MCQ for CA Final LAW - PART 2 - ECONOMIC LAW - Chapter 5 THE INSOLVENCY AND BANKRUPTCY CODE, 2016

Sample Multiple Choice Questions (MCQ's) for CA Final - Paper 4 - Corporate and Economic Laws - PART 2 - ECONOMIC LAW - Chapter 5: THE INSOLVENCY AND BANKRUPTCY CODE, 2016 - For Practice relevant for May/Nov 23 Examinations

Q:1 IBC, 2016 was notified in the Official Gazette on _______.

 

  1. 5th May, 2016
  2. 11th May, 2016
  3. 28th May, 2016
  4. 21st December, 2016

Answer: 3

Q:2 The Insolvency and Bankruptcy Board of India was established on ______.               

 

  1. 1st July, 2016
  2. 1st September, 2016
  3. 1st October, 2016
  4. 1st December, 2016

Answer: 3

Q:3 ________ is empowered to establish the Insolvency and Bankruptcy Board of India.           

 

  1. The Comptroller and Auditor General of India
  2. The Central Government
  3. The Securities and Exchange Board of India
  4. The Reserve Bank

Answer: 2

Q:4 The Head Office of Insolvency and Bankruptcy Board of India is situated at _________.

 

  1. Mumbai
  2. Kolkata
  3. Hyderabad
  4. New Delhi

Answer: 4

Q:5 IBC, 2016 is divided into ________ Parts and it has _______ Schedules.     

 

  1. 4; 11
  2. 4; 12
  3. 5; 11
  4. 5; 12

Answer: 4

Q:6 The provisions relating to Insolvency Resolution and Liquidation for Corporate Persons are contained in _______.               

 

  1. Part I of the Code
  2. Part II of the Code
  3. Part III of the Code
  4. Part IV of the Code

Answer: 2

Q:7 The purpose of the Code is _______.           

 

  1. To provide time bound settlement of insolvency
  2. to resolve India's bad debt problem by creating a database of defaulters
  3. facilitate easy exit of bankrupt corporates and individuals
  4. All of these

Answer: 4

 

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