LL.B. (Five Years) Sem 8 Bankruptcy Laws 2021-22 Question Paper - Mumbai University | munotes

Questions asked in this paper

SECTION I - Multiple choice questions (1.5 marks each)

1. Q1 The Presidency - Towns Insolvency Act was passed in which of the following years in India? (A) 1909 (B) 1945 (C) 1919 (D) 1920
2. Q2 Which is the following is not entitled to receive notice of the meeting of the Committee of Creditors? (A) Members of the suspended Board of Directors (B) Partners of the LLP (C) Operational creditors whose dues are less than 10% of the total debt (D) All Financial Creditors of the corporate debtor
3. Q3 From whom does Information Utility get information of assets in which security interest is created? (A) Financial Creditor and Operational Creditor (B) Corporate Debtor may provide information. (C) Insolvency Professionals (D) Insolvency Professionals Agencies
4. Q4 The term of the office of Chairperson of the Insolvency and Bankruptcy Board of India is . (1) 5 years or till he attains the age of 65 years, whichever is earlier. (2) 5 years or till he attains the age of 60 years, whichever is earlier. (3) 5 years (4) 3 years
5. Q5 As per the time limits set by the Insolvency and Bankruptcy Code of India, any person who is so aggrieved by the Order of the Appellate Authority can file an appeal to the Supreme Court with in a maximum period of how many days on the receipt of such an Order? (A) 60 days (B) 45 days (C) 30 days (D) 21 days
6. Q6 The National Company Law Tribunal has a bench in which of the following cities in India? (A) Nagpur (B) Thiruvananthapuram (C) Cuttack (D) Vadodara
7. Q7 Who amongst the following cannot initiate a Corporate Insolvency Resolution Process? (A) A Corporate Debtor in respect of whom a liquidation order has been made (B) An Operational Creditor (C) A Financial Creditor (D) A Corporate Debtor who has not gone through a Corporate Insolvency Resolution Process
8. Q8 The estate of the bankrupt shall vest in the bankruptcy trustee from the date of (a) acceptance of the bankruptcy application. (b) passing of the bankruptcy order. (c) appointment of bankruptcy trustee. (d) issuance of public notice
9. Q9 Who amongst the following can determine the amount of claim due to a creditor? (A) Committee of Creditors (B) Resolution Professional (C) Adjudicating Authority (D) The Corporate Debtor
10. Q10 A debtor is eligible to apply for insolvency resolution process if he (a) is undergoing a fresh start process. (b) is undergoing a bankruptcy process. (c) is an undischarged bankrupt. (d) has not faced a previous insolvency resolution process during the period of twelve months preceding the date of submission of the application.
11. Q11 Who is considered as an applicant under the provisions of the Section 7 of the Insolvency and Bankruptcy Code of India? (A) Employees (B) Operational Creditor (C) Financial Creditor (D) Committee of Creditors
12. Q12 The appeal against an order of the Insolvency and Bankruptcy Board of India suspending the registration granted to an insolvency professional agency may be preferred to . (a) National Company Law Tribunal (b) National Company Law Appellate Tribunal (c) High Court having jurisdiction (d) Supreme Court
13. Q13 Which of the following is not a function of an Insolvency Professional Agency? (a) grant membership to persons who fulfil all requirements set out in its byelaws on payment of membership fee (b) lay down standards of professional conduct for its members (c) monitor the performance of its members (d) register insolvency professionals
14. Q14 What is the date of a Corporate Insolvency Resolution Plan? (A) The date on which a Financial Creditor, Corporate applicant or Operational Creditor makes an application to the Adjudicating Authority for initiating corporate insolvency resolution process (B) The date of admission of an application by a Financial Creditor, corporate applicant or Operational Creditor for initiating corporate insolvency resolution process by the Adjudicating Authority (C) The date on which a Financial Creditor, Corporate applicant or Operational Creditor realises the insolvent status of the Corporate Debtor (D) The date on which the Corporate Debtor is unable to pay its debts to the Creditors
15. Q15 The estate of the bankrupt shall include ____. (a) property belonging to or vested in the bankrupt at the bankruptcy commencement date. (b) property held by the bankrupt in trust for any other person. (c) sums due to workmen from the provident fund. (d) property acquired by the bankrupt within three months from the bankruptcy commencement date.
16. Q16 What constitutes default under IBC? (a) Non-payment of debt when whole or any part or instalment of the amount of debt has become due and payable and is not repaid by the debtor or the corporate debtor. (b) Non-payment of debt when whole or part of the payment is demanded by the financial or operational creditor. (c) Non-payment of any of the amount, whether in full or in part, on demand by the creditors or concerned authorities. (d) Any payment of the creditor that is subsisting.
17. Q17 Under which of the following circumstances, the Bankruptcy order cannot be issued by the Adjudicating Authority? (A) When the repayment plan has a premature closure and some creditors have not been paid (B) When the repayment plan has been accomplished fully (C) When the repayment plan is rejected by the Adjudicating authority (D) When the Application is preferred by debtor to defraud creditors
18. Q18 As per the provisions of the Insolvency and Bankruptcy Code of India, 'Immediate Family' of the debtor in case of Insolvency Resolution and Bankruptcy for individuals and partnership firms includes which of the following persons? (A) Married Sister (B) Son who is a Software Engineer in a Company (C) An Adult Unemployed Divorced Brother who is a resident of Australia (D) Dependent Mother
19. Q19 What is the date for the commencement of voluntary liquidation proceedings? (A) When the repayment plan has a premature closure and some creditors have not been paid (B) Date of passing the resolution in general meeting (C) Date of notifying to the Registrar of Companies (D) Date of receiving of approval of the Creditors
20. Q20 In which of the following matters as decided by the Supreme Court of India, the Constitutional validity of the Insolvency and Bankruptcy Code of India was upheld as correct and justiciable? (A) E.I.D. Parry India Limited Vs. Far Eastern Marine Transport Corporation Limited (B) Swiss Ribbons Vs. Union of India (C) Sree Metalics Limited Vs. Union of India (D) Economic Transport Organisation Vs. Charan Spinning Mills Private Limited

SECTION II - Descriptive questions (2 marks each)

1. Q21 Describe in brief the activities prohibited during the moratorium period under Part II of the Insolvency and Bankruptcy Code, 2016.
2. Q22 Write a short note on "authorised representative" for class of financial creditors.
3. Q23 Write a brief note on the functions of the Insolvency and Bankruptcy Board of India.
4. Q24 Write a short on the order of priority in which the proceeds from the sale of the liquidation assets shall be distributed under the Insolvency and Bankruptcy Code, 2016.
5. Q25 Write a short note on the "Committee of Creditors".
6. Q26 List the powers of the IP in CIRP?
7. Q27 What is liquidation estate?
8. Q28 What is a Resolution plan?
9. Q29 What do you understand by Fast track CIRP?
10. Q30 Write a short note on voluntary liquidation of corporate persons under the Insolvency and Bankruptcy Code, 2016.

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