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Q1. Registrar can present a petition when company is unable to pay its debts only when
The financial condition is reflected in its balance sheet
from report of an inspector appointed
Both A or B
Company is in no mood to pay debts
Q2. Winding Up order has been passed by the tribunal for Helix Limited. The tribunal has received an application for seeking leave under section 279 for a suit pending before the high court. Does this section apply to proceedings pending before the high court?
Yes a leave can be granted by the tribunal for all proceedings in any judicial bodies.
No this section does not apply to proceedings in the high court
Yes the section applies to proceedings in the high court but not Supreme Court.
Both (a) & (C)
Q3. Jay Prakash Private limited has failed to pay a debt of Rs 25,00,000 of Mr. Deepak for a period exceeding six months. Mr. Deepak has send a written notice for deanding payment of such sum on 14th November 2018. The Company has failed to make payment or even create security or re-structure the debt till January 2019. Shall Jay Prakash Private Limited be deemed to be unable to pay debts?
Yes the company is deemed to be unable to pay its debt since it has elapsed a period of 21 days from the receipt of notice to take reasonable steps for satisfaction of creditor
No only after the tribunal determines through investigations , it can be said that the company is unable to pay the debt
No the company cannot be deemed to be unable to pay its debt only on the grounds of default in payment of a single creditor.
Both (b) & (c).
Q4. Registrar shall be entitled to present petition for winding up
u/s 271
u/s 272
u/s 274
u/s 276
Q5. Company shall be deemed to be unable to pay its debts when company fails to pay within 21 days after receipt of notice of creditor or failed to provide adequate security if the amount of such debt is more than
1 lakh
5 lakhs
2 Lakhs
10 lakhs
Q6. Pratik Hydro Power Limited has resolved by passing a special resolution to wind up the company by tribunal and has made a petition for the same. The company has not filed statement of affairs along with the petition to the tribunal since they were not audited. Will the petition be admitted in the tribunal?
Yes it can file unaudited statement of affairs with the petition
No Petition has to be accompanied with the statement of affairs
Q7. The tribunal has a power to refuse from making winding up order when the company has no assets or the existing assets are mortgaged for an amount equal to or in excess of those assets. Is the above statement true?
TRUE
FALSE
Q8. Creditors have filed a petition for winding up before the tribunal and have deposited security amount. The tribunal has directed the company to file its objections along with statement of affairs within 30 days. The Company files its objections but fails to provide the statement of affairs. Does a company have a right to file objections without statement of affairs? What are the consequences of such failure?
Q9. The company can file its objectives along with statement of affairs only when the petitioner is
other than an Individual
other than a LLP
Bother than a Company
other than a Firm
Q10. Tribunal winds up company when company has made default in filing its financial statements or annual returns with ROC for immediately preceding
5 Years
2 years
3 Years
1 year
Q11. What are the powers of the tribunal on receipt of petition for winding up?
To dismiss it with or without cost
To make interim orders
To appoint provisional liquidator
All of above
Q12. Which of the following are permitted to present the petition for winding up?
Creditors
Contributories
Company
All of the above
Q13. Shareholder can act as contributory only when he has held share for by him immediately before winding up
at least 6 months during 18 months
at least 3 months during 12 months
at least 9 months during 15 months
at least 12 months during 18 months
Q14. Which of the following are not permitted to present the petition for winding up?
Company
Contributories
Creditors
Related Party
Q15. Copy of petition filed under sec 272 based on which registrar shall submit his views to tribunal within a period of
60 days
30 days
45 days
90 days
Q16. Company should pay debt of creditor within........days of receipt of notice of demand
21 days
45 days
30 days
60 days
Q17. Company passes Special Resolution for winding up by the
High court
ROC
Tribunal
MCA
Q18. A Company was incorporated in July 2015 with main object of providing services of merchant banking and other ancillary services. But it could not get approval of RBI and hence the business could not be started. The company has no assets. Petition has been filed by the company under section 272 for winding up. Keeping in view the powers of the tribunal, will winding up be passed for such a company having no assets?
Yes tribunal can make an order for winding up even if the company has no assets
No the tribunal will refuse to pass an order for winding up since there is no security in the form of assets for discharge of creditors.
Yes the tribunal will make an order for winding up since the company has not started business.
Both (a) & (C)
Q19. Tribunal has ordered winding up of the company under
Chapter XIX
Chapter XXI
Chapter XIV
Chapter XXX
