Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Corporate and Other LawsTotal Number of Question: 40Time: 41 MinutesPlease check your email after completion of test for result.All the best... Name Phone No Email State 1. The time period to file a suit for dishonor of a cheque is: 15 days from dishonor 30 days from dishonor 45 days from dishonor 60 days from dishonor None 2. A cheque payable to order can be endorsed by: The drawee The drawer The payee None of the above None 3. Crossing a cheque is done to: Ensure payment is made to the intended person only Convert the cheque into cash easily Increase the validity period of the cheque Allow payment at any branch of the drawee bank None 4. The negotiable instruments can be classified into: Bills of exchange, promissory notes, and cheques Fixed deposits, shares, and bonds Currency notes, securities, and shares None of the above None 5. When a negotiable instrument is dishonored, the holder may: Sue for damages only File a criminal complaint only Sue for damages and initiate criminal proceedings Do nothing None 6. The designated partners of an LLP are required to obtain a: Director Identification Number (DIN) Permanent Account Number (PAN) Tax Deduction Account Number (TAN) Digital Signature Certificate (DSC) None 7. The annual return of an LLP is filed in: LLP Form 10 LLP Form 8 LLP Form 11 LLP Form 14 None 8. In an LLP, the liability of the partners is limited to: Their contribution to the LLP Their personal assets The profit of the LLP None of the above None 9. Which of the following is an essential requirement for forming an LLP? At least one partner must be a resident of India At least two designated partners A partnership deed All of the above None 10. The profit-sharing ratio of partners in an LLP is determined by: The LLP Act, 2008 The Registrar of Companies The LLP agreement The Companies Act, 2013 None 11. Which is the primary objective of the Insolvency and Bankruptcy Code (IBC), 2016? Liquidation of companies Restructuring of debts Resolution of insolvency None of the above None 12. Who appoints the Resolution Professional (RP) in the Corporate Insolvency Resolution Process (CIRP)? The National Company Law Tribunal (NCLT) Committee of Creditors (CoC) Insolvency and Bankruptcy Board of India (IBBI) Registrar of Companies None 13. Under the IBC, the moratorium period is generally: 90 days 180 days 270 days 330 days None 14. The NCLT is empowered to entertain insolvency applications from: Only financial creditors Financial creditors and operational creditors Corporate debtors only Financial creditors, operational creditors, and corporate debtors None 15. Which of the following entities cannot initiate CIRP under the IBC? An individual A partnership firm A government-owned company A financial institution None 16. An agreement made without consideration is valid if it is: In writing and registered Made out of natural love and affection between parties standing in a close relationship c) A promise to compensate a person for something done voluntarily d) All of the above A promise to compensate a person for something done voluntarily All of the above None 17. Which of the following is not a type of consideration under the Indian Contract Act, 1872? Past consideration Present consideration Future consideration Illegal consideration None 18. If a contract is caused by undue influence, the contract is: Void Valid Voidable at the option of the aggrieved party Illegal None 19. Which of the following contracts cannot be specifically enforced? A contract for the sale of immovable property A contract of personal service A contract for the sale of shares A contract for the sale of goodwill None 20. Which of the following is an implied contract? A doctor treating a patient brought unconscious A signed agreement between two parties A verbal agreement for the sale of goods None of the above None 21. A private company must have a minimum paid-up share capital of: ₹1 lakh ₹5 lakh ₹10 lakh No minimum requirement None 22. What is the penalty for failure to appoint an auditor under the Companies Act, 2013? ₹10,000 for every officer in default ₹1,00,000 for every officer in default ₹50,000 or 10 times the audit fees, whichever is lower ₹50,000 or 10 times the audit fees, whichever is higher None 23. The power to remove a director before the expiry of their term is vested in: Board of Directors Shareholders Registrar Tribunal None 24. Which of the following documents is prepared in the case of a merger of companies? Directors’ report Articles of Association Scheme of Arrangement Memorandum of Association None 25. The issue of shares at a price below their nominal value is called: Issue at a premium Issue at a discount Preferential issue Bonus issue None 26. When a cheque is dishonored, the holder must give notice to the drawer within: 7 days 15 days 30 days 45 days None 27. Which of the following is not a feature of a negotiable instrument? Freely transferable No consideration required Transferable by delivery or endorsement Presumption of consideration None 28. Who is the 'holder in due course' of a negotiable instrument? The original drawer A person who possesses the instrument in good faith and for value The payee only The drawee bank None 29. Which of the following instruments can be crossed? Promissory note Bills of exchange Cheque All of the above None 30. A bill of exchange must be accepted by: Drawer Drawee Payee Endorser None 31. The statutory audit of LLP is mandatory if the turnover exceeds: ₹25 lakh ₹40 lakh ₹1 crore ₹2 crore None 32. Which document governs the functioning of an LLP? LLP Act, 2008 LLP Deed Articles of LLP Registrar of Companies guidelines None 33. A person can be disqualified from being a partner in an LLP if they are: A minor An undischarged insolvent Convicted of an offense involving moral turpitude All of the above None 34. What is the penalty for failing to file an LLP annual return? ₹100 per day of default ₹500 per day of default ₹5,000 per month ₹10,000 in total None 35. The concept of Limited Liability means: Partners are liable only for their negligence Partners are liable up to their agreed contribution Partners have no liability for any debts d) Partners are personally liable None 36. What is the primary role of the Interim Resolution Professional (IRP)? Manage the affairs of the corporate debtor during CIRP Liquidate the company Approve the resolution plan File appeals on behalf of creditors None 37. A resolution plan must be approved by at least: 51% of the Committee of Creditors (CoC) 66% of the Committee of Creditors (CoC) 75% of the Committee of Creditors (CoC) 100% of the Committee of Creditors (CoC) None 38. Which of the following tribunals is authorized to hear cases under the IBC, 2016? National Consumer Disputes Redressal Commission (NCDRC) National Company Law Tribunal (NCLT) Securities Appellate Tribunal (SAT) Income Tax Appellate Tribunal (ITAT) None 39. The process of liquidation of a corporate debtor is initiated when: The resolution plan fails to gain approval from the CoC The corporate debtor defaults on payment The tribunal orders liquidation suo moto None of the above None 40. Under the IBC, an individual insolvency resolution process can be initiated by: The individual debtor The operational creditor All of the above The financial creditor None 1 out of 4 Great job on taking the INCOC Test! 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