Skip to content

CS Professional · Insolvency and Bankruptcy - Law and Practice · Professional and Ethical Practices for Insolvency Practitioners

The Board is reviewing its regulatory toolkit for an agency, Nirmaan IPA. It (i) issues a direction after monitoring performance, (ii) specifies a grievance redressal mechanism against professionals and agencies, (iii) suspends the agency's registration, and (iv) lays down the minimum examination curriculum for enrolment. Which function is NOT listed among the Board's functions in section 196(1)?

Making a model bye-law requiring a governing board is not a section 196(1) function. It falls under the Board's model bye-law power in section 196(2)(e). Monitoring with directions, registration, suspension or cancellation, and setting the minimum examination curriculum are all listed functions in section 196(1).

  1. AMaking a model bye-law mandating that agencies set up a governing boardCorrect
  2. BPassing directions after monitoring performance for compliance
  3. CRegistering, renewing, suspending or cancelling registrations
  4. DLaying down by regulations the minimum curriculum for the enrolment examination

Explanation

Items (i) to (iv) correspond to section 196(1)(g), (q), (a) and (e). The model bye-law on a governing board is a matter under section 196(2)(e), where the Board makes model bye-laws that may provide for it. It is not a function listed in 196(1), so it is the odd one out.

Did you get it right without looking?

One question tells you little. A timed set on Professional and Ethical Practices for Insolvency Practitioners shows your real accuracy, how long you take and where you lose marks.

Practise Professional and Ethical Practices for Insolvency PractitionersFree diagnostic mock

More Professional and Ethical Practices for Insolvency Practitioners questions