The Insolvency and Bankruptcy Code, 2016 – Test 1

Provisions of IBC, 2016 shall apply in relation to the insolvency, liquidation, voluntary liquidation or bankruptcy, as the case may be of various entities. On which of the following entities provisions of IBC, 2016 are not applicable.

On which of the below mentioned entities, provisions of IBC, 2016 shall apply in relation to the Insolvency, liquidation, voluntary liquidation or bankruptcy, as the case may be?

An Insolvecy and Bankruptcy Board of India (IBBI) will be established by _____________ u/s 188(1) of IBC, 2016

An Insolvency and Bankruptcy Board of India (IBBI) shall be a body corporate having __________.

The Insolvency and Bankruptcy Board of India (IBBI) will have powers of ________ in respect of issuing summons, discovery and production of books, inspection of books/ registers and issue of commissions for examination of witnesses.

The members of the Insolvency and Bankruptcy Board of India (IBBI) shall be appointed by the ________.

Which of the following Union ministry Officers is a member of the Insolvency and Bankruptcy Board of India (IBBI)?

The Insolvency and Bankruptcy Board of India (IBBI) will be headed by Chairperson. It will consist of _______ members out of which at least ________ will be whole-time members.

The Insolvency and Bankruptcy Board of India (IBBI) shall have regard to the certain principals while registering the insolvency professional agencies under IBC, 2016. Identify the principals.

Which of the following is not a responsibility of an insolvency professional agency?

“Insolvency Professional” means a person enrolled u/s 206 of IBC, 2016 with an insolvency professional agency as its member and registered with the Board as an insolvency professional u/s 207 of IBC, 2016 and shall include ____________.

Core services of an information utility as per Sec. 214 of IBC, 2016 do not include _______

Which of the following is not an obligation of an information Utility as per Section 214 of the Code?

The Adjudicating authority for corporate insolvency and liquidation is ___________.

The adjudicating authority for insolvency and liquidation of individuals and persons other than corporate is ________.

As per Sec. 3(7) of IBC, 2016, the term “Corporate person” shall include _________.

Sec. 3(7) of IBC, 2016 defines the term “Corporate person”. Accordingly, which of the following is not included in the definition of corporate person.

As per Sec. 3(8) of IBC, 2016 the term “Corporate debtor” means ________.

As per Sec. 3(10) of IBC, 2016 “Creditor” means any person to who a debt is owed. Which of the following are not included in the definition of creditor?

“Debt” under the provisions of IBC, 2016 means a liability or obligation in respect of a claim which is due from any person and includes ___________.

Financial information as per Sec. 3(13) of IBC, 2016 in relation to a person, means one or more of the following categories of information except:

Corporate applicant as per Sec. 5(5A) of IBC, 2016 means corporate debtor or

1. an individual who is in charge of managing the operations and resources of the corporate debtor
2. a person who has the control and supervision over the financial affairs of the corporate debtor
3. close relative of the corporate debtor

Choose the correct one.

Corporate guarantor as per Sec. 5(5A) of IBC, 2016 means

Dispute as per Sec. 5(6) of IBC, 2016 includes a suit or arbitration proceedings relating to:

Which of the following are included in Financial Debt as per Sec. 5(8) of IBC, 2016?

Every insolvency professional shall abide by the following code of conduct:

1. to allow the insolvency professional agency to inspect his records.
2. to submit a copy of the records of every proceeding before the Adjudicating Authority to the Board
3. to submit a copy of the records of every proceeding to the insolvency professional agency of which he is a member.

Choose the correct one

Initiation date as per Sec. 5(11) of IBC, 2016 means the date on which ______.

Insolvency commencement date as per Sec. 5(12) of IBC, 2016 means the date on which _________.

Insolvency resolution process period as per Sec. 5(14) of IBC, 2016 means ________.

Liquidation commencement date as per Sec. 5(17) of IBC, 2016 means the date __________.