National Online Quiz On Insolvency and Bankruptcy Code , 2016 (IBC) By Insolvency and Bankruptcy Board of India
Hello everyone most welcome on my blog. Today in this post I will tell you about a new and most interesting National Level Quiz Competition. So let's start , This is a National Level Quiz On Insolvency and Bankruptcy Code , 2016 (IBC) . This quiz competition is organized by Insolvency and Bankruptcy Board of India (IBBI) collaboration with MyGov.in .The Insolvency and Bankruptcy Board of India (IBBI) is a key pillar of the ecosystem responsible for implementation of the IBC. It is responsible for development and regulation of insolvency professionals and other service providers. It regulates various processes, namely, corporate insolvency resolution, corporate liquidation, fresh start, individual insolvency resolution and individual bankruptcy. It acts as the ‘Authority’ for regulation and development of the profession of values.
About The Quiz Competition :
The Quiz shall be open on the the MyGov portal https://quiz.mygov.in/ from 1st August, 2021 00:01 hours to 31 August, 2021 24:00 hours.
👉In this quiz competition anyone (Only Indian Citizens) can participate except Individuals working in IBBI and BSE Investors Protection Fund (permanent and contractual), service providers under the IBC and registered with IBBI and also their immediate family members.
👉A participant needs to register on the MyGov portal before taking the Quiz. For registration, the participant needs to submit valid mobile number and a valid e-mail ID. The same mobile number or email ID cannot be used twice for registration. This means that a participant can participate in the Quiz only once. In case of same mobile number/email id being used multiple times, only the first entry will be considered eligible and the remaining entries will be eliminated.
👉The Quiz is available both in English and Hindi. A participant may choose either of the languages.
👉The Quiz will have 20 (twenty) multiple choice questions, each carrying one mark. A participant will get 10 (ten) minutes to complete the Quiz. There will be no negative marking .
👉Any kind of malpractice, such as, impersonation, double participation, etc., will render the participation of the individual null and void.
👉Performance in the Quiz will be evaluated based on “Maximum Correct Answers in the Shortest Time”.
💰💸 Rewards and Prize 💰💸
👉The best performer will be awarded a Gold Medal along with a cash prize of ` 1,00,000/- (One lakh rupees only).
👉The second-best performer will be awarded a Silver Medal along with a cash prize of ` 50,000/- (Fifty thousand rupees only).
👉The third best performer will be awarded a Bronze Medal along with a cash prize of ` 25,000/- (Twenty five thousand rupees only).
👉The next ten best performers will be awarded consolation prizes of ` 10,000/- (Ten thousand rupees only) each.
👉These prizes and medals are sponsored by BSE Investors Protection Fund, as part of its investor awareness initiatives. These prizes and medals will be given away at an appropriate function to be decided by the IBBI.
Note: Quiz is open on 1st August 2021 on MyGov Portal
Quiz Link: Click Here
Sample Questions
The Quiz consists of 20 questions, based on the Insolvency and Bankruptcy Code, 2016. Each question has four alternatives. Choose the alternative that is the most appropriate response.
1. Which of the following is not an objective of the Insolvency and Bankruptcy Code,2016?
(a) Promoting availability of credit
(b) Promoting entrepreneurship
(c) Insolvency resolution of corporate persons
(d) Recovery of loans by creditors
2. Which of the following is not a process associated with insolvency of individuals?
(a) Fresh Start Process
(b) Insolvency Resolution Process
(c) Bankruptcy Process
(d) Fast Track Resolution Process
3.The Insolvency and Bankruptcy Code, 2016 has adopted _______ model for Corporate Insolvency Resolution Process(CIRP).
(a) debtor-in-possession
(b) debtor-in-control
(’c) creditor-in-control
(d) NCLT-in-possession
4. If you book a flat with a real estate company, and that company enters the corporate
insolvency resolution process, you would be considered as ____________.
(a) an operational creditor
(b) a secured creditor
(c) a preferential creditor
(d) a financial creditor
5. When can a bank file an application for initiation of corporate insolvency resolution process against a corporate debtor?
(a) on determination of default by the Adjudicating Authority
(b) on commission of default by the corporate debtor
(c) on net-worth of the corporate debtor becoming negative
(d) on classification of the account of the corporate debtor as a Non-Performing Asset
6. A creditor can initiate pre-packaged insolvency resolution process when the debtor company has defaulted at least Rupees __________.
(a) one thousand
(b) ten thousand
(c) ten lakh
(d) one crore
7. Who regulates Insolvency Professionals?
(a) Ministry of Corporate Affairs
(b) National Company Law Tribunal
(c) Insolvency and Bankruptcy Board of India
(d) Indian Institute of Corporate Affairs
8. Who appoints an insolvency professional to act as the Interim Resolution Professional for a corporate insolvency resolution process?
(a) the committee of creditors
(b) the corporate debtor
(c) the National Company Law Tribunal
(d) the Insolvency and Bankruptcy Board of India
9. The powers of the Board of Directors of a company undergoing corporate insolvency resolution process is exercised by ______.
(a) the Central Government
(b) the Insolvency and Bankruptcy Board of India
(c) the Resolution Professional
(d) the Registrar of Companies
10. The committee of creditors constituted in a corporate insolvency resolution process
comprises ___
(a) financial creditors
(c) financial creditors and equity shareholders
(b) financial creditors and operational creditors
(d) financial creditors and preferential shareholders
11. Which of the following persons is prohibited to submit a resolution plan in a corporate insolvency resolution process?
(a) A promoter of the corporate debtor
(b) A wilful defaulter
(c) A creditor of the corporate debtor
(d) A competitor of the corporate debtor
12. Who among the following has the highest priority in distribution of sale proceeds of liquidation estate in a liquidation process?
(a) Workmen
(b) Employees
(’c) Government
(d) Tax dues
13. If a company wishes to exit a business and can pay-off all its debts in full from the sale proceeds of its assets, it may initiate___
(a) compulsory liquidation process
(b) voluntary liquidation process
(c) corporate liquidation process
(d) fast track liquidation process
14. Which is the first company to be resolved through corporate insolvency resolution process under the Insolvency and Bankruptcy Code,2016?
(a) Innoventive Industries Ltd
(b) Nico Corporation Ltd.
(c) Synergies Dooray Automotive Ltd
(d) Bhusan Steel Ltd.
15. Which of the following is the first financial services provider to undergo corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016?
(a) IL & FS
(b) Punjab & Maharashtra Co-operative Bank Ltd.
(’c) DHFL
(d) SRS Microfinance
16. 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 __________.
(a) Reliance Industries Ltd.
(b) Vedanta Ltd
(c) Tata Steel Ltd.
(d) Arcelor Mittal India Pvt. Ltd.
17. The provisions relating to __________ in the Insolvency and Bankruptcy Code,2016 are yet to come into force.
(a) Resolution of Personal Guarantors to Corporate Debtors
(b) Resolution of Corporate Guarantors to Corporate Debtors
(c) Fresh Start Process
(d) Voluntary Liquidation Process
18. What a resolution professional is to a corporate insolvency resolution process, so is a _________ to a bankruptcy process.
(a) liquidator
(b) insolvency professional
(c) registered values
(d) bankruptcy trustee
19. Which of the following is an Information Utility?
(a) National e-Governance Services Ltd
(b) NSDL e-Governance Infrastructure Ltd
(c) TransUnion CIBIL
(d) Central Registry of Securitisation Asset
Reconstruction and Security Interest
20. Appeal against an order of the National Company Law Appellate Tribunal may be preferred before the ___
(a) High Court having Territorial Jurisdiction
(b) Commercial Bench of the High Court
(c) Supreme Court of India
(d) Court of Appeals
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