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TOTAL QUESTION: 15
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Your results are here!! for" Insolvency and Bankruptcy Code, 2016 "
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Question 1 of 15
1. Question
In which year was the Insolvency and Bankruptcy Code (IBC) enacted?
Correct
The Insolvency and Bankruptcy Code was enacted in 2016.
Incorrect
The Insolvency and Bankruptcy Code was enacted in 2016.
Unattempted
The Insolvency and Bankruptcy Code was enacted in 2016.
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Question 2 of 15
2. Question
What is a major purpose of the Insolvency and Bankruptcy Code, 2016?
Correct
The IBC creates a unified framework for insolvency proceedings and aims to ensure timely resolution.
Incorrect
The IBC creates a unified framework for insolvency proceedings and aims to ensure timely resolution.
Unattempted
The IBC creates a unified framework for insolvency proceedings and aims to ensure timely resolution.
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Question 3 of 15
3. Question
In which year was the Bankruptcy Legislative Reforms Committee (BLRC) established?
Correct
The Ministry of Finance established the BLRC in August 2014.
Incorrect
The Ministry of Finance established the BLRC in August 2014.
Unattempted
The Ministry of Finance established the BLRC in August 2014.
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Question 4 of 15
4. Question
Who headed the Bankruptcy Legislative Reforms Committee (BLRC)?
Correct
The BLRC was headed by T. K. Viswanathan.
Incorrect
The BLRC was headed by T. K. Viswanathan.
Unattempted
The BLRC was headed by T. K. Viswanathan.
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Question 5 of 15
5. Question
When did the Bankruptcy Legislative Reforms Committee submit its report?
Correct
The committee submitted its report in November 2015.
Incorrect
The committee submitted its report in November 2015.
Unattempted
The committee submitted its report in November 2015.
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Question 6 of 15
6. Question
On which date was the final version of the IBC passed by the Lok Sabha?
Correct
The final version of the IBC was passed by the Lok Sabha on May 5, 2016.
Incorrect
The final version of the IBC was passed by the Lok Sabha on May 5, 2016.
Unattempted
The final version of the IBC was passed by the Lok Sabha on May 5, 2016.
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Question 7 of 15
7. Question
When did the IBC receive Presidential assent?
Correct
The Insolvency and Bankruptcy Code received Presidential assent on May 28, 2016.
Incorrect
The Insolvency and Bankruptcy Code received Presidential assent on May 28, 2016.
Unattempted
The Insolvency and Bankruptcy Code received Presidential assent on May 28, 2016.
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Question 8 of 15
8. Question
Which company was involved in the first insolvency resolution ordered under the IBC, according to the provided material?
Correct
The first insolvency resolution under the IBC was ordered by NCLT in the case of Synergies-Dooray Automotive Ltd.
Incorrect
The first insolvency resolution under the IBC was ordered by NCLT in the case of Synergies-Dooray Automotive Ltd.
Unattempted
The first insolvency resolution under the IBC was ordered by NCLT in the case of Synergies-Dooray Automotive Ltd.
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Question 9 of 15
9. Question
Which body was established to oversee insolvency proceedings and regulate registered entities?
Correct
The Insolvency and Bankruptcy Board of India (IBBI) oversees insolvency proceedings and regulates registered entities.
Incorrect
The Insolvency and Bankruptcy Board of India (IBBI) oversees insolvency proceedings and regulates registered entities.
Unattempted
The Insolvency and Bankruptcy Board of India (IBBI) oversees insolvency proceedings and regulates registered entities.
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Question 10 of 15
10. Question
What is the role of licensed insolvency professionals under the IBC?
Correct
Licensed insolvency professionals manage the insolvency process and control the debtor‘s assets.
Incorrect
Licensed insolvency professionals manage the insolvency process and control the debtor‘s assets.
Unattempted
Licensed insolvency professionals manage the insolvency process and control the debtor‘s assets.
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Question 11 of 15
11. Question
Which tribunal is the adjudicating authority for companies and Limited Liability Partnerships under the IBC?
Correct
The NCLT is the designated tribunal for companies and LLPs under the provided material.
Incorrect
The NCLT is the designated tribunal for companies and LLPs under the provided material.
Unattempted
The NCLT is the designated tribunal for companies and LLPs under the provided material.
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Question 12 of 15
12. Question
Within what period must the Corporate Insolvency Resolution Process (CIRP) normally be completed according to the provided material?
Correct
The CIRP is mandated to be completed within 180 days, subject to the stated extensions and overall limits.
Incorrect
The CIRP is mandated to be completed within 180 days, subject to the stated extensions and overall limits.
Unattempted
The CIRP is mandated to be completed within 180 days, subject to the stated extensions and overall limits.
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Question 13 of 15
13. Question
What is the overall maximum period for CIRP, including extensions and litigation, according to the provided material?
Correct
The provided material states an overall maximum of 330 days, including extensions and litigation.
Incorrect
The provided material states an overall maximum of 330 days, including extensions and litigation.
Unattempted
The provided material states an overall maximum of 330 days, including extensions and litigation.
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Question 14 of 15
14. Question
Who can initiate CIRP under Section 7 of the IBC?
Correct
Section 7 permits a financial creditor to file an application to initiate CIRP.
Incorrect
Section 7 permits a financial creditor to file an application to initiate CIRP.
Unattempted
Section 7 permits a financial creditor to file an application to initiate CIRP.
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Question 15 of 15
15. Question
What is a key effect of the moratorium declared upon commencement of insolvency?
Correct
The moratorium halts litigation against the debtor and restricts asset transfers during the specified period.
Incorrect
The moratorium halts litigation against the debtor and restricts asset transfers during the specified period.
Unattempted
The moratorium halts litigation against the debtor and restricts asset transfers during the specified period.