CAIIB Paper 4 Module C Quiz 8

Section 19 requires payment before expiry of the prescribed period. A post-expiry payment does not automatically revive the claim under that section; a qualifying written promise under section 25(3) of the Contract Act is a separate issue.

The Bankers’ Books Evidence Act specifically addresses the evidentiary use of entries in bankers’ books, including qualifying electronic records.

Certification does not make an entry conclusive in every respect. It enables evidentiary use, while the court can assess challenges and other evidence.

The Scheme addresses eligible complaints about deficiency in service by covered regulated entities. It is not a general forum for criminal convictions, land-title disputes or legislative changes.

The Scheme specifies the circumstances and limits for compensation, including distinctions between direct loss and other forms of loss. Current limits should be verified from RBI’s latest official Scheme/circular.

If the regulated entity does not reply within 30 days of receiving the complaint, the customer may generally approach the Ombudsman, subject to other Scheme requirements.

The 45-day rule is a maximum for a written agreement, not a mandatory minimum. A shorter agreed period may apply, and statutory interest can arise if payment is delayed beyond the applicable date.

The delayed-payment provisions specifically protect micro and small suppliers within the statutory definitions. Enterprise classification and registration requirements should be checked under current law.

The MSEFC first undertakes conciliation and, if it fails, may itself take up arbitration or refer the dispute to an institution/centre as provided by the Act.

Section 19 generally requires the buyer to deposit 75% of the amount in terms of the award/decree before the application to set it aside is entertained, subject to the statute.

Section 238 provides overriding effect where the Code is inconsistent with another law. Application requires analysis of the conflict and the relevant statutory/judicial framework.

Section 14 generally prohibits institution or continuation of suits/proceedings against the corporate debtor during the moratorium, subject to the Code’s exclusions and judicial interpretation.

The National Company Law Appellate Tribunal (NCLAT) hears appeals from NCLT orders under the IBC, subject to statutory limits and timelines.

Section 61 generally provides 30 days for appeal, with a further period not exceeding 15 days if sufficient cause is shown. (Check the current statutory text for the specific order.)

Section 30(4) requires the CoC to consider feasibility and viability, the manner of distribution and other prescribed matters when approving a resolution plan.

The insolvency professional collects and verifies claims under the IBC and regulations. This supports the creditor list, CoC composition and process administration.

The liquidator performs statutory functions including custody/control of assets, claim verification, realisation of assets and distribution under the Code.

Secured status must be supported by the security interest and relevant records. The creditor must comply with liquidation procedures and decide whether to relinquish or realise security under section 52.

Whether a wrong is continuing depends on the nature of the legal duty and facts. A mere continuing effect of a completed breach is not necessarily a continuing breach that restarts limitation.

A chronology supports limitation analysis and proves compliance with statutory procedures. Dates and documents can determine whether a claim or enforcement action is within time.