Banking Awareness Quiz for Bank Exams 2021- 15th May

Q1. What is the full form of IBC?
(a) Introduction and Bankruptcy Code
(b) Insolvency and Bankruptcy Code
(c) Insolvency and Business Code
(d) Initial and Bankruptcy Code
(e)None of these

Q2. When did the Insolvency and Bankruptcy Code 2016 receive the President’s assent?
(a) 25 June 2017
(b) 15 June 2016
(c) 28 May 2016
(d) 15 May 2017
(e)All of these

Q3. Who is the Regulator under IBC?
(a) Reserve Bank of India
(b) Ministry of Finance
(c) Insolvency and Bankruptcy Board of India
(d) SEBI
(e)None of these

Q4. Who can initiate Corporate Insolvency Resolution Process (CIRP)?
(a) Financial Creditor, Operational Creditor and Corporate Debtor
(b) Financial Creditor and Operational Creditor
(c) Only Corporate Debtor
(d) Corporate Debtor and Financial Creditor
(e) None of these

Q5. Which of the following does not constitute Insolvency resolution process costs?
(a) Expenses on the public announcement
(b) Expenses incurred on or by the interim resolution professional to the extent ratified
(c) Amounts due to a person whose rights are prejudicially affected to account of the moratorium imposed
(d) Amounts due to suppliers of essential goods and services
(e) None of these

Q6. Who is an applicant under Section 7 of IBC?
(a) Adjudicating Authority
(b) Operational Creditor
(c) Corporate Debtor
(d) Financial Creditor
(e) None of these

Q7. Which is the highest appellate authority in case of IBC?
(a) RBI
(b) Supreme Court
(c) SEBI
(d) Insolvency Court
(e) None of these

Q8. Who is the Adjudicating Authority for Corporate Insolvency Resolution Process (CIRP)?
(a) High Court
(b) Board for Industrial and Financial Reconstruction (BIFR)
(c) National Company Law Tribunal (NCLT)
(d)Debt Recovery Tribunal (DRT)
(e) None of these

Q9. What is the amount of fine imposed on a person who initiates fraudulent or malicious proceedings?
(a) Rs. 2 lakh extendable to Rs. 1 crore
(b) Rs. 1 lakh extendable to Rs. 1 crore
(c) Rs. 1 lakh extendable to Rs. 3 crore
(d) Rs. 3 lakh extendable to Rs. 1 crore
(e)None of these

Q10. Under which Section of IBC is an Insolvency Professional Criminally liable…….
(a)Section 78
(b)Section 87
(c)Section 67
(d)Section 77
(e)None of these

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Solutions

S1.Ans.(b)
Sol. The Insolvency and Bankruptcy Code (IBC), 2016 is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.

S2.Ans.(c)
Sol. The Code received the assent of the President of India on 28 May 2016.

S3.Ans.(c)
Sol. Insolvency and Bankruptcy Board of India has been appointed as a regulator and it can oversee these proceedings.

S4.Ans.(a)
Sol. Financial Creditor, Operational Creditor and Corporate Debtor can initiate Corporate Insolvency Resolution Process.

S5.Ans.(a)
Sol. Expenses on the public announcement does not constitute Insolvency resolution process costs.

S6.Ans.(d)
Sol. A financial creditor either by itself or jointly is an applicant under Section 7 of IBC.

S7.Ans.(b)
Sol. Supreme Court is the highest appellate authority in case of IBC.

S8.Ans.(c)
Sol. National Company Law Tribunal (NCLT) is the Adjudicating Authority for Corporate Insolvency Resolution Process (CIRP).

S9.Ans.(b)
Sol. If, any person initiates the insolvency resolution process or liquidation proceedings fraudulently or with malicious intent for any purpose other than for the resolution of insolvency, or liquidation, as the case may be, the Adjudicating Authority may impose upon such person a penalty which shall not be less than one lakh rupees, but may extend to one crore rupees.

S10.Ans.(d)
Sol. Section 77: Punishment for providing false information in application made by corporate debtor.

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