CS Professional Insolvency - Law and Practice PYQ December 2023: Question Paper and Available Answers

CS Professional 8 - Insolvency - Law and Practice PYQS Series December 2023 41 Questions Indexed

ICSI Examination Archive & Suggested Answers: This directory contains indexed questions from the paper for CS Professional 8 - Insolvency - Law and Practice PYQS (December 2023). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.

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Indexed questions

Background: You are a dynamic management consultant, extrovert, academically erudite, graduated from a top notch business school in Mumbai and subsequently qualified as a Company S
In respect of the inputs given in Para-A above, briefly answer the following questions: Whether the above Operational Creditors have a right to vote in the CoC meeting?
In respect of the inputs given in Para-A above, briefly answer the following questions: What is the mandatory agenda that should be discussed in the first meeting of CoC?
In respect of the inputs given in Para-A above, briefly answer the following questions: What shall be the quorum of the CoC meeting if it is conducted through video conferencing?
(B) In terms of the relevant provisions of the IBC, 2016, a liquidation order was passed against MNO Limited (Another Subsidiary of ABT and also being the Corporate Debtor) by the
In respect of the inputs given in Para-B above under IBC, 2016, answer the following: Besides this, one of the unsecured financial creditor demanded that, at the time of distributi
(C) A Financial Creditor, namely Mr. Z has filed an application before the Adjudicating Authority (AA) (NCLT) for initiation of Insolvency Resolution Process against MAPL (Corporat
(D) Another Financial Creditor namely Mr. E, through an assignment agreement, assigned his debt to a Trust. The Trust filed a petition for initiation of Corporate Insolvency Resolu
(E) Further, ABT is considering the purchase of used plant and machinery but of the latest technology from 'Four Spin Limited' which is undergoing a Corporate Insolvency Resolution
(F) AFP Ltd (Corporate Debtor), an Associate Company of ABT is classified as a Small Enterprise under Section 7 (1) of the Micro, Small and Medium Enterprises Development Act, 2006
(ii) The majority of the directors of the Corporate Debtor made a declaration that PPIRP is not being initiated to defraud any person and nothing more is contained in the declarati
(iii) The members of the Corporate Debtor passed an Ordinary Resolution approving the filing of an application for initiating PPIRP. There were no further approvals obtained from t
In respect of the inputs given in Para-F above, briefly answer the following questions: Are there any requirements to get the approval of the Financial Creditors/Board of Directors
(G) Kirutika Muralidharan, the financial creditor, was an investor and a debenture-holder of 'Optionally, Convertible Debenture Bond (OCBD) payable on maturity with redemption prem
In respect of the inputs given in Para-G above, briefly answer the following questions: Whether the redemption of debenture bonds payable on maturity date amounts to a debt?
(H) M Fabrics Ltd, (Corporate Debtor), has defaulted in repayment of its loan of ₹300 lakhs obtained for its business purpose from a Financial Institution (Financial Creditor). Rep
In respect of the inputs given in Para-H above, briefly answer the following questions: Advise Ms. Sowmya Ashwanth on 'independence' with the corporate debtor.
In respect of the inputs given in Para-H above, briefly answer the following questions: In the light of the inputs given, advise M Fabrics Ltd. whether initiation of a CIRP can be
You are a corporate consultant and have been serving the corporate world for the past one decade. Academically erudite, you are an extrovert Company Secretary and also a qualified
D Ltd. : MNO Ltd filed a petition under Section 7 of the IBC, 2016 for initiation of CIRP against D Ltd (Corporate Debtor) and being a wholly owned subsidiary of SOSAAL. The Adjudi
D Ltd. : MNO Ltd filed a petition under Section 7 of the IBC, 2016 for initiation of CIRP against D Ltd (Corporate Debtor) and being a wholly owned subsidiary of SOSAAL. The Adjudi
You are a part of a credible, practising firm of Company Secretaries Firm based out of Bengaluru. You are also a Director on the Board, Chairman and/or Member of Committees of the
Facts relating to 'Alfa Limited': In view of the deep recession prevailing in the market for the past three years, M/s. Alfa Limited (Corporate Debtor), which was facing the brunt
In respect of the facts relating to Alfa Limited examine in the light of the decided case law and the provisions of the Insolvency and Bankruptcy Code, 2016 the following: What wil
Facts relating to 'Big Rammy Limited': The following particulars relates to Big Rammy Ltd which has gone into Liquidation: SI No. Particulars Amount in ₹ 1. Amount realized from th
Samanvithaa Textiles Ltd (STL), with roots dating back to 1975 manufacturing coarse woollen blankets, has evolved into a leading manufacturer of the finest fabrics in India under t
The Resolution Professional has included only the bankers as members of the CoC. Whether the operational creditors have the right to be a member of the CoC?
What would be your answer, if in any case there are no financial creditors and only operational creditors are there?
The Bankers have already received 25% of the bid offer and remaining 75% was to be payable within 15 days by the successful bidder. Meanwhile the corporate debtor initiated CIRP. S
You have recently joined as a partner in Sam and Jay Associates, a reputed firm of Company Secretaries, based out of Delhi. The senior partner of the Firm, Ms. Anju has deputed you
RV National Bank is a financial as well as an operational creditor of SCL Ltd. Can RV National Bank club both the debts and claim it as a financial debt?
The Banks decided to enforce the personal guarantee provided by Mr. Narayanan. But he contended that the demand is not maintainable in view of the ongoing CIRP. Evaluate.
In the opinion of the Resolution Professional, participation of both the promoter directors of SCL Ltd as member of the suspended Board of Directors is not mandatory in the CoC und
You are known in the corporate arena as a renowned personality for your interactive deliberations in all gamuts of the Insolvency and Bankruptcy Code, 2106 and mandate best advisor
Who shall prepare the list of creditors after passing of the bankruptcy order? (a) Bankruptcy Trustee. (b) Adjudicating Authority. (c) Insolvency Professional Entity. (d) Informati
A Committee of Creditors comprises of... (a) Financial and Operational Creditors. (b) Secured creditors only. (c) All financial creditors. (d) Independent financial creditors only.
A final meeting of the CoC is scheduled to be held on 25th October, 2023. Is it necessary to hold the meeting in person or can it be organized otherwise? (a) Since it is a final me
Whether home buyers can initiate CIRP proceedings under the IBC, 2016? (a) No. Home buyers cannot do so. (b) Yes. Home buyers are included in the definition of financial creditors.
A registered Trade Union formed for the purpose of regulating relationship between workmen and their employer. Can such Trade Union initiate CIRP against the company on behalf of i
Roots Infra Ltd, (Operational Creditor) (OC) entered into a lease agreement for 10 years in respect of an office building measuring 16,000 sq. ft. belonging to Sharp Ltd (Corporate
Mr. 'S' submitted his candidature for being a resolution applicant of AC Ltd. in pursuant to an invitation made for the names of prospective resolution applicants under the relevan

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