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IBBI regulations & code of conduct for insolvency professionals MCQs with Answers

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Question 1

Under section 189(1), the Insolvency and Bankruptcy Board of India consists of a Chairperson and:

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Question 2

Under sections 206 and 207, a person may render services as an insolvency professional under the Code only if he is:

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Question 3

Consider the following statements about disciplinary proceedings against service providers under section 220 of the Insolvency and Bankruptcy Code, 2016 as amended in 2026:
(i) A disciplinary committee may consist of one or more persons from among the Board's Chairperson, whole-time members or officers not below the rank of Executive Director.
(ii) Where the loss or unlawful gain is not quantifiable, the penalty may extend to two crore rupees.
(iii) An appeal against the committee's order lies to the NCLAT within thirty days.
(iv) The appeal period cannot be extended in any circumstances.
Which of the statements are correct?

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Question 4

Which new function did the 2026 amendment give the Insolvency and Bankruptcy Board of India by inserting clause (sa) in section 196(1)?

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Question 5

Which of the following is NOT a function of an insolvency professional agency under section 204?

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Question 6

Under section 206 of the IBC, 2016, a person may render services as a resolution professional or liquidator only if he is registered with the Board and enrolled as a member of which kind of body?

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