LL.B. (Five Years) Sem 8 Bankruptcy Laws May 2017 ATKT Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: (1) All questions are compulsory. (2) Figures to the right indicate marks. (3) Give reasons / case law wherever necessary.

SECTION I - Q.1: Answer the following in not more than two sentences each (20 Marks - 2 marks each)

1. Q1 What is meant by a 'secured creditor'?
2. Q2 When can the foreigner be adjudged as insolvent by Indian Courts?
3. Q3 Can the petitions of insolvency be withdrawn?
4. Q4 What is 'offer of settlement'?
5. Q5 What do you mean by 'core services' as provided under the Insolvency and Bankruptcy Law?
6. Q6 Can the partnership firm be adjudged as insolvent? Give reason.
7. Q7 What are the powers of Interim Receiver?
8. Q8 What are the two main conditions which must be fulfilled before a person can be adjudged as insolvent by the court?
9. Q9 What do you understand by onerous property?
10. Q10 Define 'Bankruptcy'.

SECTION II - Q.2: Write short note on any four of the following (20 Marks - 5 marks each)

1. Q11 Extension Clause of the PIA, 1920
2. Q12 Grounds to set aside insolvency petition
3. Q13 Declaration of final dividend
4. Q14 Interim receiver
5. Q15 Protection Order
6. Q16 Offences by debtors

SECTION III - Q.3: Solve any two of the following with reasons (12 Marks - 6 marks each)

1. Q17 A person 'P' was adjudged insolvent as per the PIA, 1920 and thereafter an official receiver was appointed. However 'P' without the knowledge of the official receiver moved away the properties in his possession. (i) How will 'P' be treated for such movement of properties? (ii) What provision has been made regarding the publication of the order of adjudication?
2. Q18 Mr. 'A' is adjudged insolvent and is required to apply for discharge within a stipulated time. Mr. 'A' applies for discharge accordingly. (i) What are the consequences of a discharge if the insolvent is discharged by the court? (ii) When can discharge be refused by the court?
3. Q19 Mr. K supplied goods and executed some work for Mr. M. Mr. K didn't receive the price for the same. For the price of goods supplied and work executed by Mr. K, he want to sue Mr. M. But Mr. K is poor and is not in a position to pay court fees. (i) Explain whether Mr. 'K' can file a pauper suit? Advice Mr. 'K'. (ii) If Mr. K is adjudged an insolvent, can Mr. K sue Mr. M for the price? Explain.

SECTION IV - Q.4: Answer the following in detail, any four (48 Marks - 12 marks each)

1. Q20 Who is a Secured Creditor? What are the rights conferred upon a secured creditor by the Prov. Ins. Act, 1920?
2. Q21 What are the powers of the court invested with insolvency jurisdiction under the P.I. Act, 1920?
3. Q22 Provable and Non-Provable debts under the P. I. Act, 1920. Write in detail
4. Q23 When is the official receiver appointed by the court? What are the duties and powers of such official receiver? Discuss.
5. Q24 Write the detailed provisions relating to "Composition and Scheme of Arrangement" under P. I. Act, 1920.
6. Q25 What do you mean by the term discharge? Explain the various provisions that are discussed in PIA, 1920 with respect to the order of discharge.

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