When a secured creditor takes over the management of business of a borrower, he may appoint ……
a. As many persons as it thinks fit to be the directors/administrators of the business of that borrower, as the case may be
b. As many persons as it thinks fit to be the registered valuers of the business of that borrower
c. The auditors of the business of that borrower
d. The liquidator who shall take over the liquidation proceedings
Ans – a
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One of your customers lost the Fixed Deposit Receipt issue by the bank. To obtain a duplicate FD he needs to furnish ……
a. A Promissory note
b. A Guarantee
c. A Letter of Credit
d. An Indemnity bond
Ans – d
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Which of the following is not a security interest?
a. Any mortgage, charge, hypothecation, assignment or any right, title or interest of any kind, on tangible asset, retained by the secured creditor as an owner of the property, given on hire or financial lease or conditional sale or under any other contract
b. Such right, title or interest in any intangible asset or assignment or licence of such intangible asset which secures the obligation to pay any unpaid portion of the purchase price of the intangible asset or the obligation incurred or any credit provided to enable the borrower to acquire the intangible asset or licence of intangible asset
c. A lien on any goods, money or security given by or under the Indian Contracts Act, 1872 or the Sale of Goods Act, 1930 or any other law for the time being in force
d. Lien of goods, pledge of movables, security interest of less than Rs. One Lakh for Limited Insolvency
Ans – c
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Which of the following High Courts rejected implementation of DRT act, 1993 in its State in 1995?
a. Delhi High Court.
b. Allahabad High Court.
c. Japan High Court.
d. Mumbai High Court.
Ans – a
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The Presiding officer of DRT is appointed by :
a. Reserve Bank of India.
b. Supreme Court.
c. Central Government
d. High Court.
Ans – c
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What is the fee payable for the Debt amount above Rs. 10 lac?
a. Rs. 1000 for every Rs. 1 lac and part thereof.
b. Rs. 1200 for every Rs. 1 lac and part thereof.
c. Rs. 1500 for every Rs. 1 lac and part thereof.
d. Rs. 2000 for every Rs. 1 lac and part thereof.
Ans – a
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What is the maximum amount of fee payable for filing a Recovery case with the Debt Recovery Tribunal?
a. Rs. 1 lac.
b. Rs. 1,20,000
c. Rs. 1,50,000
d. 12% of the Debt amount.
Ans – c
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How much is the fee payable if a suit is transferred to Debts Recovery Tribunal from a court? a. Rs. 1,00,000.
b. Rs. 1,50,000.
c. 80% of the debt amount.
d. No such fee is payable.
Ans – d
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In how many days the DRT should summons to the defendant to show cause?
a. Within 7 days.
b. Within 10 days.
c. Within 30 days.
d. Within 60 days.
Ans – c
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The maxim applied in respect of Direct Quotation is ……
a. buy low, sell low
b. buy low, sell high
c. buy high, sell low
d. buy high, sell high
Ans – b
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What is the time limit for DRT to complete the process?
a. Within 6 months.
b. Within 9 months.
c. Within 12 months.
d. No such limit.
Ans – a
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What is the tenure of Presiding officer?
a. 1 year.
b. 3 years.
c. 5 years.
d. No such limit.
Ans – b