LL.B. (Five Years) Sem 8 Bankruptcy Laws May 2026 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 What is a 'Default' as per the I.B.C?
2. Q2 What do you understand by the term 'Going Concern'?
3. Q3 What is Financial Information?
4. Q4 What is a 'Demand Notice'?
5. Q5 Mention any Four duties that need to be undertaken by an Interim Insolvency Resolution Professional?
6. Q6 What is "haircut" in reference to proceedings of the Insolvency and Bankruptcy Resolution?
7. Q7 What is the Bankruptcy Commencement date?
8. Q8 Who can make the application for Bankruptcy of a Debtor as per the provisions of the I.B.C?
9. Q9 The governing Board of the I.B.B.I can be constituted of a maximum of how many members including the Chairperson?
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 Fresh Start Process.
2. Q12 Debts Recovery Appellate Tribunal.
3. Q13 Rights, Duties and Functions of a Bankruptcy Trustee.
4. Q14 Information Utility

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

1. Q15 M/s. ZQCF Pipes Limited wants to initiate a Fast Track Process. (i) What do you understand by the term Fast Track Process and what are the timelines that are provided for completion of the Fast Track Process as per the I.B.C? (ii) What are the various categories of debtors against whom the Fast Track Resolution Process can be initiated?
2. Q16 A Public Limited Company engaged in the business of Commercial Air Transport suspends all its flight operations due to a major financial crisis. (i) Discuss the rights and liabilities of the passengers who had booked and paid for confirmed Air Tickets of the Company? (ii) What are the various classes of Creditors as per the provisions of the Insolvency and Bankruptcy Code?
3. Q17 A group of Creditors come together and wish to initiate the Corporate Insolvency Resolution Process. (i) What is the threshold of minimum default for initiating Corporate Insolvency Resolution Process? (ii) The process of Corporate Insolvency Resolution needs to be completed within what time period as per the provisions of the Insolvency and Bankruptcy Code?
4. Q18 M/s. ABC 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 ABC Limited for being allowed to act as an Insolvency Professional Agency? (ii) Within how many days of such an application, the Certificate of Registration may be received by the applicant Organisation?

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

1. Q19 Critically analyse the various provisions related to nature and contents of Resolution Plan under the IBC.
2. Q20 Discuss in elaborate details, the various provisions related to composition, functions and powers of the I.B.B.I?
3. Q21 Give a detailed note on the role, powers and functions of the various Adjudicating and Appellate Authorities as mentioned under the I.B.C.
4. Q22 Describe and discuss the various provisions related to the process of Liquidation of a Corporate Debtor as provided under the Insolvency and Bankruptcy Code?

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