Welcome to Online English Section with explanation in Affairs Cloud.com. Here we are creating question sample in Cloze test, which is BASED ON IBPS & SBI PO/CLERK/LIC AAO/RRB, RBI, IPPB,SSC CGL EXAM and other competitive exams !!!
The Insolvency and Bankruptcy Code, 2016, intended to provide for an (1) to consolidate and amend the law relating to re-organisation and insolvency resolution, has given rise to a new breed — the insolvency professional, who holds the key to insolvency resolution.The World Bank’s ‘Doing Business Report’ states that the resolution time for corporate insolvency in India is 4.3 years, at a cost of about 9% of the estate, resulting in the recovery of 25.7 cents to every dollar due to a creditor in a corporate (2). It is in this backdrop that the code and the profession it will spawn assume significance.The insolvency professional will step in during the 180-day calm period in an insolvency
resolution process; will be entrusted with the task of monitoring and managing the matters of the enterprise and will have to ensure its protection from (3) of economic value. During this period, the professional secures the assets from asset-stripping and forms a creditor committee, which will determine if the enterprise should be (4) or liquidated.
The Code also requires insolvency professionals to be enlisted with an Insolvency Professional Agency (IPA), an entity that would be regulated by the Insolvency and Bankruptcy Board of India. The IPA will perform the regulatory function by laying down detailed standards and codes of conduct; the executive function by monitoring, inspecting and investigating insolvency professionals, including (5) of information on their performance with a view to prevent their misconduct; and the quasijudicial function of taking (6) action against erring professionals. As the IPAs have to regulate insolvency professionals, it would make sense if they are formed as not-for- profit companies under the Companies Act, 2013, more so when the Code (7) multiple IPAs. This would enable delineation of the functions of IPAs without real or (8) conflict of interest, so that insolvency professionals perform their role with the desired levels of professionalism. The intended purpose to (9) competition among IPAs to attract and retain talent and make them accountable to the Insolvency & Bankruptcy Board of India would also be better (10) by this structure.
- 1) revocation
5) annulmentAnswer – 2)
Explanation: enactment – the process of passing legislation.
- 1) inconsistency
5) consistencyAnswer – 2)
Explanation: insolvency – the state of being insolvent.
- 1) construction
5) dazzlingAnswer – 4)
Explanation: erosion – the process of eroding or being eroded by wind, water, or other natural agents.
- 1) flowed
5) revivedAnswer – 5)
Explanation: revived – restore to life or consciousness.
- 1) preceded
5) protectAnswer – 3)
Explanation: gathering – an assembly or meeting, especially one held for a specific purpose.
- 1) disciplinary
5) explicitAnswer – 1)
Explanation: disciplinary – concerning or enforcing discipline.
- 1) curtains
5) cretinsAnswer – 4)
Explanation: envisages – contemplate or conceive of as a possibility or a desirable future event.
- 1) sling
5) melancholyAnswer – 2)
Explanation: perceived –
- 1) inclined
5) conjoinAnswer – 3)
Explanation: infuse – fill; pervade.
- 1) availed
5) servedAnswer – 5)
Explanation: served – perform duties or services for (another person or an organization).