LL.B. (Five Years) Sem 8 Bankruptcy Laws Oct 2026 ATKT 75/25 Question Paper - Mumbai University | munotes

Questions asked in this paper

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

1. (a) Mention any Four disqualifications of a Debtor to apply for a Fresh Start Process under the I.B.C?
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2. (b) Define Extortionate Credit Transaction as per the provisions of the I.B.C?
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3. (c) What is a Limited Liability Partnership?
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4. (d) Who is a Designated Partner?
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5. (e) What are the Objectives of the Insolvency and Bankruptcy Code, 2016.
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6. (f) Define Moratorium.
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7. (g) What is the minimum period for which the Liquidator is supposed to preserve the registers and books of accounts in relation to the liquidation of the Corporate Debtor?
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8. (h) What do you understand by 'haircut' in reference to proceedings of Insolvency and Bankruptcy Resolution?
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Q.2 Q.2: Answer any two of the following (12 Marks - 6 marks each)

1. (a) Inclusions and Exclusions from Liquidation Estate
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2. (b) Fresh Start Process
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3. (c) Insolvency and Bankruptcy Fund
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4. (d) Registered Value
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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) AXW Ltd, a 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, AXW Workers Union, decides to initiate Insolvency proceedings against AXW Ltd. under the I.B.C 2016 to recover their unpaid dues. The Trade Union applies with the National Company Law Tribunal as an Operational Creditor. (i) Whether AXW Workers Union can apply as an Operational Creditor under the I.B.C, 2016? (ii) Who can initiate Corporate Insolvency Resolution Process as per the provisions of the Insolvency and Bankruptcy Code?
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3. (c) A group of Investors come together, form a Public Limited Company and wish to start an Information Utility in India. (i) What is the minimum Net Worth required to start an Information Utility in India? Also, mention the qualities needed to be present in persons, who are eligible to be the promoters, directors and key managerial personnel of an Information Utility. (ii) What are the various duties and obligations of an Information Utility?
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4. (d) A Public Announcement with respect to Corporate Insolvency Resolution Process needs to be made. (i) What do you understand by the term Public Announcement and mention as to who is supposed to make it? (ii) Describe the essential contents of such a Public Announcement, also clarify as to where and in what time frame, is it supposed to be made?
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Q.4 Q.4: Answer any three of the following (39 Marks - 13 marks each)

1. (a) Explain in elaborate details the Liquidation process under I.B.C and also discuss the Eligibility conditions needed for appointment as a Liquidator.
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2. (b) Elaborately discuss the constitution of 'Committee of Creditors' and its role under the I.B.C.
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3. (c) Discuss the various provisions related to the Composition, Functions and Powers of the I.B.B.I.
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4. (d) Elaborately discuss and distinguish between the various Powers and Functions of Interim Resolution Professional and Insolvency Resolution Professional in India.
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5. (e) Discuss the powers and functions of the various Adjudicating and Appellate Authorities under the I.B.C.
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