Quiz on IBC and Valuation

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Quiz on IBC and Valuation - April 2024

Monthly quiz on Insolvency and Bankruptcy Code and Valuation organised by Insolvency & Valuation Standards Board (I&VSB) of ICAI

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Name *

Contact Number *

ICAI/ IP/ RV Membership No.
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Gender *

Male

Female

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1. ICAI Valuation Standard- 102 shall not apply, where the valuer is required to adopt valuation bases prescribed by?

The Income Tax Act 1961

The SEBI Regulations 1992

The Insolvency and Bankruptcy Code 2016

All of the above

2. While performing the valuation engagement which of the following element is significant? *

Date of Valuation

Parties involved in transaction

Nature of transaction

All of above

3. Which type of information is not relevant for the purpose of Valuation?

Financial Information

Non-Financial Information

Ownership Details

None of the above

4. Fair value is the price that would be received to sell an asset or paid to transfer a liability in _________between ___________at the valuation date.

Independent transaction, Market participants

Market Participants, Independent Transaction

Orderly transaction, Market participants

Market Participants, Orderly Transaction

5. For the purpose of Valuation of liabilities, liabilities should be considered as at their ______?

Book Value

Settlement Value

Fair Value

Nothing has been prescribed

6. To calculate the value of any asset or liabilities or any group of assets or any business unit, the registered valuer uses any of the methods or approaches among the three approaches that are prescribed under which Valuation Standard?

ICAI Valuation Standard 103

ICAI Valuation Standard 102

ICAI Valuation Standard 301

ICAI Valuation Standard 201

7. The Valuation Approaches and Methods shall be selected in a manner which would ______ the use of relevant ______ inputs and ______ the use of _____ inputs.

Maximise, observable, minimize, unobservable

Maximise, unobservable, minimize, observable

Minimize, observable, minimize, unobservable

Maximize, unobservable, maximize, observable

8. The terms of engagement shall clearly specify that the ownership of the working papers rests with the ____________?

Valuer

Client

Both of the above

Registered Valuers Organisation

9. The form and content of the Valuation Report depends on the-

Nature of the engagement

Purpose of the valuation

Both of the above

There is no such dependence; it shall be at the option of valuer

10. Which of the following is/are input/s to the Discounted Cash Flow Method?

Cash Flows

Discount Rate

Terminal Value

All of the above

11. Which of the following shall be included in the liquidation estate assets?
*

Assets owned by a third party which are in possession of the corporate debtor

Personal assets of any shareholder or partner of a corporate debtor

Tangible assets, whether movable or immovable of corporate debtor

Assets of any Indian or foreign subsidiary of the corporate debtor

12. Fast track corporate insolvency resolution process shall be completed within a period of ………….. days from the insolvency commencement date.

Ninety

Forty-five

Sixty

Thirty

13. Person is eligible to be resolution applicant if he/she –

Is an undischarged insolvent

Is a wilful defaulter in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 (10 of 1949)

Is not disqualified to act as a director under the Companies Act, 2013 (18 of 2013)

Is prohibited by the Securities and Exchange Board of India from trading in securities or accessing the securities markets

14. Which of the following is incorrect?

The members of the committee of creditors may meet in person or by such electronic means as may be specified.

All meetings of the committee of creditors shall be conducted by the resolution professional

The directors, partners and one representative of operational creditors, may attend the meetings of committee of creditors, and have right to vote in such meetings

Each creditor shall vote in accordance with the voting share assigned to him based on the financial debts owed to such creditor

15. The Adjudicating Authority shall, within a period of...... days of the receipt of the application, by an order admit/reject the application.

Fourteen

Fifteen

Ten

Twenty

16. The operational creditor under section 8 shall, along with the application furnish which of the followings:

Copy of the invoice demanding payment or demand notice delivered by the operational creditor to the corporate debtor

An affidavit to the effect that there is no notice given by the corporate debtor relating to a dispute of the unpaid operational debt

A copy of the certificate from the financial institutions maintaining accounts of the

All of above

17. The liquidator shall receive or collect the claims of creditors within a period of …………days from the date of the commencement of the liquidation process. *

Thirty

Forty

Seven

Fifteen

18. The first meeting of the committee of creditors shall be held within ………. days of the constitution of the committee of creditors. *

Ten

Twenty

Seven

Five

19. The resolution professional shall give notice of each meeting of the committee of creditors to-
*

Members of committee of creditors, including the authorised representatives

Members of the suspended Board of Directors or the partners of the corporate persons

Operational creditors or their representatives if the amount of their aggregate dues is not less than ten per cent. of the debt

All of above

20.The Corporate Debtors can itself initiate corporate insolvency resolution process under section- *

8/9

None of the above

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