Question
Which of the following statements are true regarding
Pre-Packaged Resolution Process? 1. By way of a further amendment to IBC viz., IBC (Amendment) Act, 2021, the Pre-Packaged Insolvency Resolution Process (“PIRP”) has been introduced. 2. The PIRP is applicable ONLY in respect of Micro, Small and Medium Enterprises 3. A Corporate Debtor which has committed a default of at least Rs.20,00,000/- (Rupees Twenty Lakh Only) is eligible to make an application before the Appellate Authority for initiation of PIRP) 4. CIRP (Corporate Insolvency Resolution Process) and PIRP can run simultaneously Read the following passage and answer the next 4 question (Q11 to Q14):- There is a need to strengthen the insolvency resolution process. The Insolvency and Bankruptcy Board of India (IBBI) must swiftly finalise the code of conduct for the committee of creditors (CoC), mainly in banks. The code is meant to provide clarity on the scope of the responsibilities of the CoC. It adds another layer of oversight, given that banks are already regulated by the RBI and public sector bankers are also under the purview of the Prevention of Corruption Act. The draft norms that cover disclosure of any conflict of interest, not acquiring any assets of the corporate debtor and adhering to bankruptcy code timelines are fine. Robust enforcement must go hand in hand. Source: Economic timesSolution
A Corporate Debtor who has committed a default of at least Rs.10,00,000/- (Rupees Ten Lakh Only) is eligible to make an application before the AA for initiation of PIRP. In a case where there is a default of an amount above Rs.1,00,00,000/- (Rupees One Crore Only), PIRP will not apply. the MSME which is applying for initiation of PIRP should not have undergone PIRP or should not have completed CIRP, during the 3 (three) years preceding the initiation date of PIRP; CIRP and PIRP cannot run simultaneously. Therefore, the MSME should not be undergoing any CIRP
Out of 840 students in a college, the proportion of boys to girls is 3:4. In the midterm exam, 15% of boys and 10% of girls failed. How many students fa...
- A number is first increased by 18% and then decreased by 18%. The overall change in number is:
The sum of the original incomes of ‘P’ and ‘Q’ is Rs. 90000. If the income of ‘P’ had been Rs. 30000 more, then his income would have been 5...
Partners A, B, and C invest Rs 10,000, Rs 15,000, and Rs 20,000 in a business. At the end of the year, the business generates a profit of Rs 45,000. A i...
The only expenses of Arun are on grocery, rent and fun expenses. Arun spent Rs. 2,750 on fun, amount spent by him on rent is Rs. 9,000 more than that on...
- A man received Rs. 15,000 as a bonus. He spent 25% of this on groceries, 10% of the remaining on clothes, and 20% of the remaining on travel. What amount o...
PQ is a line of length 18 cm. A point R is placed such that PR = 5 cm. If PR is increased by 40%, what percent does QR decrease?
Raj scored 30% marks in a test and failed by 40 marks, while Meena scored 50% marks in the same test and failed by 10 marks. Find the passing marks of t...
The population of the town is 234000. 4/9th of them are males and rest are females. 50% males and 40% females are married. Find the percent of married p...
The station master decides that the length of the rectangular digital board be increased by 5% and the width be reduced to 7%. Find out the total change...
