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Test: Liquidation Of Company- 2 - B Com MCQ


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10 Questions MCQ Test - Test: Liquidation Of Company- 2

Test: Liquidation Of Company- 2 for B Com 2024 is part of B Com preparation. The Test: Liquidation Of Company- 2 questions and answers have been prepared according to the B Com exam syllabus.The Test: Liquidation Of Company- 2 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Liquidation Of Company- 2 below.
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Test: Liquidation Of Company- 2 - Question 1
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Which section of the Insolvency and Bankruptcy Code, 2016 led to the amendment of the Companies Act, 2013 to define the term "winding up"?

Detailed Solution for Test: Liquidation Of Company- 2 - Question 1
Section 255 of the Insolvency and Bankruptcy Code, 2016 led to the amendment of the Companies Act, 2013 by introducing a new definition for the term "winding up."
Test: Liquidation Of Company- 2 - Question 2
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Prior to the amendment, under which Act were the provisions for winding up through any mode governed, including voluntary winding up and winding up by the Tribunal?

Detailed Solution for Test: Liquidation Of Company- 2 - Question 2
Prior to the amendment, winding up through any mode, including voluntary winding up and winding up by the Tribunal, was governed by the provisions of the Companies Act, 1956.
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Test: Liquidation Of Company- 2 - Question 3
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Which type of winding up is now dealt with by the provisions of Sections 7 to 9 of the Insolvency and Bankruptcy Code, 2016?

Detailed Solution for Test: Liquidation Of Company- 2 - Question 3
Winding up on inability to pay debts is now dealt with by the provisions of Sections 7 to 9 of the Insolvency and Bankruptcy Code, 2016.
Test: Liquidation Of Company- 2 - Question 4
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Which provision of the 2013 Act deals with the circumstances under which a company can be wound up by the Tribunal, including grounds like acting against the sovereignty of India and conducting affairs fraudulently?
Detailed Solution for Test: Liquidation Of Company- 2 - Question 4
Section 271 of the 2013 Act deals with the circumstances under which a company can be wound up by the Tribunal, including grounds like acting against the sovereignty of India, conducting affairs fraudulently, and other specified reasons.
Test: Liquidation Of Company- 2 - Question 5
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Which authority is responsible for initiating corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016?
Detailed Solution for Test: Liquidation Of Company- 2 - Question 5
The Tribunal (adjudicating authority) is responsible for initiating the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.
Test: Liquidation Of Company- 2 - Question 6
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Which provision of the 2013 Act introduced a new ground for winding up based on the non-filing of financial statements and annual returns?
Detailed Solution for Test: Liquidation Of Company- 2 - Question 6
Section 271(d) of the 2013 Act introduced a new ground for winding up based on the non-filing of financial statements and annual returns for the immediately preceding five financial years.
Test: Liquidation Of Company- 2 - Question 7
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What is the meaning of "default" as defined in the Insolvency and Bankruptcy Code, 2016?
Detailed Solution for Test: Liquidation Of Company- 2 - Question 7
In the Insolvency and Bankruptcy Code, 2016, "default" is defined as non-repayment of a debt, whether whole or in part, that has become due and payable by a corporate person.
Test: Liquidation Of Company- 2 - Question 8
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When will the provisions of voluntary liquidation of corporate persons under the Insolvency and Bankruptcy Code, 2016 be applicable?
Detailed Solution for Test: Liquidation Of Company- 2 - Question 8
The provisions of voluntary liquidation of corporate persons under the Insolvency and Bankruptcy Code, 2016 will be applicable once the corresponding Rules are prescribed by the Central Government.
Test: Liquidation Of Company- 2 - Question 9
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Which proceedings related to voluntary winding up will continue to be dealt with by the High Courts?
Detailed Solution for Test: Liquidation Of Company- 2 - Question 9
Proceedings related to voluntary winding up that were pending before the High Courts till April 1, 2017, will continue to be dealt with by the High Courts in accordance with the provisions of the 1956 Act.
Test: Liquidation Of Company- 2 - Question 10
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In case of winding up on grounds other than inability to pay debts, which authority now has the jurisdiction to hear such cases, as per the current legal position?
Detailed Solution for Test: Liquidation Of Company- 2 - Question 10
In case of winding up on grounds other than inability to pay debts, the National Company Law Tribunal (NCLT) now has the jurisdiction to hear such cases, as per the current legal position.
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