LL.B. (Five Years) Sem 8 Bankruptcy Laws May 2024 60/40 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: 1. Please check if you have received the correct Question Paper; 2. Answer all Questions as per the instructions given; 3. Do not reveal your identity or put any signs, markings, inscriptions anywhere on your answer sheets; 4. Give relevant case laws / references / illustrations.

SECTION I - Q.1: Answer any six of the following (12 Marks - 2 marks each)

1. Q1 Mention any Four types of 'Creditor' as mentioned in the I.B.C?
2. Q2 What is Financial Information?
3. Q3 Define Corporate Debtor.
4. Q4 What is Moratorium?
5. Q5 What is a 'haircut' in reference to the proceedings of Insolvency and Bankruptcy Resolution?
6. Q6 Name any Two Statutes that had been repealed due to the enactment of the I.B.C?
7. Q7 Who was the chairperson of the Bankruptcy Laws Reform Committee based on whose report, the Insolvency and Bankruptcy Code, 2016 was enacted?
8. Q8 The governing Board of the I.B.B.I. can be constituted of a maximum of how many members including the Chairperson?
9. Q9 What is an extortionate credit transaction?
10. Q10 What is a Limited Liability Partnership?

SECTION II - Q.2: Answer any two of the following (12 Marks - 6 marks each)

1. Q11 Fast Track Process.
2. Q12 Debts Recovery Tribunal.
3. Q13 Distinguish between Bankruptcy and Insolvency.
4. Q14 Rights, Duties and Functions of Bankruptcy Trustee

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

1. Q15 In a recently resolved insolvency matter, M/s. Aditya Limited wants to repay the dues to various categories of creditors and persons as per the provisions of the Part II of the I.B.C. (i) What do you understand by the term 'Distribution of Assets'? (ii) Mention any Three categories of persons who have been specifically mentioned in the I.B.C. who will benefit from such Distribution of Assets.
2. Q16 Give a detailed note on the role, powers and functions of the various Appellate Authorities as mentioned under the I.B.C.
3. Q17 Provide a detailed analyses of the important provisions with respect to the scope and extent of the I.B.C. that were provided by the Supreme Court in the landmark judgment of the Swiss Ribbons Private Limited V/s. Union of India.
4. Q18 M/s. WWF Limited wants to apply to act as an Insolvency Professional Agency in India. Specify the following: (i) What is the Application fee that shall be needed to be paid by WWF Limited for being allowed to act as an Insolvency Professional Agency? (ii) Within how many days of Application the certificate of registration may be received by the applicant Organisation? (iii) The certificate of Registration thus received shall be valid for what period from the date of its issue?

SECTION IV - Q.4: Answer any two of the following (24 Marks - 12 marks each)

1. Q19 Give a detailed overview of the provisions relating to the resolution of Bankruptcy and Insolvency of individuals and partnership firms as mentioned and provided under the Insolvency and Bankruptcy Code of India.
2. Q20 Discuss regarding the various provisions related to the composition, functions and powers of the I.B.B.I.
3. Q21 Describe and distinguish the various powers and duties of Interim Resolution Professional and Insolvency Resolution Professional. Also, enlist the circumstances under which they can be replaced.
4. Q22 Describe and discuss the various provisions related to the process of Liquidation of a Corporate Debtor as provided under the I.B.C.

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