Workshop for Legal Officers 1

Who can initiate Corporate Insolvency Resolution Process (CIRP):

• Only Corporate Debtor

• Financial Creditor and Operational Creditor

• Financial Creditor, Operational Creditor and Corporate Debtor

• Corporate Debtor and Financial Creditor

What is debt under IBC:

• Any amount of money that is owed or due to any party

• A liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt

• Any liability arising in respect of money advanced by a creditor to the debtor

• Debts arising out of loans advanced by a financial institution

Who is a Financial Creditor under IBC:

• Any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to

• Any person that has a claim on the services of a second party

• Any person to whom a financial debt is owed

• Any person who owes financial debt to another

Who is a corporate debtor under IBC:

• Any person that owes debt to a company

• A company that owes debt to any person

• A corporate person who owes a debt to any person

• An entity that owes money to a financial institution

"Operational creditor" means:

• a person to whom an operational debt is owed

• a person to whom operational debt

• a person to whom operational debt has been legally assigned

• all of the above

First Appeal shall be disposed of by the first appellate authority within ------ days from the date of its receipt.

• 40 days

• 30 days

• 60 days

• 50 days

Within how many days after receiving a reply on the First Appeal, a Second Appeal can be filed?

• 90 days

• 2 months

• 30 days

• 45 days

What is the time period for the validity of notice of caveat:

• 60 days from the date of lodgement

• 90 days from the date of lodgement

• 120 days from the date of lodgement

• 30 days from the date of lodgement

What is the purpose of Central Registry:

• Registration of transaction of securitisation and reconstruction of financial assets and creation of security interest

• Storehouse of information relating to securitized assets

• Registration of information relating to secured creditors and related borrowers

• Collection of information related to securitization cases

Under the provision of SARFAESI Act 2002, where a transaction of securitisation is registered:

• Registrar of Companies

• Registrar of Assurances

• Registrar of Firms

• Registrar of Central Registry