Banking Awareness Quiz – Set 220

Hello Aspirants,
Welcome to Banking Awareness Quiz in AffairsCloud.com. Here we are creating quiz covering important questions which are common for all the bank exams and other competitive exams.

1. “I” in IBBI stands for______
   A. Institute
   B. Indian
   C. Information
   D. Insolvency
   E. None of these
   
   Answer & Explanation

   D. Insolvency
   Explanation:
   The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India
   
   
2. IBBI was established on _____
   A. 1 October 2016
   B. 1 November 2016
   C. 31 March 2016
   D. 31 May 2016
   E. None of these
   
   Answer & Explanation

   A. 1 October 2016
   Explanation:
   IBBI was established on 1 October 2016
   
   
3. Insolvency and Bankruptcy Code was passed by Lok Sabha on _____
   A. 1 October 2016
   B. 1 November 2016
   C. 5 March 2016
   D. 5 May 2016
   E. None of these
   
   Answer & Explanation

   D. 5 May 2016
   Explanation:
   Insolvency and Bankruptcy Code was passed by Lok Sabha on 5 May 2016
   
   
4. Which of the following is covered by IBBI?
   A. Companies
   B. Limited Liability Partnerships
   C. Partnership firms
   D. Individuals
   E. All of these
   
   Answer & Explanation

   E. All of these
   Explanation:
   It covers Individuals, Companies, Limited Liability Partnerships and Partnership firms.
   
   
5. IBBI handles the cases by using _______
   A. NCLT
   B. Debt recovery tribunal
   C. ICJ
   D. Both (A) and (B)
   E. Both (B) and (C)
   
   Answer & Explanation

   D. Both (A) and (B)
   Explanation:
   It handles the cases using two tribunals like NCLT(National company law tribunal) and Debt recovery tribunal
   
   
6. Who among the following is the Chairperson of IBBI?
   A. Ajay Tyagi
   B. Amardeep Singh Bhatia
   C. G. S. Yadav
   D. A Unnikrishnan
   E. M.S.Sahoo
   
   Answer & Explanation

   E. M.S.Sahoo 
   Explanation:
   Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India.
   
   
7. The Central Government has constituted National Company Law Tribunal (NCLT) under ______ of the Companies Act, 2013. 
   A. Section 108
   B. Section 408
   C. Section 308
   D. Section 208
   E. None of these
   
   Answer & Explanation

   B. Section 408
   Explanation:
   The Central Government has constituted National Company Law Tribunal (NCLT) under section 408 of the Companies Act, 2013 
   
   
8. The National Company Law Appellate Tribunal (NCLAT) is a _____
   A. Statutory body
   B. Judicial body
   C. Regulatory body
   D. All of these
   E. None of these
   
   Answer & Explanation

   B. Judicial body
   Explanation:
   The National Company Law Appellate Tribunal (NCLAT) is a quasi-judicial body in India
   
   
9. How many benches are there in NCLAT?
   A. 12
   B. 10
   C. 11
   D. 13
   E. None of these
   
   Answer & Explanation

   C. 11
   Explanation:
   The NCLAT has eleven benches, two at New Delhi (one being the principal bench) and one each at Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai.
   
   
10. NCLAT was constituted on _______
    A. 1 June 2016
    B. 1 November 2016
    C. 31 March 2016
    D. 31 May 2016
    E. None of these
    
    Answer & Explanation

    A. 1 June 2016
    Explanation:
    NCLAT was constituted on 1 June 2016.