध में अभिलेख रखेगा और उसे कारपोरेट ऋणी के विघटन के पश्चात् ____ वर्षों की अवधि के लिए परिरक्षित करेगा ।

five years/पांच वर्ष
eight years/आठ वर्ष
ten years/दस वर्ष
fifteen years/पन्द्रह वर्ष

Who is entitled to make an application for fresh start under the Insolvency and Bankruptcy Code, 2016? /दिवाला और शोधन अक्षमता संहिता, 2016 के अधीन नई शुरूआत के लिए आवेदन करवे के लिए कौन हकदार है?

Only a debtor / केवल कोई ऋणी
Only a creditor / केवल कोई लेनदार
The IBBI on behalf of a debtor / किसी ऋणी की ओर से आई.बी.बी.आई.
The IBBI on behalf of a creditor / किसी लेनदार की ओर से आई.बी.बी.आई.

The decision to file an application before the Adjudicating Authority to extend the period of the corporate insolvency resolution process requires approval of ______ per cent votes in the committee of creditors? / कारपोरेट दिवाला समाधान प्रक्रिया की अवधि में विस्तार करने के लिए न्यायनिर्णायक प्राधिकारी के समक्ष आवेदन फाइल करने के विनिश्चय के लिए लेनदारों की समिति के______ प्रतिशत मतों का अनुमोदन अपेक्षित है ।

33
45
50
66

A bankrupt enters into a(n) _________transaction with any person if he makes a gift to that person./यदि कोई शोधन अक्षम किसी व्यक्ति को दान करता है तो वह उस व्यक्ति के साथ ______ संव्यवहार करता है

undervalued/न्यून-मूल्यांकित
preferential/अधिमानी
fraudulent / कपटपूर्ण
extortionate/उद्दीप्त

Who is the head of the advisory group for the second Regulatory Review Authority (RRA 2.0), set up by the RBI? / भारतीय रिज़र्व बैंक द्वारा स्थापित द्वितीय विनियमनकारी पुनर्विलोकन प्राधिकारी(आर.आर.ए. 2.0) के परामर्शी समूह का प्रधान कौन है?

Y. V. Reddy/ वाई.वी. रेड्डी
S Janakiraman/ एस. जानकीरमन
Rajnish Kumar/ रजनीश कुमार
Bimal Jalan / बिमल जालान

Who appoints the resolution professional in case of fresh start process?/नई शुरूआत प्रक्रिया की दशा में समाधान व्यावसायिक की नियुक्ति कौन करता है?

Debt Recovery Tribunal/ऋण वसूली अधिकरण
The IBBI/आई.बी.बी.आई.
Committee of Creditors/लेनदारों की समिति
National Company Law Appellate Tribunal/राष्ट्रीय कंपनी विधि अधिकरण

The power of judicial review in section 31 of the Code is not akin to the power of a superior authority to deal with the merits of the decision of any inferior or subordinate authority. In which case did the Supreme Court make this observation? संहिता की धारा 31 में न्यायिक पुनर्विलोकन की शक्ति किसी कनिष्ठ या अधीनस्थ प्राधिकारी के विनिश्चय के गुणागुण के संबंध में कार्यवाही करने संबंधी किसी वरिष्ठ प्राधिकारी की शक्ति के समान नहीं है । उच्चतम न्यायालय ने किस मामले में यह मताभिव्यक्ति की ?

Laxmi Pat Surana Vs. Union Bank of India & Anr./लक्ष्मी पत सुराना बनाम यूनियन बैंक आफ इंडिया और एक अन्य
Jaypee Kensington Boulevard Apartments Welfare Association & Ors. Vs. NBCC (India) Ltd. & Ors./जेपी केंसिंगटन बाउलेवार्ड अपार्टमेंट वेल्फेयर एसोसिएशन और अन्य बनाम एन.बी.सी.सी.(इंडिया) लिमिटेड और अन्य
Dwarkadhish Sakhar Karkhana Ltd. Vs. Pankaj Joshi and Anr./द्वारकाधीश शकर कारखाना लिमिटेड बनाम पंकज जोशी और एक अन्य
Indus Biotech Private Limited Vs. Kotak India Venture (Offshore) Fund & Ors./इंडस बायोटैक प्राइवेट लिमिटेड बनाम कोटक इंडिया वेंचर (ऑफशोर) फंड और अन्य

The liquidation process under the Insolvency and Bankruptcy Code, 2016 also accommodates the _____________ under section 230 of the Companies Act, 2013/दिवाला और शोधन अक्षमता संहिता, 2016 के अधीन समापन प्रक्रिया में कंपनी अधिनियम, 2013 की धारा 230 के अधीन __________ को भी समायोजित किया गया है

resolution plan/समाधान योजना
sale of business as a whole/समग्र रूप से कारबार का विक्रय
compromise or arrangement/समझौता या ठहराव
takeover/ग्रहण करना

The Insolvency and Bankruptcy Code, 2016 provides for claims against a corporate debtor, arising in respect of provision of goods or services including employment. Such claims are categorised as ___________________. /दिवाला और शोधन अक्षमता संहिता में किसी कारपोरेट ऋणी के विरुद्ध माल या सेवाओं का, जिसके अंतर्गत नियोजन भी है, उपबंध करने की बाबत उद्भूत होने वाले दावों के लिए उपबंध किया गया है । ऐसे दावों को __________ के रूप में वर्गीकृत किया जाता हैं ।

financial debt/वित्तीय ऋण
operational debt/प्रचालन ऋण
other debt/अन्य ऋण
special debt/विशेष ऋण

A meeting of the committee of creditors shall be quorate if members representing at least _____________ per cent voting rights are present either in person or through other audio and visual means. / लेनदारों की समिति की बैठक का कोरम तब पूरा हो जाएगा यदि कम से कम _____ प्रतिशत मतदान अधिकार वाले सदस्य या तो व्यक्तिगत रूप से या अन्य दृश्य श्रव्य माध्यमों द्वारा उपस्थित हैं

26
33
51
66

When a corporate debtor is under Liquidation as per the provision of the Insolvency and Bankruptcy Code, 2016, all powers of the board of directors shall be vested in the ________./जब कोई कारपोरेट ऋणी दिवाला और शोधन अक्षमता संहिता, 2016 के उपबंधों के अनुसार समापन के अधीन है तब निदेशक बोर्ड की समस्त शक्तियां _____ में निहित होंगी

Liquidator/परिसमापक
stakeholder consultation committee/हितधारक परामर्श समिति
Adjudicating Authority/न्यायनिर्णायक प्राधिकारी
IBBI/आई.बी.बी.आई.

As per the provisions of the Insolvency and Bankruptcy Code, 2016, where the assets of a corporate debtor have been completely liquidated, the Liquidator shall make an application to the________ for its dissolution./दिवाला और शोधन अक्षमता संहिता, 2016 के उपबंधों के अनुसार, जहां किसी कारपोरेट ऋणी की आस्तियों का पूर्णतः समापन हो जाता है वहां परिसमापक उसके विघटन के लिए ________ को आवेदन करेगा

IBBI/आई.बी.बी.आई.
Registrar of Companies/कंपनी रजिस्ट्रार
National Company Law Tribunal/राष्ट्रीय कंपनी विधि अधिकरण
District court/जिला न्यायालय

The measure of volatility of a stock relative to the market index is called _________./बाजार सूचकांक के अनुपात में किसी स्टाक के उतार-चढ़ाव का मापमान_________कहा जाता है|

Alpha/अल्फा
Sincue/सिनक्यु
Theta/थीटा
Beta/बीटा

Which agency is empowered to make regulations and guidelines on matters relating to insolvency and bankruptcy under the Insolvency and Bankruptcy Code, 2016?/दिवाला और शोधन अक्षमता संहिता, 2016 के अधीन दिवाला और शोधन अक्षमता से संबंधित विषयों पर विनियम बनाने और दिशानिर्देश जारी करने के लिए कौनसी एजेंसी सशक्त है?

Committee of creditors/लेनदारों की समिति
Central Government/केन्द्रीय सरकार
The Insolvency and Bankruptcy Board of India/भारतीय दिवाला और शोधन अक्षमता संहिता
The Registrar of Companies/कंपनी रजिस्ट्रार

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