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CA Final MCQs
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Q1. The report to be submitted by the liquidator shall include:
Details of trademarks
The manner in which company was incorporated
Viability of Business
All of Above
Q2. The liquidator appointed is required to give a declaration disclosing their interest or lack of independence if any, within
10 days
15 days
7 days
30 days
Q3. Can creditors and contributories make application to tribunal to revise the time limit within which the entire proceedings be completed?
Yes
No
Q4. In case of Maz Limited, the directors were held liable by the tribunal to contribute towards payment of debts and liabilities of the company beyond contributions made by them as ordinary members. When is the director not liable to pay?
a person who has been a director or manager shall not be liable to make such further contribution, if he has ceased to hold office for a year or upwards before the commencement of the winding up
a person who has been a director or manager shall not be liable to make such further contribution in respect of any debt or liability of the company contracted after he ceased to hold office
Subject to the articles of the company, a director or manager shall not be liable to make such further contribution unless the Tribunal deems it necessary to require the contribution in order to satisfy the debts and liabilities of the company, and the costs, charges and expenses of the winding up.
All of above
Q5. JAZ Ltd had two group of shareholders holding 40% each and the rest were held by a trust in which these two groups had equal members as trustees. Dispute arose between the two groups with regard to management of the affairs of the company and since the dispute could not be settled amicably, one of the groups filed a petition for winding up on two grounds i.e. unable to pay the debts and it was just and equitable to wind up the company. There were over 1000 workers employed in the company on the date of winding up. The workers being members of the union made an application to set aside the winding up petition. Will an application of workers be considered by the court to decide whether to wind up or not?
Yes it is the duty of the court to consider interest of workers while deciding on winding up.
No the section in the act provides only creditors and contributories to oppose the petition so workers union cannot be allowed to file an application to set aside the winding up order.
No the duty of the court to consider the interest of workers would not create a right of workers to intervene the proceedings in the absence of provisions in the act.
Both (b) & (C)
Q6. The winding up committee constituted by the tribunal shall consist of
Official liquidator
Nominee of secured creditor
A professional nominated by tribunal
All of above.
Q7. In case of Prayag Private Limited, the tribunal after hearing from the liquidator, creditors and contributories decided to sell the company as going concern and hence did not order winding up of the company. Can a tribunal pass such order?
Yes the tribunal can pass an order in the interest of company and public at large
No the tribunal cannot pass order for sale of company
No power of the tribunal under the section restricted to decide whether the company should be wound up or not.
Both (b) & (c).
Q8. Members of the advisory committee shall be decided by the tribunal among the existing:
Statutory auditors of the conpany
Creditors and contributories
Shareholders
Banks
Q9. The provisional liquidator appointed by the tribunal shall be from
Panel maintained by Central Government
Registered insolvency professionals
Panel Maintained by ROC
Registered chartered accounts
Q10. Circumstances under which a company may not be wound up by the tribunal
If company is unable to pay its debts
If the tribunal has ordered winding up
Q11. Which of the following statement is true:
Preference share capital together with any arrears of dividend will have priority for payment over equity capital.
The holders of cumulative preference shares are entitled to arrears of dividend if there is a surplus after return of equity capital.
Preference shares are treated as fully secured creditors.
If articles provides for payment of arrear of dividend, then it must be paid even by contributories if shares are partly paid
Q12. Mr. Anup has been listed in B list contributories during the winding up proceedings and order is passed by the court to recover amount payable by him on unpaid calls. Mr. Anup’s shares were forfeited earlier. Whether company can demand money and add his name in B List Contributories even after his shares are forfeited before winding up procedure started?
No the company cannot demand from Mr. Anup as he is no more a member of the company.
Yes Mr. Anup will be liable to pay if the winding up took place before expiry of 1 year from the order of forfeiture of shares.
Yes Mr. Anup will be liable to pay of List A contributories are unable to meet the debts.
Both (b) & (c).
Q13. A past member is not liable to contribute
In respect of any liability contracted after he ceased to be member of the company.
One year passed since he ceased to be a member
In case of company limited by shares, no liability arises if shares are fully paid up
All of the above
Q14. Who can file a petition for winding up under section 272?
The company
Prospective creditors
The registrar
All of above
Q15. After appointment of Company Liquidator, a report is to be submitted within
30 days
60 days
90 days
45 days
Q16. Maximum number of members of advisory committee shall be
12
4
5
15
Q17. The advisory committee is same as winding up committee
Yes
No the winding up committee is formed to look into the process of winding up and advisory committee is formed to advise the liquidator and report to the tribunal.
