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From the following statements related to insolvency account mark your answer according to the answer code given:<br>i. List A contains particulars relating to unsecured creditors.<br>ii. All taxes due are considered preferential creditors.<br> iii. Properties held by the insolvent in the fiduciary capacity can be distributed amongst his creditors.<br>iv. List D contains the particulars relating to assets and properties.

Correct Answer: i and ii are correct

Consider the following statements.
1. In case of standard assets, provision for NPA must be 25% for all types of standard assets.
2. In case of sub-standard assets, provision for NPA must be 10% for all types of standard assets.
3. In case of doubtful assets, 100% provision is required for unsecured and secured advances.
4. In case of loss assets, 10% of unsecured and 100% of secured advance must be kept as provision for NPAs.
Which of the statement(s) given above is/are correct?

Which of the following are the consequences in case of insolvency of partner?
1. The partner adjudicated as insolvent ceases to be a partner.
2. He ceases on the date on which the order of adjudication is made.
3. The firm is dissolved on the date of the order.
4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication.
5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication.
Select the correct answer:

Read the passage carefully and select the best answer to each question out of the given four alternatives. One should consciously engage in activities that will nourish your soul. Just as we nourish the body, we need to nurture the soul to connect to the creative power ofthe universe and to manifest joy in our lives. Often, we forget to address the soul, lost as we are in a jungle of material and sensual pleasures. But the more youembrace what feeds your soul, the happier you become. So if you want to enjoy the abundance of life, engage in what enriches your soul. Nurturing the soul is allabout finding calm amidst chaos. There are a number of practices that empower people towards this end including silent contemplation, various forms of meditation,yoga and tai chi However, the rigor and discipline involved in the pursuit of such practices often seems to discourage people. Add to this, the temptations of thematerial world that leave little time and motivation for anyone to pursue the spiritual path. Poet Walt Whitman declared: “Whatever satisfies the soul is truth”. Thegood news is that simple, everyday activities can also nutrify the soul — like spending time in the midst of nature, dancing in the rain or just putting thoughts onpaper. Do whatever is calming and pleases you. Creative pursuits are particularly appealing as inside each one of us, there is an artist craving for release andawaiting an opportunity for expression. One of the ways to indulge the artist within is to get started with the practice of any one or more of the creative art formssuch as music, singing, dancing, acting, drawing, painting, sculpting, poetry, fiction or essay writing. When you engage in such soul nourishing activities, all thought and energy gets focused toward goal accomplishment. At this point, you will find that even unknownforces of the universe are conniving to assist you in your amateurish but sincere attempts. As you progress, you are motivated to do better. You touch and access afaculty, a part of you that you never knew existed. Your inner artist is unleashed, baring the beauty of your soul that has found a fond medium of expression. Forinstance, a sculptors soul is seen in his artwork; a musicians in his compositions; an actors in his acting, a painters in his paintings and so on. It is immaterialwhether your effort is an immaculate artwork or just a clumsy attempt by a layperson. The idea is to try, be inspired and to create giving free rein to the mind. As Michelangelo remarked: “I saw the angel in the marble and carved until I set him free”! According to the passage, what makes us really happy?

Read the passage carefully and select the best answer to each question out of the given four alternatives. One should consciously engage in activities that will nourish your soul. Just as we nourish the body, we need to nurture the soul to connect to the creative power ofthe universe and to manifest joy in our lives. Often, we forget to address the soul, lost as we are in a jungle of material and sensual pleasures. But the more youembrace what feeds your soul, the happier you become. So if you want to enjoy the abundance of life, engage in what enriches your soul. Nurturing the soul is allabout finding calm amidst chaos. There are a number of practices that empower people towards this end including silent contemplation, various forms of meditation,yoga and tai chi However, the rigor and discipline involved in the pursuit of such practices often seems to discourage people. Add to this, the temptations of thematerial world that leave little time and motivation for anyone to pursue the spiritual path. Poet Walt Whitman declared: “Whatever satisfies the soul is truth”. Thegood news is that simple, everyday activities can also nutrify the soul — like spending time in the midst of nature, dancing in the rain or just putting thoughts onpaper. Do whatever is calming and pleases you. Creative pursuits are particularly appealing as inside each one of us, there is an artist craving for release andawaiting an opportunity for expression. One of the ways to indulge the artist within is to get started with the practice of any one or more of the creative art formssuch as music, singing, dancing, acting, drawing, painting, sculpting, poetry, fiction or essay writing. When you engage in such soul nourishing activities, all thought and energy gets focused toward goal accomplishment. At this point, you will find that even unknownforces of the universe are conniving to assist you in your amateurish but sincere attempts. As you progress, you are motivated to do better. You touch and access afaculty, a part of you that you never knew existed. Your inner artist is unleashed, baring the beauty of your soul that has found a fond medium of expression. Forinstance, a sculptors soul is seen in his artwork; a musicians in his compositions; an actors in his acting, a painters in his paintings and so on. It is immaterialwhether your effort is an immaculate artwork or just a clumsy attempt by a layperson. The idea is to try, be inspired and to create giving free rein to the mind. AsMichelangelo remarked: “I saw the angel in the marble and carved until I set him free”! According to the passage, why even our amateurish attempts motivate us?

Read the passage carefully and select the best answer to each question out of the given four alternatives. One should consciously engage in activities that will nourish your soul. Just as we nourish the body, we need to nurture the soul to connect to the creative power ofthe universe and to manifest joy in our lives. Often, we forget to address the soul, lost as we are in a jungle of material and sensual pleasures. But the more youembrace what feeds your soul, the happier you become. So if you want to enjoy the abundance of life, engage in what enriches your soul. Nurturing the soul is allabout finding calm amidst chaos. There are a number of practices that empower people towards this end including silent contemplation, various forms of meditation,yoga and tai chi However, the rigor and discipline involved in the pursuit of such practices often seems to discourage people. Add to this, the temptations of thematerial world that leave little time and motivation for anyone to pursue the spiritual path. Poet Walt Whitman declared: “Whatever satisfies the soul is truth”. Thegood news is that simple, everyday activities can also nutrify the soul — like spending time in the midst of nature, dancing in the rain or just putting thoughts onpaper. Do whatever is calming and pleases you. Creative pursuits are particularly appealing as inside each one of us, there is an artist craving for release andawaiting an opportunity for expression. One of the ways to indulge the artist within is to get started with the practice of any one or more of the creative art formssuch as music, singing, dancing, acting, drawing, painting, sculpting, poetry, fiction or essay writing. When you engage in such soul nourishing activities, all thought and energy gets focused toward goal accomplishment. At this point, you will find that even unknownforces of the universe are conniving to assist you in your amateurish but sincere attempts. As you progress, you are motivated to do better. You touch and access afaculty, a part of you that you never knew existed. Your inner artist is unleashed, baring the beauty of your soul that has found a fond medium of expression. Forinstance, a sculptors soul is seen in his artwork; a musicians in his compositions; an actors in his acting, a painters in his paintings and so on. It is immaterialwhether your effort is an immaculate artwork or just a clumsy attempt by a layperson. The idea is to try, be inspired and to create giving free rein to the mind. AsMichelangelo remarked: “I saw the angel in the marble and carved until I set him free”! What can you infer from Michelangelos statement - "I saw the angel in the marble and carved until I set him free"?

Read the passage carefully and select the best answer to each question out of the given four alternatives. One should consciously engage in activities that will nourish your soul. Just as we nourish the body, we need to nurture the soul to connect to the creative power ofthe universe and to manifest joy in our lives. Often, we forget to address the soul, lost as we are in a jungle of material and sensual pleasures. But the more youembrace what feeds your soul, the happier you become. So if you want to enjoy the abundance of life, engage in what enriches your soul. Nurturing the soul is allabout finding calm amidst chaos. There are a number of practices that empower people towards this end including silent contemplation, various forms of meditation,yoga and tai chi However, the rigor and discipline involved in the pursuit of such practices often seems to discourage people. Add to this, the temptations of thematerial world that leave little time and motivation for anyone to pursue the spiritual path. Poet Walt Whitman declared: “Whatever satisfies the soul is truth”. Thegood news is that simple, everyday activities can also nutrify the soul — like spending time in the midst of nature, dancing in the rain or just putting thoughts onpaper. Do whatever is calming and pleases you. Creative pursuits are particularly appealing as inside each one of us, there is an artist craving for release andawaiting an opportunity for expression. One of the ways to indulge the artist within is to get started with the practice of any one or more of the creative art formssuch as music, singing, dancing, acting, drawing, painting, sculpting, poetry, fiction or essay writing. When you engage in such soul nourishing activities, all thought and energy gets focused toward goal accomplishment. At this point, you will find that even unknownforces of the universe are conniving to assist you in your amateurish but sincere attempts. As you progress, you are motivated to do better. You touch and access afaculty, a part of you that you never knew existed. Your inner artist is unleashed, baring the beauty of your soul that has found a fond medium of expression. Forinstance, a sculptors soul is seen in his artwork; a musicians in his compositions; an actors in his acting, a painters in his paintings and so on. It is immaterialwhether your effort is an immaculate artwork or just a clumsy attempt by a layperson. The idea is to try, be inspired and to create giving free rein to the mind. AsMichelangelo remarked: “I saw the angel in the marble and carved until I set him free”! What activities can nutrify soul?

Read the passage carefully and select the best answer to each question out of the given four alternatives. One should consciously engage in activities that will nourish your soul. Just as we nourish the body, we need to nurture the soul to connect to the creative power ofthe universe and to manifest joy in our lives. Often, we forget to address the soul, lost as we are in a jungle of material and sensual pleasures. But the more youembrace what feeds your soul, the happier you become. So if you want to enjoy the abundance of life, engage in what enriches your soul. Nurturing the soul is allabout finding calm amidst chaos. There are a number of practices that empower people towards this end including silent contemplation, various forms of meditation,yoga and tai chi However, the rigor and discipline involved in the pursuit of such practices often seems to discourage people. Add to this, the temptations of thematerial world that leave little time and motivation for anyone to pursue the spiritual path. Poet Walt Whitman declared: “Whatever satisfies the soul is truth”. Thegood news is that simple, everyday activities can also nutrify the soul — like spending time in the midst of nature, dancing in the rain or just putting thoughts onpaper. Do whatever is calming and pleases you. Creative pursuits are particularly appealing as inside each one of us, there is an artist craving for release andawaiting an opportunity for expression. One of the ways to indulge the artist within is to get started with the practice of any one or more of the creative art formssuch as music, singing, dancing, acting, drawing, painting, sculpting, poetry, fiction or essay writing. When you engage in such soul nourishing activities, all thought and energy gets focused toward goal accomplishment. At this point, you will find that even unknownforces of the universe are conniving to assist you in your amateurish but sincere attempts. As you progress, you are motivated to do better. You touch and access afaculty, a part of you that you never knew existed. Your inner artist is unleashed, baring the beauty of your soul that has found a fond medium of expression. Forinstance, a sculptors soul is seen in his artwork; a musicians in his compositions; an actors in his acting, a painters in his paintings and so on. It is immaterialwhether your effort is an immaculate artwork or just a clumsy attempt by a layperson. The idea is to try, be inspired and to create giving free rein to the mind. AsMichelangelo remarked: “I saw the angel in the marble and carved until I set him free”! Why do creative pursuits appeal us?

The process of voluntary winding up of solvent company is now shifted from the Companies Act, 2013 to Insolvency and Bankruptcy Code, 2016 with effect from 1st April, 2017. Which of the following differences apply?
1. Shifting of Powers from Official Liquidator to Insolvency Professional.
2. Jurisdictional Authority has been shifted from High Court to National Company Law Tribunal.
3. Governing sections, rules and regulations for Voluntary Winding has now shifted to Section 59 of the Insolvency and Bankruptcy Code, 2016.
4. Timeline for carrying out the Voluntary Winding up process under the IBC is normally of 12 months.

Which of the following taxes are levied and collected by the Government of India and assigned to the States
1. Taxes on railway fares and freights
2. Taxes on the sale and purchase of newspapers of and on advertisement published therein
3. Taxes on agricultural income
4. Taxes on professions, trade, callings and employment

A person is said to be 'insolvent' who has ceased to pay his debts in the ordinary course of business, or cannot pay his debts as they become due whether he has committed an act of insolvency or not', is the definition of insolvency given in