Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697803232315.pdf (India)
th4 NATIONAL ONLINE ON INSOLVENCY AND BANKRUPTCY CODE, 2016 1 July, 2023 - 31 July, 2023 st st 10 consolation prizes of ` 10,000/- each for next 10 best performers Top 10% performers shall be awarded "Certificate of Merit” Take a 10 minutes quiz from anywhere, any mobile/ computer, anytime!
FORDETAILS SCANQRCODE Click here for Guidelines Click here for Sample Quiz Click here for Registration Click here for Taking Quiz Guidelines on National Online Quiz on IBC he Insolvency and Bankruptcy Code, 2016 (IBC) provides a market mechanism for insolvency resolution of Tcorporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.
It is one of the deepest economic reforms of India in the recent years.
Elucidating its th importance, the Hon’ble Prime Minister in his address at the centenary celebrations of Kirloskar Group on 6 January, 2020 observed: ÞlkfFk;ks] vktdy Insolvency vkSj bankruptcy code IBC dh bruh ppkZ gksrh gS] ysfdu ;s flQZ bruk iSlk okil vk;k] mruk iSlk okil vk;k& ogka rd gh lhfer jgrh gSA ysfdu oks mlls Hkh vkxs gSA vki lHkh ;s csgrj tkurs gSa fd dqN fLFkfr;ksa esa /ka/ks ls ckgj fudyuk gh dbZ ckj le>nkjh ekuk tkrk gSA ;s t:jh ugha fd tks daiuh lQy u gks jgh gks] mlds ihNs dksbZ lkft'k gh gks] dksbZ xyr bjknk gks] dksbZ ykyp gks( ;s t:jh ugha gSA ns'k esa ,sls m|fe;ksa ds fy, ,d jkLrk rS;kj djuk vko';d Fkk vkSj IBC us bldk vk/kkj r; fd;kA vkt ugha rks dy] bl ckr ij v/;;u t:j gksxk fd IBC us fdrus Hkkjrh; m|fe;ksa dk Hkfo"; cpk;k] mUgsa ges'kk&ges'kk ds fy, cckZn gksus ls jksdkAß 1.
The Insolvency and Bankruptcy Board of India (IBBI) is implementation of the IBC.

It is responsible for development and regulation of insolvency professionals, insolvency professional agencies and information utility.

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 valuers under the Companies (Registered Valuers and Valuation) Rules, 2017.

2.

To promote awareness and understanding of the IBC among various stakeholders (Indian citizens) across the country, the IBBI has launched this online Quiz in collaboration with MyGov.in.

3.
3.

Terms and Conditions: (a) The Quiz shall be open on the MyGov portal https://quiz.mygov.in for a period of one month from 01 July, 2023 to 31 July, 2023. st st st (b) The Quiz is open to Indian citizens aged 18 years and above as on 01 July, 2023.

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 are not eligible to participate in the Quiz.
A participant is required to self-certify that he/she is eligible to take the Quiz and also that he/she abides by these terms and conditions.

(c) A participant needs to register on the MyGov portal before taking the Quiz.

For registration, the participant needs to submit a 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.

(d) The Quiz is available both in English and Hindi.

A participant may choose either of the languages.

(e) 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.


(f) Any kind of malpractice such as, impersonation, double participation, etc., will render the participation of the individual null and void.

(g) Performance in the Quiz will be evaluated based on “Maximum Correct Answers in the Shortest Time”.

For example, if many individuals secure 20 marks, they will be ranked on the basis of the time taken to complete the Quiz, as electronically determined by MyGov.
The individual, who has completed the Quiz at the earliest shall be considered the best performer.

After ranking the individuals with score of 20, the individuals with score of 19 will be ranked, and so on.

` ` (h) 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 the 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.
(i) Besides the above, top 10% of the participants in terms of performance shall be awarded a "Certificate of Merit".

(j) After the closure of the Quiz, and prior to the announcement of results, the winners of cash prizes will be required to provide their identity details.

Non- submission of these details will render their participation null and void and the next best performer will be chosen st accordingly.
The entries, if any, of cash prize winners of 1 , 2 and 3 National Online Quiz, organized by IBBI in 2020, 2021 and 2022 respectively, will not be considered for award of cash prizes.

nd rd (k) All participants who are already registered on MyGov portal are advised to check and update their current, valid contact details (email ID and mobile number) in their MyGov profile/account, prior to playing the Quiz.
All communications from the Board to the participants/ winners will be made only on the contact details available with MyGov in their system.

(l) In case of any dispute, the decision of the IBBI shall be final.

(m) By participating in the Quiz, the participant agrees to have read and accepted the above-mentioned terms and conditions.
The quiz is open from 01 July, 2023 00:01 hour to 31 July, 2023 24:00 hours st st SAMPLE QUIZ 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?

resolution process when the debtor company has defaulted at least Rupees _____________.
(a) Promoting availability of credit (b) Promoting entrepreneurship (c) (d) Insolvency resolution of corporate persons Recovery of loans by creditors Ans.

(d) Recovery of loans by creditors (a) (b) (c) (d) one thousand ten thousand ten lakh one crore Ans.

(c) ten lakh 2.

Which of the following is not a process associated with insolvency of individuals?

(a) (b) (c) (d) Fresh Start Process Insolvency Resolution Process Bankruptcy Process Fast Track Resolution Process Ans.
(d) Fast Track Resolution Process 3.

The Insolvency and Bankruptcy Code, 2016 has adopted _______ model for Corporate Insolvency Resolution Process (CIRP).

debtor-in-possession debtor-in-control creditor-in-control (a) (b) (c) (d) NCLT-in-possession ’ Ans.

(c) creditor-in-control ’ 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) (b) (c) (d) an operational creditor a secured creditor a preferential creditor a financial creditor Ans.

(d) a financial creditor 5.

When can a bank file an application for initiation of corporate insolvency resolution process against a corporate debtor?
(a) (b) (c) (d) on determination of default by the Adjudicating Authority on commission of default by the corporate debtor on net-worth of the corporate debtor becoming negative on classification of the account of the corporate debtor as a Non-Performing Asset Ans.

(b) on commission of default by the corporate debtor 6.

A creditor can initiate pre-packaged insolvency 7. Who regulates Insolvency Professionals?
(a) Ministry of Corporate Affairs (b) National Company Law Tribunal (c) (d) Insolvency and Bankruptcy Board of India Indian Institute of Corporate Affairs Ans.

(c) Insolvency and Bankruptcy Board of India 8. Who appoints an insolvency professional to act as the Interim Resolution Professional for a corporate insolvency resolution process?

(a) (b) (c) (d) the committee of creditors the corporate debtor the National Company Law Tribunal the Insolvency and Bankruptcy Board of India Ans.
(c) National Company Law Tribunal 9.

(a) (b) (c) (d) The powers of the Board of Directors of a company undergoing corporate insolvency resolution process is exercised by ______.

the Central Government the Insolvency and Bankruptcy Board of India the Resolution Professional the Registrar of Companies Ans.

(c) the Resolution Professional 10.

The committee of creditors constituted in a corporate insolvency resolution process comprises ________________________.
(a) (b) (c) (d) financial creditors financial creditors and operational creditors financial creditors and equity shareholders financial creditors and preferential shareholders Ans.

(a) financial creditors 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 A creditor of the corporate debtor (c) (d) A competitor of the corporate debtor Ans.
(b) A wilful defaulter by __________.

12. Who among the following has the highest priority in distribution of sale proceeds of liquidation estate in a liquidation process?

(a) Workmen Employees (b) (c) Government Tax dues (d) ’ Ans.

(a) Workmen Reliance Industries Ltd. (a) (b) Vedanta Ltd. (c) (d) Arcelor Mittal India Pvt.

Ltd. Tata Steel Ltd. Ans.

(d) Arcelor Mittal India Pvt.

Ltd. 17.

The provisions relating to __________ in the Insolvency and Bankruptcy Code, 2016 are yet to come into force.

13.
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) (b) (a) (b) (c) (d) compulsory liquidation process voluntary liquidation process corporate liquidation process fast track liquidation process Ans.

(b) voluntary liquidation process 14.

Which is the first company to be resolved through corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016?
Innoventive Industries Ltd. (a) (b) Nico Corporation Ltd. (c) (d) Synergies Dooray Automotive Ltd. Bhusan Steel Ltd. Ans.

(c) Synergies Dooray Automotive Ltd. 15.

Which of the following financial services providers have not undergone corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016?

Yes Bank Limited (a) (b) Dewan Housing Finance Corporation Limited (c) (d) SREI Equipment Finance Limited Reliance Capital Limited Answer : (a) Yes Bank Limited 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 Resolution of Personal Guarantors to Corporate Debtors Resolution of Corporate Guarantors to Corporate Debtors Fresh Start Process (c) (d) Voluntary Liquidation Process Ans.

(c) Fresh Start Process 18.

What a resolution professional is to a corporate insolvency resolution process, so is a _________ to a bankruptcy process.
(a) (b) (c) (d) liquidator insolvency professional registered valuer bankruptcy trustee Ans.

(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) (d) Central Registry of Securitisation Asset TransUnion CIBIL Reconstruction and Security Interest Ans.

(a) National e-Governance Services Ltd. 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) (d) Court of Appeals Supreme Court of India Ans.

(c) Supreme Court of India Note: The IBBI reserves the rights to cancel or amend all or any part of the Quiz and/or the Terms and Conditions.
However, any amendments to the Terms and Conditions or cancellation of the Quiz, will be updated/ posted on the Mygov platform / website of IBBI.

For further information/clarification, please write to workshop.ip@ibbi.gov.in Insolvency and Bankruptcy Board of India (IBBI) th7 Floor, Mayur Bhawan, Shankar Market, Connaught Circus, New Delhi -110001 www.ibbi.gov.in