WINDING UP

Appeal against an order of the National Company Law Appellate Tribunal may be preferred before the

• High Court having Territorial Jurisdiction

• Commercial Bench of the High Court

• Supreme Court of India

• Court of Appeals

Essar Steel India Ltd., one of the 12 large accounts referred to by the RBI for resolution under the Insolvency and Bankruptcy Code 2016, was successfully resolved and taken over by __________.

• Reliance Industries Ltd.

• Vedanta Ltd.

• Tata Steel Ltd

• Arcelor Mittal India Pvt. Ltd.

Who among the following has the highest priority in distribution of sale proceeds of liquidation estate in a liquidation process?

• Workmen

• Employees

• Government

• Tax dues

When can a bank file an application for initiation of corporate insolvency resolution process against a corporate debtor?

• on determination of default by the Adjudicating Authority

• on commission of default by the corporate debtor

• on net-worth of the corporate debtor becoming negative

• on classification of the account of the corporate debtor as a Non-Performing Asset

If you book a flat with a real estate company, and that company enters the corporate insolvency resolution process, you would be considered as

• an operational creditor

• a secured creditor

• a preferential creditor

• a financial creditor

Who appoints an insolvency professional to act as the Interim Resolution Professional for a corporate insolvency resolution process?

• the committee of creditors

• the corporate debtor

• the National Company Law Tribunal

• the Insolvency and Bankruptcy Board of India

Who regulates Insolvency Professionals?

• Ministry of Corporate Affairs

• National Company Law Tribunal

• Insolvency and Bankruptcy Board of India

• Indian Institute of Corporate Affairs

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 of the services of a second party.

• Any person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred

• Any person who owes financial debt to another.

What is initiation date in CIRP:

• The date on which a financial creditor, corporate applicant or operational creditor makes an application to the Adjudicating Authority for initiating corporate insolvency resolution process

• The date of admission of an application by a financial creditor, corporate applicant or operational creditor for initiating corporate insolvency resolution process by the Adjudicating Authority.

• The date on which a financial creditor, corporate applicant or operational creditor realises the insolvent status of the corporate debtor.

• The date on which the corporate debtor is unable to pay its debts to the creditors

What is the time limit for completion of insolvency resolution process:

• 180 days from the date of appointment of resolution professional.

• 180 days from the date of default by the corporate debtor.

• 80 days from the date of submission of application for insolvency.

• 180 days from the date of admission of the application.