Daily UPSC Prelims Current Affairs – November 09, 2022 [Mock Test]
November 11, 2022 November 11, 2022
1. Consider the following statements about National Company Law Tribunal (NCLT) and Debt Recovery Tribunals (DRTs):
- Both are quasi-judicial bodies.
- Both are regulated by the Companies Act, 2013.
Which of the statements given above is/are correct?
[A] Only 1
[B] Only 2
[C] Both 1 & 2
[D] Neither 1 nor 2
Show Answer
Correct Answer: A [Only 1]
Notes:- The National Company Law Tribunal is a quasi-judicial authority created under the Companies Act, 2013to handle corporate civil disputes arising under the Act. It is an entity that has powers and procedures like those vested in a court of law or judge. It can decide cases by following the principles of natural justice.
- Debt Recovery Tribunals were established to facilitate the debt recovery involving banks and other financial institutions with their customers. DRTs were set up after the passing of Recovery of Debts due to Banks and Financial Institutions Act (RDBBFI), 1993. Appeals against orders passed by DRTs lie before Debts Recovery Appellate Tribunal (DRAT). DRTs can take cases from banks for disputed loans above Rs.10 Lakhs.
- NCLT is regulated by the Companies Act, whereas DRT is regulated by the SARFAESI Act and Recovery of Debts due to Banks and Financial Institutions.
- Companies approach NCLT for winding up, strike off cases in case of default whereas Banks and Financial Institutions approach DRT for recovery procedure.
2. Consider the following statements about Chit fund:
- It falls under the jurisdiction of the RBI and is a legal entity under the Chits Fund Act of 1982.
- It is registered with the State government and is regulated by the Centre.
Which of the statements given above is/are correct?
[A] Only 1
[B] Only 2
[C] Both 1 & 2
[D] Neither 1 nor 2
Show Answer
Correct Answer: D [Neither 1 nor 2]
Notes:- A chit fund is a close-ended group lending scheme. It is called ‘Chit Fund’ as a piece of paper is used for writing a bid amount, known as a chit.
- It doesn’t fall under the jurisdiction of the RBI but is a legal entity, registered with and regulated by, the state governments under the Chit Funds Act of 1982
- Each member contributes their share to the pool (fixed sum) and the lump-sum amount is given to the one-two win’s the bid or who is in need (but has to pay extra).
- Chit funds are the Indian versions of Rotating Savings and Credit Associations found across the globe.
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
