Insolvency professional MCQ

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Q1) If a winding-up petition is pending, what must a Section 7 applicant do?
Suspend IBC proceedings
Notify the CoC
Immediately inform the Adjudicating Authority
Obtain leave from High Court

Q2) How can joint applicants under Section 7 manage representation?
Appoint a Resolution Professional jointly
Nominate one among them
File separate applications
Request IBBI to appoint an authorized officer

Q3) What distinguishes a “class of creditors” under Regulation 2(1)(aa)?
Group of operational creditors
Minimum of 10 financial creditors in same class
Related parties of the corporate debtor
Creditors with common security

Q4) What does the explanation to Section 7(1) clarify about "default"?
It must be to the applicant only
It includes defaults to any financial creditor
Only secured defaults are covered
Default must be in writing

Q5) If a decree holder under RERA attempts to initiate CIRP, the AA must:
Admit the application based on recovery certificate
Refer the matter to RERA
Dismiss the application for want of locus
Allow with consent of developer

Q6) What must be submitted with Form 2 under Rule 9?
Affidavit of financial creditor
Eligibility certificate for proposed IRP
Resolution plan draft
Net worth certificate of the applicant

Q7) What is the significance of Section 7(6) regarding the commencement of CIRP?
Commences on filing
Commences on service to corporate debtor
Commences from date of admission
Commences upon IRP’s appointment

Q8) If an application under Section 7 is rejected due to disciplinary proceedings against the IRP, what is the proper course of action?
File appeal before NCLAT
File the same application with a new IRP
Wait until proceedings are concluded
File under Section 10 instead

Q9) What is the time limit under Section 7(7) for the Adjudicating Authority to communicate its order of admission or rejection?
30 days from application filing
7 days from date of order
15 days from IRP appointment
Immediately after CIRP commences

Q10) In a case where an application under Section 7 is incomplete and returned by the AA, what is the timeline for rectification?
3 days
7 days from receipt of notice
10 working days from filing
30 days from original submission

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