Liquidation process under IBC will not be initiated under which circumstances ?
Anonymous Quiz
13%
COC do not approve Resolution plan
12%
NCLT rejects the Resolution plan
55%
COC resolve to liquidate with 51%
20%
Debtor contranvens the approved resolution plan
What is agenda of first meeting of COC under IBC 2016 ?
Anonymous Quiz
9%
prepration of draft resolution plan
3%
discuss the status of CIRP
7%
collection of information from Interim Resolution professional
82%
appointment of IRP as RP or appointment of another RP
Application in relation to combination to be filed within how many days to DG?
Anonymous Quiz
66%
within 30 days
13%
within 45 days
15%
within 60 days
6%
None of the above
Which transaction does not fall under Capital account transaction as per fema ?
Anonymous Quiz
9%
transaction that alter assets and liabilties of NR in India
20%
transaction that alter assets and liab. (including contingent liab.) of Residents outside India
42%
transaction relating to t/f of security by branch in India of a Co. Resident outside India
28%
transaction that alters assets and liab. (including Cont. Liab.) of NR in India
Builder is planning to develop project in different phases then he is required to obtain registration under RERA, 2016
Anonymous Quiz
7%
only once for all phases
89%
for each phase separately
3%
as and when project commences registration
0%
None of the above
As per PMLA,2002, person on whose behalf transaction being conducted is known as
Anonymous Quiz
9%
Client
88%
Beneficial Owner
2%
Bank
1%
Authorized Dealer
As per PMLA,02 property can be provisionally attach for
Anonymous Quiz
5%
60 days
5%
120 days
84%
180 days
6%
365 days
Under PBTA,1988 who is responsible to issue notice for furnishing evidence to the parties under Benami transaction
Anonymous Quiz
21%
Approving Authority
28%
Adjudicating Authority
48%
Initiating officer
3%
Administrator
What is not the part of responsibilty of Bank under PMLA,02
Anonymous Quiz
37%
Report suspicious transactions
39%
Furnish all information to ED
15%
Verify identity if clients and BO
8%
maintain records of transaction for 5 years
Whether scheme of IBC,2016 contemplates that sum forming part of Resolution Plan should match with Liquidation value ?
Anonymous Quiz
14%
Yes it should match
83%
No there is no provision or regulation to match Resolution plan with liquidation value
1%
It depends on NCLT decision
2%
It depends on COC
Whether it is permissible to initiate CIRP under section 7 against Debtor and Guarantor for same set of claims ?
Anonymous Quiz
45%
Yes ,allowed
55%
No, not allowed
Whether liquidator required to pay gratuity/pf to Employees if no fund was created by Company ?
Anonymous Quiz
34%
Yes as it is statutory requirement
59%
No as it doesnt form part of liquidation estate
6%
Depend on Plan of liquidator
2%
None of the above
Is it necesary to provide grounds for arrest under Section 19 of PMLA,02 ?
Anonymous Quiz
11%
No, as it is Cognizable offence
49%
Yes , grounds to be provided
40%
No, as it is congnizable and non bailable offence
0%
None of the above
Penalty on Authorised Dealer for non compliance of RBI under FEMA,02 ?
Anonymous Quiz
47%
10000 and 2000 daily till contravention continues
7%
2000 daily till contravention continues
27%
10000 or 2000 daily till contravention continues
19%
2 lac and 5000 daily till contravention continues
Which among the following constitutes a default under IBC 2016 ?
Anonymous Quiz
3%
Non payment of creditor's claim
6%
when both principal and interest are unpaid
37%
liability or obligation in respect of claim shall become due and payable and remains paid
54%
non payment of financial or operational debt
IRP shall hold office till
Anonymous Quiz
5%
30 days from insolvency commencement
15%
till the first meeting of COC
78%
till Resolution professional appointed
1%
till notified by AA
which is not the ground for initiation of liquidation ?
Anonymous Quiz
9%
Non receipt of Resolution plan
11%
decision of COC to liquidate even when the plan have been submitted by applicant
71%
no business operations of the corporate debtor
9%
contravention of resolution plan approved by NCLT
which statement is false in context of proceeds of crime under PMLA ?
Anonymous Quiz
4%
property derived as a result of criminal activity
8%
criminal activity shall relate to a scheduled offence
80%
Intanglible property excluded from the scope
8%
property includes property of any kind used in commission of offence under PMLA
Which statement is correct in context of moratorium under IBC ?
Anonymous Quiz
9%
pending suits shall be prohibited from being continued against debtor during CIRP
7%
any action to enforce security interest is prohibited under moratorium
80%
Both of the above
4%
None of the above
Public announcement by IRP to be made within ?
Anonymous Quiz
30%
7 days
54%
3 days
12%
14 days
4%
No it is to be made by RP
Many of you asking for the two MCQ of Case Study No. 25.
In that case study, Related party would not be considered for counting and for unrelated 20 parties there is section 25 A and According to this section when many FC appoint one Authorised representative then the vote of 51% would prevail
So in this 11 in favour and 9 against so all to be considered in favour
Also , in MCQ 3 people abstrain from voting has been considered by ICAI however,
Law is not clear in this under IBC and ICAI have taken many time different assumption too
so we have to give note in this type of questions
In that case study, Related party would not be considered for counting and for unrelated 20 parties there is section 25 A and According to this section when many FC appoint one Authorised representative then the vote of 51% would prevail
So in this 11 in favour and 9 against so all to be considered in favour
Also , in MCQ 3 people abstrain from voting has been considered by ICAI however,
Law is not clear in this under IBC and ICAI have taken many time different assumption too
so we have to give note in this type of questions