After dealing firmly with large corporate loan defaulters, the government has started _________ (A) a simpler version of the insolvency and bankruptcy code for partnership and proprietorship firms, the legal form that most small and medium enterprises (SMEs) take.
Though the loans are _______ (B) in value, SME borrowers far outnumber companies, resulting in their borrowings _______ (C) a significant influence in the financial sector’s stability. The insolvency and bankruptcy code that (_________________________________________) (D)
One reason the government is keen to ______ (E) an efficient and low-cost insolvency code ____ (F) the SME sector is its ability to create jobs with low capital and the need for quick redeployment of capital in the event of an enterprise’s failure.
According to data compiled by the ministry of micro, small and medium enterprises, the sector accounts for 33% of India are manufacturing output. (__________________) (G) employing more than 80 million people, the data showed.
The Insolvency and Bankruptcy Board of India (IBBI) has (_______) (H) working on a blueprint for the SME bankruptcy code, the framework of which is expected to be (______) (I) by the end of this month, a person privy to the development said on condition of anonymity.
SMEs are mostly organized as partnerships and proprietorships, whose promoters have unlimited liability, unlike companies, in which the promoters’ liability is limited (_______) (J) of their share capital.
A)
II) Drawing out
III) Framed
IV) Written up
V) Formulate
Solution: I) draw up is to prepare something or to write something. After has+ V3 V+ing is used for continuity so option III, IV, V are eliminated draw out means to increase the length which is irrelevant according to the passage so option I is correct one.
B)
II) Smaller
III) Extended
IV) Broad
V) Bigger
Solution: II) smaller
C)
II) striving
III) applying
IV) exerting
V) Utilize
Solution: IV) exerting
Blank needs a word which means to make so that it will be borrowings make a significant influence in the financial sector’s stability for this exert is the only choice.
D)
II) is expected to be drawn up by the Insolvency and Bankruptcy Board of India (IBBI) by the end of this month.
III) is limited to the extent of their share capital.
IV) is different from that of big companies.
V) is currently in place deals only with companies, not other forms of organized economic activity.
Solution: V as the it is talking about IBBI so II III IV are irrelevant II is out of context III is talking about the extent of share capital IV is talking about the difference from companies which is not the case so in V it is saying that it deals with companies which helps in the continuity of sentence so V) is correct
E)
II) Overlay
III) Evolve
IV) Break out
V) None of these
Solution: III) evolve
F)
II) For
III) Of
IV) With
V) None of these
Solution: II) for
G)
II) Sapan Gupta, national practice head, banking, and finance, at law firm Shardul Amarchand Mangaldas, said that the process of bankruptcy resolution of sole proprietorship needs to be simple
III) A few lenders, including State Bank of India, Standard Chartered Bank, and Corporation Bank, have since approached the National Company Law Tribunal,
IV) I and II
V) none of these
Solution: I) sentence which continues after the blank is showing some data and before the blank is also telling some overview of data and only option I is talking about data so I) is the correct choice.
H)
II) Eliminated
III) Stopped
IV) Started
V) None of these
Solution: IV started
I)
II) Drawn up
III) Drawn down
IV) Drawn against
V) Drawn with
Solution: II) drawn up
J)
II) on the extent
III)for the extent
IV) upto the extent
V) None of these
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