7th National Online Quiz on Insolvency and Bankruptcy Code (India)

The Insolvency and Bankruptcy Board of India (IBBI), in collaboration with MyGov, has launched the 7th National Online Quiz on the Insolvency and Bankruptcy Code, 2016 (IBC) to increase public awareness about India’s insolvency resolution framework. The quiz is open to Indian citizens aged 18 years and above and offers cash prizes up to ₹1,00,000 for top performers.

Overview of the 7th National Online Quiz on IBC

The 7th National Online Quiz on the Insolvency and Bankruptcy Code, 2016 is organised by the Insolvency and Bankruptcy Board of India (IBBI) in partnership with MyGov.

The quiz aims to educate citizens about the importance, objectives, and functioning of the Insolvency and Bankruptcy Code, 2016, which provides a structured and time-bound mechanism for resolving insolvency cases in India.

The initiative encourages public understanding of how the IBC contributes to:

• Faster insolvency resolution.
• Asset value maximisation.
• Improved credit availability.
• Promotion of entrepreneurship.
• Protection of stakeholder interests.
• Strengthening India’s financial and economic ecosystem.

Objectives of the IBC National Online Quiz

The quiz aims to:

• Increase awareness about the Insolvency and Bankruptcy Code, 2016.
• Improve public understanding of insolvency resolution processes.
• Highlight the role of institutions under the IBC framework.
• Promote knowledge about economic reforms and financial systems.
• Encourage citizen participation in understanding India’s insolvency ecosystem.

Quiz Details

The competition format includes:

• Total questions: 20 multiple-choice questions.
• Marks per question: 1 mark.
• Total duration: 10 minutes.
• Negative marking: No negative marking.
• Languages available:
  • English.
  • Hindi.

Participants must complete the quiz within the given time limit.

Quiz Topics

The quiz covers topics related to:

Insolvency and Bankruptcy Code, 2016

Participants may be tested on:

• Key provisions of the IBC.
• Objectives of the Code.
• Insolvency resolution process.
• Institutional framework.
• Role of stakeholders.
• Achievements and impact of the IBC.

Economic and Financial Impact

Questions may also focus on:

• Asset value preservation.
• Credit ecosystem improvement.
• Entrepreneurship support.
• Financial stability.
• Stakeholder balance.

Prize Details

The quiz offers attractive cash prizes for top-performing participants.

Winner Awards

First Prize

• Cash prize: ₹1,00,000

Second Prize

• Cash prize: ₹50,000

Third Prize

• Cash prize: ₹25,000

Consolation Prizes

The next 20 best performers will receive:

• Cash prize of ₹5,000 each.

The consolation prizes are sponsored by the BSE Investors Protection Fund.

Prize recipients will be recognised during a ceremony organised by IBBI.

Who Can Participate?

The quiz is open to:

• Indian citizens.
• Individuals aged 18 years or above.

Participants must register through the MyGov portal using:

• Valid mobile number.
• Valid email address.

Who Cannot Participate?

The following individuals are not eligible:

• Employees of IBBI.
• Employees of BSE Investors Protection Fund (permanent or contractual).
• Service providers registered with IBBI under the Insolvency and Bankruptcy Code, 2016.
• Immediate family members of the above categories.

Previous Winners Eligibility Restriction

Previous cash prize winners from:

• 1st National Online Quiz on IBC.
• 2nd National Online Quiz on IBC.
• 3rd National Online Quiz on IBC.
• 4th National Online Quiz on IBC.
• 5th National Online Quiz on IBC.
• 6th National Online Quiz on IBC.

are not eligible to receive cash prizes in the current edition.

How to Participate

Follow these steps to participate:

Step 1: Register on MyGov Portal

Participants must:

• Create or access their MyGov account.
• Provide a valid mobile number and email ID.

Step 2: Confirm Eligibility

Ensure that:

• You are an Indian citizen.
• You are at least 18 years old.
• You are not part of any excluded category.

Step 3: Attempt the Quiz

Participants must:

• Answer 20 multiple-choice questions.
• Complete the quiz within 10 minutes.
• Choose either English or Hindi language.

Step 4: Submit Your Entry

Only one entry per participant will be accepted.

Participants should ensure all details provided during registration are accurate.

Winner Verification Process

Before final results are announced, selected winners must provide:

• Valid identity proof.
• Proof of age.
• Proof of address.

Documents must be submitted within the specified timeline.

Important Rule

If a selected winner fails to provide valid documents within the required period:

• Their selection will be cancelled.
• The next eligible participant will be considered.

Why It Matters

The Insolvency and Bankruptcy Code plays an important role in improving India’s financial and business environment.

The quiz helps citizens understand:

• How insolvency resolution works.
• How businesses and creditors are supported.
• How assets are protected.
• How economic confidence is strengthened.

Public awareness about financial laws and institutions helps create a more informed and responsible economic ecosystem.

Common Mistakes and Tips

Common Mistakes

Participants should avoid:

• Registering with incorrect personal details.
• Attempting multiple entries.
• Missing the 10-minute deadline.
• Ignoring eligibility restrictions.
• Providing incorrect information during registration.

Preparation Tips

To perform better:

• Review key provisions of the Insolvency and Bankruptcy Code, 2016.
• Understand the objectives and structure of IBC.
• Learn about insolvency institutions and stakeholders.
• Practice multiple-choice questions related to financial laws.

Frequently Asked Questions (FAQ)

1. Who organises the National Online Quiz on IBC?

The quiz is organised by the Insolvency and Bankruptcy Board of India (IBBI) in collaboration with MyGov.

2. Who can participate in the quiz?

Indian citizens aged 18 years and above can participate, subject to eligibility conditions.

3. How many questions are included in the quiz?

The quiz contains 20 multiple-choice questions.

4. What is the time limit for completing the quiz?

Participants must complete the quiz within 10 minutes.

5. Is there any negative marking?

No. There is no negative marking for incorrect answers.

6. What are the top prizes?

The first three winners receive:

• ₹1,00,000 for first prize.
• ₹50,000 for second prize.
• ₹25,000 for third prize.

7. Can previous IBC quiz winners participate?

Previous cash prize winners from the first six IBC National Online Quizzes can participate but are not eligible for cash prizes in this edition.

Conclusion

The 7th National Online Quiz on the Insolvency and Bankruptcy Code, 2016 provides Indian citizens with an opportunity to test and improve their understanding of one of India’s key economic reforms. Through awareness, learning, and participation, the quiz supports greater public knowledge of insolvency resolution, financial stability, and the role of IBC in strengthening India’s business ecosystem.