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

Questions asked in this paper

• N.B: Answer all Questions as per the instructions given. Give relevant case law.

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

1. Q1 State any two salient features of IBC, 2016.
2. Q2 Explain core services as defined in the IBC, 2016.
3. Q3 Who is an Operational creditor?
4. Q4 What are the functions of a Bankruptcy trustee?
5. Q5 What is meant by the term Bankruptcy Debt under the IBC, 2016?
6. Q6 Who can initiate Corporate Insolvency Resolution process?
7. Q7 What is the time limit for completion of fast track Corporate Insolvency Resolution Process?
8. Q8 To whom does the appeal lies against the decision of liquidator?
9. Q9 What is the Punishment for falsification of books of Corporate Debtor?
10. Q10 Who is an indigent person?

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

1. Q11 Insolvency and Bankruptcy Fund
2. Q12 Fast Track Corporate Insolvency Resolution Process
3. Q13 Insolvency Professional Agencies
4. Q14 Adjudicating Authority for corporate persons

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

1. Q15 PQR Ltd, a retail company, has struggled with declining sales and mounting debts. The company has defaulted on loan repayments to several creditors, including banks and suppliers. One of the major creditors, XYZ Bank, decides to initiate bankruptcy proceedings against PQR Ltd. under the IBC 2016. The National Company Law Tribunal (NCLT) admits the application and declares a moratorium under Section 14 of the IBC. (i) What actions are prohibited against PQR Ltd. during the moratorium period? (ii) How does the moratorium period affect the operations of PQR Ltd.
2. Q16 LMN Ltd., a jute manufacturing company, has been facing severe financial difficulties and has defaulted on payments to its workers for several months. The workers, represented by their trade union, XYZ Workers Union, decided to initiate insolvency proceedings against LMN Ltd. under the IBC 2016 to recover their unpaid dues. The trade union applies with the National Company Law Tribunal (NCLT) as an operational creditor. (i) Whether XYZ Workers Union can apply as an operational creditor under the IBC 2016? (ii) How does the Supreme Court's ruling in the JK Jute Mill Mazdoor Morcha case impact the adjudication process?
3. Q17 ABC Infratech Ltd, a real estate company, has defaulted on its loans and is undergoing insolvency proceedings under the IBC 2016. The National Company Law Tribunal (NCLT) has admitted the application and appointed an Interim Resolution Professional (IRP). During the Corporate Insolvency Resolution Process (CIRP), multiple resolution plans are submitted, including one from a major construction company, XYZ Ltd. The resolution plan submitted by XYZ Ltd. is approved by the Committee of Creditors (CoC) with a 97% majority. However, several homebuyers, represented by the Homebuyers Welfare Association, contest the approval of the resolution plan, arguing that their interests are not adequately protected. (i) What is the role of the NCLT and the National Company Law Appellate Tribunal (NCLAT) in reviewing and approving resolution plans? (ii) How did the Supreme Court's ruling in the Jaypee Kensington case clarify the powers of the adjudicating authorities?
4. Q18 ABC, a financial creditor to YDR corporate wants to apply for corporate insolvency resolution process. (i) What is the procedure for initiation of corporate insolvency resolution process? (ii) What is the time limit for completion of insolvency resolution process?

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

1. Q19 Explain in brief procedure to obtain bankruptcy order for individual and partnership firm.
2. Q20 Explain in brief the Composition, Powers and Functions of the IBBI.
3. Q21 What is the Committee of Creditors and explain its constitution and its role as per the provisions of IBC
4. Q22 Discuss in brief the Liquidation process with special focus on role of liquidator in managing the assets and liabilities of corporate persons.

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