Indicative MCQs  
                              
    for Limited Insolvency Examination 
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                                                   
                              
             
             
             
             
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            Insolvency Professionals Agency. 
             
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                                                  CONTENTS 
               S.      Section         Particulars                                       Page No. 
               No. 
               1.      Section - I     Introduction & Corporate                              1-15 
                                       Insolvency Resolution Process 
                                       (CIRP) under Insolvency and 
                                       Bankruptcy Code, 2016. 
               2.      Section - II  IBBI (Insolvency Resolution                            16-22 
                                       Process for Corporate Persons) 
                                       Regulations, 2016  
               3.      Section -       Adjudicating Authority for                           23-25 
                       III             Corporate Persons  
               4.      Section -       Offences and Penalties                               26-27 
                       IV 
                                                                               THE INSOLVENCY AND BANKRUPTCY CODE, 2016 
                                                                                       Part I and Part II (Chapter I, II, VI and VII) of IBC 
                                                                                                                                                                                                                                                                            SECTION - I 
                                                                                                                                Corporate Insolvency Resolution Process (CIRP) 
                                            Q.1. When did the Insolvency and Bankruptcy Code 2016 receive the President’s assent: 
                                               
                                              A                             5 August 2016 
                                              B                             28 May 2016 
                                              C                             5 May 2016 
                                              D                             15 June 2016 
                                            Q.2. What is the applicability of IBC: 
                                               
                                              A                             Companies  incorporated  under  the  Companies  Act,  2013  or  under  any  previous 
                                                                            company  law,  Limited  Liability  Partnerships  incorporated  under  Limited  Liability 
                                                                            Partnership Act, 2008, Partnership firms and Individuals. 
                                              B                             Companies  incorporated  under  the  Companies  Act,  2013  or  under  any  previous 
                                                                            company law, Hindu Undivided Family, Partnership firms and Individuals. 
                                              C                             Companies  incorporated  under  the  Companies  Act,  2013  or  under  any  previous 
                                                                            company  law,  Limited  Liability  Partnerships  incorporated  under  Limited  Liability 
                                                                            Partnership  Act,  2008  and  Co-operative  Societies  registered  under  Co-operative 
                                                                            Societies Act, 1972. 
                                              D                             Companies  incorporated  under  the  Companies  Act,  2013  or  under  any  previous 
                                                                            company  law,  Trusts  under  the  Indian  Trusts  Act,  1882,  Co-operative  Societies 
                                                                            registered under Co-operative Societies Act, 1972, Individuals. 
                                               
                                            Q.3. What is the impact of IBC on other legislation: 
                                               
                                              A                             IBC does not have any effect on other legislations. 
                                           MCQs for Limited Insolvency Examination                                                                                                                                                                                                                                                                                                                                                                                                                                                                         1