LL.B. (Five Years) Sem 8 Bankruptcy Laws Oct 2026 ATKT 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.

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

1. (a) Who is an 'Indigent Person'?
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2. (b) What is a 'Demand Notice'?
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3. (c) What is the Bankruptcy Commencement date?
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4. (d) How does I.B.C define 'Property'?
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5. (e) Who is a 'Designated Partner'?
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6. (f) What is the "Insolvency Resolution Process Period" as per the I.B.C, 2016?
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7. (g) Mention any Four Objectives of the I.B.C.
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8. (h) What do you understand by the term 'Information Memorandum'?
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9. (i) The governing Board of the I.B.B.I can be constituted of a maximum of how many members including the Chairperson?
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10. (j) What are the essential functions of a Bankruptcy Trustee?
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Q.2 Q.2: Answer any two of the following (12 Marks - 6 marks each)

1. (a) Fast Track Process
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2. (b) Debts Recovery Appellate Tribunal
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3. (c) Secured and Unsecured Creditors
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4. (d) Insolvency and Bankruptcy Fund
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Q.3 Q.3: Answer any two of the following (12 Marks - 6 marks each)

1. (a) 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?
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2. (b) 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) Discuss the various classes of Creditors available as per the provisions of the I.B.C.
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3. (c) ABC Bank has lent substantial sums of money to BEME Co. Pvt. Ltd. The Bank is worried as the company has not paid installment amounts for the last two months. With the object of securing the payments, the bank desires to invoke I.B.C provisions. (i) Elaborately advice the Bank based on the IBC law. (ii) Giving reasons, explain that which Part of IBC will govern the debtor in this matter?
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4. (d) 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?
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Q.4 Q.4: Answer any two of the following (24 Marks - 12 marks each)

1. (a) Elaborately discuss the constitution of 'Committee of Creditors' and its role under the I.B.C.
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2. (b) Discuss in elaborate details, the various provisions related to the 'Waterfall Mechanism' as provided in the I.B.C?
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3. (c) Discuss in elaborate details, the various provisions related to composition, functions and powers of the I.B.B.I?
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4. (d) Elaborately explain the salient features concerning obtaining Bankruptcy Order for individuals and Partnership under the I.B.C, 2016?
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