MCQs on Preliminary & Definitions

Q.1:- Corporate person under this Code means

• Financial service provider
• Any other person with limited liability
• Company, LLP & any other person with limited liability
• Company, LLP & financial service provider

Q.2:- "Person resident in India" shall have the meaning assigned to such term in

• Foreign Exchange Management Act, 1999
• Insolvency and Bankruptcy Code
• Income-tax Act, 1961
• None of the above

Q.3:- Which of the following is not included as a constitutional document in relation to a corporate person

• Memorandum of Association
• Financial statement
• Article of Association
• All of the above

Q.4:- Financial Institution means

• Scheduled bank, Financial bank, Rural banks
• Scheduled banks, Corporate banks, Rural banks
• Scheduled bank, Financial Institution, Public Financial Institution
• None of the above

Q.5:- The Insolvency & Bankruptcy Board of India is enacted by Parliament in

• Sixteenth year of Republic of India
• Sixty-seventh year of Republic of India
• Forty-fifth year of Republic of India
• Seventy-sixth year of Republic of India

Q.6:- Creditor does not include:

• Secured creditor
• Unsecured creditor
• Decree holder
• None of the above

Q.7:- Financial product does not Include

• Contracts to exchange one currency for an¬other which ones to be settled immediately
• Foreign Currency Contract
• Small Savings Instruments
• Securities

Q.8:- Security Interest does not include

• Performance Guarantee
• Hypothecation
• Assignment
• Encumbrance

Q.9:- Financial debt in the context of corporate insolvency resolution process means

• Debt along with interest on debt
• Debt along with interest which is disbursed against the consideration of time value of money
• Debt
• Interest on debt

Q.10:- The Code received the Assent of the President of India on

• 28th May, 2016
• 10th April, 2015
• 2nd May, 2014
• 17th June, 2016

Q.11:- Corporate Debtor means

• A company who owes a debt to any person
• A corporate person who owes a debt to a company
• A corporate person who owes a debt to any person
• A person who owes a debt to any other person

Q.12:- Insolvency professional means a person enrolled u/s 206 with an _____as its member and registered with the ____as an Insolvency professional u/s 207

• Board, Insolvency Professional Agency
• Insolvency Professional Agency, Insolvency Professional Agency
• Insolvency Professional Agency, Board
• Board, Board

Q.13:- Workman shall have the meaning as assigned in

• Industrial Disputes Act, 1947
• Factories Act, 1948
• Workmen's Compensation Act, 1923
• Insolvency and Bankruptcy Code

Q.14:- Corporate person does not include

• Financial service provider
• Company
• LLB
• Any other person with limited liability

Q.15:- Financial service includes

• Underwriting the Insurance of a Financial product
• Accepting of Deposits
• Effecting contracts of Insurance
• All of the above

Q.16:- Creditors Include

• Unsecured creditors
• Financial creditors
• Operational creditors
• All of the above

Q.17:- Financial products does not include

• Contracts of insurance
• Retirement Benefit Plans
• Securities
• None of the above

Q.18:- Financial Service Regulator does not include

• RBI
• SEBI
• Regulatory authorities not notified by Central Government
• IRDAI

Q.19:- Debt Includes

• Operational debt
• Secured debt
• Financial debt
• All of the above

Q.20:- Financial information in relation to a person means

• Records if any, of instances of default of the person against any debt
• Records if any, of instances of default to the person against any debt
• Records if any, of instances of default by the person against any debt
• Records if any, of instances of default the person against any debt

Q.21:- Definition of person excludes

• HUF
• Person resident outside India
• Trust
• None of the above