Skip to content

CS Professional · Insolvency and Bankruptcy - Law and Practice · Introduction to Insolvency and Bankruptcy Code

A finance officer lists possible credits to the Insolvency and Bankruptcy Fund under Section 224(2). Which item is NOT a credit to that Fund?

Fees and charges received by the Board are not credited to the Insolvency and Bankruptcy Fund. They go to the Fund of the Insolvency and Bankruptcy Board under Section 222. The other three items are expressly credited to the Fund under Section 224(2).

  1. AGrants made by the Central Government for the purposes of the Fund
  2. BInterest earned on investment made from the Fund
  3. CAmounts deposited by persons as contribution to the Fund
  4. DFees and charges received by the Insolvency and Bankruptcy Board under the CodeCorrect

Explanation

Section 224(2) credits grants from the Central Government, contributions, amounts from other sources and investment income. Fees and charges received by the Board are credited to the Board's own Fund under Section 222(1)(a), a separate fund.

Did you get it right without looking?

One question tells you little. A timed set on Introduction to Insolvency and Bankruptcy Code shows your real accuracy, how long you take and where you lose marks.

Practise Introduction to Insolvency and Bankruptcy CodeFree diagnostic mock

More Introduction to Insolvency and Bankruptcy Code questions