Practice Corporate Law Questions and Answers

• Which of the following Sections of the Companies Act fixes the maximum number of partners in a partnership firm? 
• An act ultra vires to the Memorandum of Association: 
• What is the filing fee for LLP in case where the contribution of LLP exceed Rs Five lakh but does not exceeds Rs Ten lakh:
• When was the Insolvency and Bankruptcy Code 2016 notified in the gazette of India? 
• Under which Section of the Companies Act, any person may, after payment of the prescribed fees inspect by electronic means any documents kept with the Regi...
• Which of the following is most essential for a company? 
• A limited liability partnership shall, where a person becomes or ceases to be a partner and where there is any change in the name and address of the partne...
• Partnership is the relation between persons who have agreed to share _____________carried on by____.
• According to the SARFAESI Act, what does "asset reconstruction company" mean?
• Under the Companies Act, 2013, the concept of "One Person Company" (OPC) was introduced. Which of the following statements about OPC is INCORRECT?
• Under Section 30 of the Limited Liability Partnership Act, 2008, which of the following correctly describes the liability of partners in case of fraud?
• The Board of friends & Company Ltd. proposes to borrow money exceeding the company's paid-up share capital and free reserves without authorization in the a...
• A person who is an undischarged insolvent, or who has been convicted of an offence involving moral turpitude, is DISQUALIFIED from being appointed as a dir...
• After the commencement of the CIRP and during the moratorium, the resolution professional takes over the management of the corporate debtor. Which of the f...
• An INFORMATION UTILITY under the Insolvency and Bankruptcy Code, 2016 is a body that:
• A company's Board passes a resolution to acquire an asset worth ₹5 crore, a transaction the memorandum allows. The transaction exceeds the limits prescri...
• A listed company raises capital by issuing shares to a small group of select persons. For a PRIVATE PLACEMENT under Section 42 of the Companies Act, 2013, ...
• The principle that a company is a SEPARATE LEGAL ENTITY, distinct from its shareholders, even where one person substantially controls it, was settled by th...
• Under Section 149 of the Companies Act, 2013, an INDEPENDENT DIRECTOR may hold office for a term of up to ___ consecutive years, and on re-appointment for ...
• The rule that persons dealing with a company are deemed to have NOTICE of the contents of its public documents, such as the Memorandum and Articles, is ter...
• The NCLT admits a company's insolvency application and the CIRP commences. Under Sections 17-20 of the IBC, 2016 the management of the corporate debtor dur...
• The COMMITTEE OF CREDITORS (CoC) in the Corporate Insolvency Resolution Process under Section 21 of the IBC, 2016 is composed of:
• For the resolution plan to be approved, the Committee of Creditors may approve it by a vote of not less than ___% of the financial creditors:
• Two companies propose an AMALGAMATION under which the undertaking of one company is transferred to another and its members receive shares of the transferee...
• A company proposes a RELATED PARTY TRANSACTION with a director and his relative exceeding the prescribed threshold. Under Section 188 of the Companies Act,...
• A charge created by a company on its property or undertaking or any part thereof must be REGISTERED with the Registrar of Companies within ___ days of its ...
• A company, finding itself unable to pay its debts, wishes to VOLUNTARILY initiate the Corporate Insolvency Resolution Process against itself. Under the IBC...
• During the CIRP, the Resolution Professional verifies claims and fixes the voting share. A creditor who supplied raw materials to the corporate debtor clai...
• Despite time extensions, no resolution plan is approved in a CIRP and the prescribed period lapses. Under the IBC, 2016 the corporate debtor shall then, as...
• Under Section 31 of the IBC, 2016, a resolution plan approved by the Committee of Creditors and sanctioned by the Adjudicating Authority is BINDING on:
• Under Section 12 of the IBC, 2016, the Adjudicating Authority shall, as a rule, ADMIT or REJECT an application for the commencement of the CIRP within ___ ...
• Maintenance of BOOKS OF ACCOUNT and other relevant books and papers, with proper financial statements, at the REGISTERED OFFICE of the company for a prescr...
• A creditor who has supplied goods to a corporate debtor and is owed money seeks to initiate the CIRP against it. As an OPERATIONAL creditor under Section 9...
• In the LIQUIDATION of a corporate debtor under Section 53 of the IBC, 2016, the HIGHEST PRIORITY in the distribution of the proceeds of the liquidation est...