1. Consider the following statements regarding the National Company Law Tribunal (NCLT) and Debt Recovery Tribunals (DRTs):
- Both are quasi-judicial bodies.
- Both NCLT and DRT are regulated by the Companies Act, 2013.
- NCLT primarily deals with matters related to companies, while DRT focuses on recovery of debts for banks and financial institutions.
- Appeals from both NCLT and DRT lie before the same appellate tribunal.
Which of the above statements is/are correct?
[A] Only 1 and 2
[B] 1, 2 and 4
[C] 1 and 3
[D] All of the above
Show Answer
Correct Answer: C [1 and 3]
Notes:
Statement 1 is correct as both NCLT and DRT are quasi-judicial bodies. Statement 3 is correct; NCLT handles company-related cases, while DRT deals with debt recovery. Statement 2 is incorrect because only NCLT is regulated by the Companies Act, 2013, while DRT is governed by the SARFAESI Act and RDBBFI Act. Statement 4 is wrong as appeal mechanisms differ for each tribunal.
2. Consider the following statements regarding Chit Funds in India:
- They are under the jurisdiction of the Reserve Bank of India (RBI).
- They are registered with the State governments and regulated by the Central Government.
Which of the above statements is / are correct?
[A] Neither 1 nor 2
[B] Only 2
[C] Only 1
[D] Both 1 and 2
Show Answer
Correct Answer: A [Neither 1 nor 2]
Notes:
Chit funds do not fall under the purview of the Reserve Bank of India (RBI); instead, they are regulated and registered by State Governments under the Chit Funds Act, 1982. The Centre frames the law, but regulation and implementation are by State authorities. Thus, both the statements given are incorrect as per the present legal and regulatory framework.
3. Consider the following pairs:
- Lakshya Sen – Table Tennis
- Nikhat Zareen – Boxing
- Sharath Kamal – Table Tennis
- Nitu Ghanghas – Badminton
Which of the pairs given above are correctly matched?
[A] Only 1 & 3
[B] Only 2 & 3
[C] Only 1, 2 & 4
[D] 1, 2, 3 & 4
Show Answer
Correct Answer: B [Only 2 & 3]
Notes:- Gold medal winners for India in Commonwealth Games 2022
- Lakshya Sen – Badminton Men’s Singles
- Nikhat Zareen – Boxing Women’s Light Flyweight
- Naveen – Wrestling Men’s Freestyle 74kg
- Sharath Kamal – Table Tennis men’s singles
- Nitu Ghanghas – Boxing Minimumweight
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