1. What is the minimum default amount for initiating CIRP as per the latest notification?

A. ₹1 lakh
B. ₹10 lakh
C. ₹1 crore
D. ₹10 crore
Answer: C. ₹1 crore

2. Who can initiate the Corporate Insolvency Resolution Process (CIRP)?

A. Only financial creditors
B. Financial creditors, operational creditors, or corporate debtor
C. Only operational creditors
D. Only corporate debtor
Answer: B. Financial creditors, operational creditors, or corporate debtor

3. What is the first action after NCLT admits a CIRP application?

A. Appoint Resolution Professional
B. Impose moratorium and public announcement
C. Form Committee of Creditors
D. Approve resolution plan
Answer: B. Impose moratorium and public announcement

4. What is the role of the Interim Resolution Professional (IRP)?

A. Permanently manage corporate debtor’s operations
B. Temporarily oversee process until Resolution Professional is appointed
C. Approve resolution plans
D. File CIRP application
Answer: B. Temporarily oversee process until Resolution Professional is appointed

5. What is the minimum requirement for real estate allottees to file a CIRP application?
A. At least 50 allottees or 5% of total
B. At least 100 allottees or 10% of total, whichever is less
C. At least 200 allottees or 20% of total
D. Any single allottee
Answer: B. At least 100 allottees or 10% of total, whichever is less

6. How long does NCLT have to ascertain default after receiving a CIRP application?
A. 7 days
B. 14 days
C. 30 days
D. 60 days
Answer: B. 14 days

7. What happens to a pre-2020 CIRP application not modified within 30 days?

A. Automatically admitted
B. Deemed withdrawn
C. Escalated to Supreme Court
D. Referred to Committee of Creditors
Answer: B. Deemed withdrawn

8. Which is NOT required with a financial creditor’s CIRP application?

A. Record of default
B. Proposed interim resolution professional’s name
C. Permanent Account Number
D. Resolution plan
Answer: D. Resolution plan

9. Who qualifies as an allottee in a real estate project per Manish Kumar Vs. Union of India?
A. Anyone promised a flat in a brochure
B. Person with documented booking of an apartment
C. Only original property buyer
D. Only family members of allottee
Answer: B. Person with documented booking of an apartment

10. What happens if NCLT rejects a CoC-approved resolution plan?

A. Immediate liquidation
B. CoC submits new plan within 7 days
C. Process may lead to liquidation
D. Moratorium lifted automatically
Answer: C. Process may lead to liquidation

11. What must an operational creditor deliver to a corporate debtor upon default under Section 8(1)?
A. Resolution plan
B. Demand notice or invoice with notice
C. Financial statement
D. Arbitration agreement
Answer: B. Demand notice or invoice with notice

12. Within how many days must a corporate debtor respond to a demand notice under Section 8(2)?
A. 7 days
B. 10 days
C. 14 days
D. 30 days
Answer: B. 10 days

13. What is a condition for NCLT to admit an operational creditor’s CIRP application under Section 9(5)?
A. Resolution plan submitted
B. No notice of dispute received by operational creditor
C. Corporate debtor’s consent
D. Financial creditor’s approval
Answer: B. No notice of dispute received by operational creditor

14. What is the fee for filing a CIRP application by an operational creditor under Rule 10(3)?
A. ₹2,000
B. ₹10,000
C. ₹25,000
D. ₹50,000
Answer: A. ₹2,000

15. Who can file a CIRP application under Section 10?

A. Only financial creditors
B. Corporate applicant of the corporate debtor
C. Operational creditors only
D. Resolution professional
Answer: B. Corporate applicant of the corporate debtor

16. Under Section 10A, CIRP applications are barred for defaults occurring on or after which date?
A. January 1, 2020
B. March 25, 2020
C. June 5, 2020
D. December 25, 2020
Answer: B. March 25, 2020

17. Who is NOT entitled to initiate CIRP under Section 11?

A. Corporate debtor under liquidation
B. Financial creditor of a solvent company
C. Operational creditor with no prior dispute
D. Corporate applicant of a new debtor
Answer: A. Corporate debtor under liquidation

18. What is the mandatory time limit for completing CIRP, including extensions, under Section 12?
A. 180 days
B. 270 days
C. 330 days
D. 360 days
Answer: C. 330 days

19. What percentage of CoC voting share is required to approve withdrawal of a CIRP application under Section
12A?
A. 66%
B. 75%
C. 90%
D. 100%
Answer: C. 90%

20. What does the moratorium under Section 14(1) prohibit?

A. Filing new resolution plans
B. Institution of suits against the corporate debtor
C. Payment of operational debts
D. Appointment of resolution professional
Answer: B. Institution of suits against the corporate debtor

21. What information must the public announcement of CIRP under Section 15(1) include?
A. Proposed resolution plan details
B. Name and address of the corporate debtor
C. Financial creditor’s voting share
D. Interim resolution professional’s salary
Answer: B. Name and address of the corporate debtor

22. Who appoints the interim resolution professional (IRP) under Section 16(1)?
A. Committee of Creditors
B. Adjudicating Authority
C. Insolvency and Bankruptcy Board of India
D. Corporate Debtor
Answer: B. Adjudicating Authority

23. What happens if no interim resolution professional is proposed in an operational creditor’s CIRP application
under Section 16(3)?
A. Application is rejected
B. Adjudicating Authority refers to IBBI for recommendation
C. Financial creditor nominates IRP
D. Corporate debtor appoints IRP
Answer: B. Adjudicating Authority refers to IBBI for recommendation

24. According to Regulation 3, who is ineligible to be appointed as an IRP or RP?

A. A related party of the corporate debtor
B. A shareholder of the corporate debtor
C. A creditor of the corporate debtor
D. A lawyer representing the corporate debtor
Answer: A. A related party of the corporate debtor

25. Under Section 17(1), what happens to the powers of the corporate debtor’s board of directors upon IRP
appointment?
A. They are enhanced
B. They are suspended
C. They are transferred to creditors
D. They remain unchanged
Answer: B. They are suspended

26. What is a key duty of the IRP under Section 18?

A. Approve resolution plans
B. Constitute the Committee of Creditors
C. File tax returns for the corporate debtor
D. Negotiate with operational creditors
Answer: B. Constitute the Committee of Creditors

27. Under Section 19(2), what can the IRP do if corporate debtor personnel do not cooperate?
A. File a lawsuit against them
B. Apply to the Adjudicating Authority for directions
C. Terminate their employment
D. Replace them with new personnel
Answer: B. Apply to the Adjudicating Authority for directions

28. What authority does the IRP have under Section 20(2) to maintain the corporate debtor as a going concern?
A. Sell corporate debtor’s assets without approval
B. Appoint accountants or legal professionals
C. Change the corporate debtor’s registered office
D. Issue new shares of the corporate debtor
Answer: B. Appoint accountants or legal professionals

29. According to Regulation 12, until when can a creditor submit a late claim with proof?
A. Until the public announcement
B. Until the request for resolution plans or 90 days from insolvency commencement
C. Until the resolution plan is approved
D. Until liquidation is initiated
Answer: B. Until the request for resolution plans or 90 days from insolvency commencement

30. Within how many days must the IRP or RP verify claims under Regulation 13(1)?
A. 3 days
B. 7 days
C. 14 days
D. 30 days
Answer: B. 7 days

31. What voting share is required for the CoC to appoint or replace the IRP as RP under Section 22(2)?
A. 50%
B. 66%
C. 75%
D. 90%
Answer: B. 66%

32. What is a duty of the resolution professional under Section 25(2)?

A. Liquidate the corporate debtor’s assets
B. Prepare the information memorandum
C. Appoint the Adjudicating Authority
D. File criminal complaints against creditors
Answer: B. Prepare the information memorandum

33. Under Section 25A(3A), how does the authorized representative vote for a class of financial creditors?
A. Based on the resolution professional’s instructions
B. Based on a majority vote (>50%) of voting financial creditors
C. Based on the corporate debtor’s preference
D. Based on the Adjudicating Authority’s directive
Answer: B. Based on a majority vote (>50%) of voting financial creditors

34. What must the information memorandum include per Regulation 36(2) for a corporate debtor with assets
exceeding ₹100 crore?
A. Details of business evolution and industry overview
B. List of all employees’ salaries
C. Corporate debtor’s marketing strategy
D. Resolution applicant’s financial statements
Answer: A. Details of business evolution and industry overview

35. Who constitutes the Committee of Creditors under Section 21(1)?

A. Adjudicating Authority
B. Interim Resolution Professional
C. Resolution Professional
D. Financial Creditors
Answer: B. Interim Resolution Professional
36. Who acts as the authorized representative for financial debts in the form of securities or deposits under
Section 21(6A)?
A. The interim resolution professional
B. A trustee or agent appointed per debt terms
C. The resolution professional
D. A financial creditor’s nominee
Answer: B. A trustee or agent appointed per debt terms

37. What is the minimum voting share required for CoC decisions under Section 21(8)?
A. 33%
B. 51%
C. 66%
D. 75%
Answer: B. 51%

38. If a corporate debtor has no financial debt, who forms the CoC per Regulation 16?
A. 18 largest operational creditors, one workmen representative, and one employee representative
B. All financial creditors
C. The resolution professional
D. The Adjudicating Authority
Answer: A. 18 largest operational creditors, one workmen representative, and one employee representative

39. Under Section 24(3), who must the resolution professional notify for CoC meetings?
A. Only financial creditors
B. CoC members, suspended board/partners, and operational creditors with ≥10% of debt
C. Only the Adjudicating Authority
D. Only the authorized representative
Answer: B. CoC members, suspended board/partners, and operational creditors with ≥10% of debt

40. What is the minimum notice period for a CoC meeting per Regulation 19, unless reduced by the CoC?
A. 3 days
B. 5 days
C. 7 days
D. 10 days
Answer: B. 5 days

41. Which action requires prior CoC approval with ≥66% voting share under Section 28(1)?
A. Filing claims with the Adjudicating Authority
B. Creating a security interest over corporate debtor assets
C. Preparing the information memorandum
D. Verifying creditor claims
Answer: B. Creating a security interest over corporate debtor assets

42. What happens if the resolution professional takes an action listed in Section 28(1) without CoC approval?
A. The action is valid but reported to IBBI
B. The action is void
C. The action is binding on creditors
D. The action requires AA approval
Answer: B. The action is void

43. Under Section 29A, who is ineligible to submit a resolution plan?

A. A person with a non-performing asset account for ≥1 year, unless cleared
B. A financial creditor of the corporate debtor
C. An operational creditor
D. A shareholder of the corporate debtor
Answer: A. A person with a non-performing asset account for ≥1 year, unless cleared

44. According to the Supreme Court in *Arcelormittal India Pvt. Ltd. vs. Satish Kumar Gupta* (2018), what is
the purpose of Section 29A?
A. To determine financial debt
B. To pierce the corporate veil and identify those in control
C. To appoint the resolution professional
D. To set voting shares for CoC
Answer: B. To pierce the corporate veil and identify those in control

45. What is the minimum time allowed for resolution applicants to submit plans per Regulation 36B(3)?
A. 15 days
B. 30 days
C. 45 days
D. 60 days
Answer: B. 30 days

46. Under Section 30(2), what must a resolution plan prioritize?

A. Payment of financial creditors over operational creditors
B. Payment of insolvency resolution process costs over other debts
C. Payment of dissenting creditors over consenting creditors
D. Payment of related party debts
Answer: B. Payment of insolvency resolution process costs over other debts

47. What voting share is required for CoC to approve a resolution plan under Section 30(4)?
A. 51%
B. 66%
C. 75%
D. 90%
Answer: B. 66%

48. Per Regulation 38(1), who must be paid in priority under a resolution plan?
A. Financial creditors over operational creditors
B. Operational creditors over financial creditors
C. Dissenting financial creditors over operational creditors
D. Consenting financial creditors over dissenting financial creditors
Answer: B. Operational creditors over financial creditors
49. What happens after the Adjudicating Authority approves a resolution plan under Section 31(3)?
A. The moratorium continues for one year
B. The moratorium ceases, and records are sent to IBBI
C. The resolution professional liquidates the corporate debtor
D. The CoC reconvenes to modify the plan
Answer: B. The moratorium ceases, and records are sent to IBBI

50. According to the Supreme Court in *Kalpraj Dharamshi vs. Kotak Investment Advisors Ltd.* (2021), what
is the status of the CoC’s commercial wisdom?
A. Subject to judicial review by the Adjudicating Authority
B. Paramount, non-justiciable, and without judicial intervention
C. Secondary to the resolution professional’s decisions
D. Challengeable by individual financial creditors
Answer: B. Paramount, non-justiciable, and without judicial intervention

51. Under Section 32, on what grounds can an appeal be filed against an order approving a resolution plan?
A. The plan is not profitable for creditors
B. The resolution professional’s fees are too high
C. The plan contravenes any law in force
D. The CoC’s decision was unanimous
Answer: C. The plan contravenes any law in force

52. According to the Supreme Court in *Jaypee Kensington* (2021), what is the role of the Adjudicating
Authority (AA) in approving a resolution plan?
A. To review the commercial wisdom of the CoC
B. To ensure compliance with Sections 30(2) and 31
C. To modify the resolution plan
D. To appoint the liquidator
Answer: B. To ensure compliance with Sections 30(2) and 31

53. When does a corporate debtor’s liability for pre-CIRP offenses cease under Section 32A(1)?
A. After the CIRP period ends
B. When the resolution plan is approved and management changes to an unrelated person
C. When the liquidator is appointed
D. When creditors submit claims
Answer: B. When the resolution plan is approved and management changes to an unrelated person

54. What triggers liquidation under Section 33(2)?

A. The resolution professional submits a resolution plan
B. The CoC decides to liquidate with ≥66% voting share before plan confirmation
C. The AA approves the resolution plan
D. The liquidator verifies claims
Answer: B. The CoC decides to liquidate with ≥66% voting share before plan confirmation

55. Who typically acts as the liquidator under Section 34(1)?

A. A financial creditor appointed by the CoC
B. The resolution professional with written consent
C. An independent director of the corporate debtor
D. A nominee of the Adjudicating Authority
Answer: B. The resolution professional with written consent

56. What is a condition for an insolvency professional to be eligible as a liquidator per Regulation 3?
A. Must be a related party to the corporate debtor
B. Must not have been an auditor of the corporate debtor in the last three years
C. Must have a pecuniary relationship with the corporate debtor
D. Must represent multiple stakeholders in the liquidation
Answer: B. Must not have been an auditor of the corporate debtor in the last three years

57. Which of the following is a power of the liquidator under Section 35?
A. Approve the resolution plan
B. Investigate undervalued or preferential transactions
C. Appoint the resolution professional
D. Conduct CoC meetings
Answer: B. Investigate undervalued or preferential transactions

58. What does the liquidation estate exclude under Section 36(4)?
A. Assets owned by the corporate debtor
B. Provident fund sums due to workmen
C. Encumbered assets of the corporate debtor
D. Proceeds from liquidation
Answer: B. Provident fund sums due to workmen

59. Within how many days must the liquidator verify claims under Section 39(1)?
A. 7 days
B. 14 days
C. 30 days
D. 75 days
Answer: C. 30 days

60. What can the Adjudicating Authority order for a preferential transaction under Section 44(1)?
A. Appoint a new liquidator
B. Require property transferred to be vested in the corporate debtor
C. Extend the CIRP period
D. Reject the liquidation order
Answer: B. Require property transferred to be vested in the corporate debtor

61. What qualifies a transaction as preferential under Section 43?

A. A transfer that occurs after the insolvency commencement date
B. A transfer benefiting a creditor for an antecedent debt, improving their position under Section 53
C. A transfer made in the ordinary course of business of both parties
D. A transfer ordered by a court
Answer: B. A transfer benefiting a creditor for an antecedent debt, improving their position under Section 53

62. How long is the relevant period for a preferential transaction involving a related party under Section 43(4)?
A. 1 year before insolvency commencement date
B. 2 years before insolvency commencement date
C. 6 months before insolvency commencement date
D. 3 years before insolvency commencement date
Answer: B. 2 years before insolvency commencement date

63. What defines an undervalued transaction under Section 45(2)?

A. A transaction involving exorbitant payments by the corporate debtor
B. A gift or transfer for significantly less value, not in ordinary business
C. A transaction with a related party within 1 year
D. A court-ordered transfer of assets
Answer: B. A gift or transfer for significantly less value, not in ordinary business

64. Who can apply to the Adjudicating Authority for undervalued transactions if the resolution professional fails
to report them, per Section 47?
A. Only the liquidator
B. A creditor, member, or partner of the corporate debtor
C. The Committee of Creditors
D. The Insolvency and Bankruptcy Board of India
Answer: B. A creditor, member, or partner of the corporate debtor

65. What can the Adjudicating Authority order for an extortionate credit transaction under Section 51?
A. Appoint a new resolution professional
B. Set aside the debt created by the transaction
C. Extend the pre-packaged insolvency resolution process
D. Approve the base resolution plan
Answer: B. Set aside the debt created by the transaction

66. What option does a secured creditor have under Section 52(1) in liquidation proceedings?
A. Appoint the liquidator
B. Relinquish security interest to the liquidation estate or realize it independently
C. File a resolution plan
D. Conduct the public announcement
Answer: B. Relinquish security interest to the liquidation estate or realize it independently

67. In the distribution of assets under Section 53(1), what is paid first?
A. Financial debts owed to unsecured creditors
B. Insolvency resolution process and liquidation costs
C. Government dues for the past two years
D. Workmen’s dues for 24 months
Answer: B. Insolvency resolution process and liquidation costs
68. Which corporate debtors are eligible for the pre-packaged insolvency resolution process (PPIRP) under
Section 54A?
A. Any corporate debtor with a default over ₹1 lakh
B. MSMEs with a default over ₹10 lakh, not in CIRP or liquidation
C. Large enterprises with financial creditors
D. Corporate debtors undergoing CIRP
Answer: B. MSMEs with a default over ₹10 lakh, not in CIRP or liquidation

69. What is the time limit for completing the pre-packaged insolvency resolution process under Section 54D?
A. 90 days
B. 120 days
C. 180 days
D. 365 days
Answer: B. 120 days

70. What duty does the resolution professional have under Section 54F during the PPIRP?
A. Approve the base resolution plan
B. Prepare the information memorandum based on the preliminary information memorandum
C. Distribute assets to creditors
D. Dissolve the corporate debtor
Answer: B. Prepare the information memorandum based on the preliminary information memorandum

71. What power does the resolution professional have under Section 54F(3) during the PPIRP?
A. Approve the base resolution plan
B. Access the corporate debtor’s books of account and records
C. Dissolve the corporate debtor
D. Distribute assets to creditors
Answer: B. Access the corporate debtor’s books of account and records

72. Within how many days must the corporate debtor submit the list of claims and preliminary information
memorandum under Section 54G?
A. 7 days
B. 2 days
C. 14 days
D. 30 days
Answer: B. 2 days

73. Who remains responsible for managing the corporate debtor’s affairs during the PPIRP under Section 54H?
A. Resolution professional
B. Committee of creditors
C. Board of directors or partners
D. Adjudicating Authority
Answer: C. Board of directors or partners

74. When must the resolution professional constitute the committee of creditors under Section 54I?
A. Within 2 days of PPIRP commencement
B. Within 7 days of PPIRP commencement
C. Within 14 days of PPIRP commencement
D. After the resolution plan is approved
Answer: B. Within 7 days of PPIRP commencement

75. Under Section 54J, what vote is required for the committee of creditors to vest management of the corporate
debtor with the resolution professional?
A. 50% of voting shares
B. 66% of voting shares
C. 75% of voting shares
D. 100% of voting shares
Answer: B. 66% of voting shares

76. What happens if the Adjudicating Authority rejects a resolution plan under Section 54L(3)?
A. The PPIRP continues for another 90 days
B. The plan is revised by the committee of creditors
C. The AA orders termination under Section 54N
D. The corporate debtor is automatically dissolved
Answer: C. The AA orders termination under Section 54N

77. What is the minimum default amount for a corporate debtor to be eligible for PPIRP under Section 54A?
A. ₹1 lakh
B. ₹5 lakh
C. ₹10 lakh
D. ₹50 lakh
Answer: C. ₹10 lakh

78. What is the time limit for completing the fast track corporate insolvency resolution process under Section
56(1)?
A. 120 days
B. 90 days
C. 180 days
D. 45 days
Answer: B. 90 days

79. Who can initiate voluntary liquidation proceedings under Section 59(1)?
A. A corporate person with outstanding defaults
B. A corporate person intending to liquidate without any default
C. The Adjudicating Authority
D. The Committee of Creditors
Answer: B. A corporate person intending to liquidate without any default

80. What vote is required to extend the fast track corporate insolvency resolution process beyond 90 days under
Section 56(2)?
A. 66% of voting shares
B. 75% of voting shares
C. 50% of voting shares
D. 90% of voting shares
Answer: B. 75% of voting shares

81. Which sections of the Insolvency and Bankruptcy Code apply to voluntary liquidation proceedings for
corporate persons?
a) Sections 1 to 34
b) Sections 35 to 53 and Chapter VII
c) Sections 54 to 60
d) Sections 61 to 77
Answer: b) Sections 35 to 53 and Chapter VII

82. What must a liquidator do after the complete winding up and asset liquidation of a corporate person under
Section 59(7)?
a) File a financial report with the Supreme Court
b) Apply to the Adjudicating Authority for dissolution
c) Notify creditors within 7 days
d) Register the liquidation with the Ministry of Corporate Affairs
Answer: b) Apply to the Adjudicating Authority for dissolution
83. Within how many days must a copy of the dissolution order be forwarded to the registering authority under
Section 59(9)?
a) 7 days
b) 14 days
c) 30 days
d) 45 days
Answer: b) 14 days
84. Which is NOT a requirement for voluntary liquidation under the Insolvency and Bankruptcy Code?
a) Declaration of no debt by majority directors
b) Company has not committed any default
c) Declaration of solvency by members
d) Directors’ declaration that liquidation is not to defraud
Answer: c) Declaration of solvency by members
85. Which body acts as the Adjudicating Authority for corporate persons under Section 60(1)?
a) Debt Recovery Tribunal
b) National Company Law Tribunal
c) Supreme Court
d) High Court
Answer: b) National Company Law Tribunal
86. Where must insolvency proceedings of a corporate guarantor be filed if a corporate debtor’s CIRP is
pending under Section 60(2)?
a) Debt Recovery Tribunal
b) Any civil court
c) Same NCLT handling the corporate debtor’s case
 d) National Company Law Appellate Tribunal
Answer: c) Same NCLT handling the corporate debtor’s case
87. What happens to a pending insolvency case of a personal guarantor in another court under Section 60(3)?
a) It continues in the same court
b) It is dismissed
c) It is transferred to the NCLT handling the corporate debtor’s case
d) It is escalated to the Supreme Court
Answer: c) It is transferred to the NCLT handling the corporate debtor’s case
88. Under Section 60(6), what is excluded from the limitation period for suits against a corporate debtor?
a) Time taken for resolution plan approval
b) Moratorium period
c) Liquidation period
d) Appeal filing period
Answer: b) Moratorium period
89. How many days does a person have to file an appeal to the NCLAT under Section 61(2)?
a) 15 days
b) 30 days
c) 45 days
d) 60 days
Answer: b) 30 days
90. What is the maximum additional period NCLAT can allow for filing an appeal beyond the standard period
under Section 61(2)?
a) 10 days
b) 15 days
c) 30 days
d) 45 days
Answer: b) 15 days
91. Which is a valid ground for appealing an approved resolution plan under Section 61(3)?
a) Disagreement with creditor payments
b) Material irregularity by the resolution professional
c) Personal dissatisfaction with the plan
d) Delay in plan submission
Answer: b) Material irregularity by the resolution professional
92. What is the time limit for filing an appeal to the Supreme Court against an NCLAT order under Section
62(1)?
a) 30 days
b) 45 days
c) 60 days
d) 90 days
Answer: b) 45 days
93. Which court has no jurisdiction over matters handled by NCLT or NCLAT under Section 63?
a) Supreme Court
b) High Court
c) Civil Court
d) Debt Recovery Tribunal
Answer: c) Civil Court
94. What is the maximum extension period NCLT/NCLAT can grant for delayed actions under Section 64(1)?
a) 5 days
b) 10 days
c) 15 days
d) 30 days
Answer: b) 10 days
95. What is the penalty for initiating insolvency proceedings fraudulently under Section 65(1)?
a) ₹50,000 to ₹1 lakh
b) ₹1 lakh to ₹1 crore
c) ₹5 lakh to ₹50 lakh
d) ₹10 lakh to ₹10 crore
Answer: b) ₹1 lakh to ₹1 crore
96. Under Section 66(1), who can be ordered to contribute to a corporate debtor’s assets for fraudulent trading?
a) All creditors
b) Persons knowingly involved in fraudulent business
c) Shareholders
d) Employees
Answer: b) Persons knowingly involved in fraudulent business
97. What is the punishment for concealing property worth ₹10,000 or more under Section 68?
a) 1–3 years imprisonment, ₹50,000 fine
b) 3–5 years imprisonment, ₹1 lakh to ₹1 crore fine
c) 6 months imprisonment, ₹1 lakh fine
 d) 2–4 years imprisonment, ₹2 lakh fine
Answer: b) 3–5 years imprisonment, ₹1 lakh to ₹1 crore fine
98. What is the minimum imprisonment term for violating the moratorium under Section 74(1)?
a) 1 year
b) 2 years
c) 3 years
d) 5 years
Answer: c) 3 years
99. For which corporate debtor is the Pre-Packaged Insolvency Resolution Process applicable under the Code?
a) Listed company in India
b) Private limited company
c) MSME
d) Foreign listed company
Answer: c) MSME
100. What percentage of voting share is required to request a Committee of Creditors meeting?
a) 20%
b) 25%
c) 33%
d) 50%
Answer: c) 33%