LLB 3 Years Optional Papers Sem 1 Bankruptcy Laws 2018-19 Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q1 answers in two sentences. 20 marks
   • a) Who is a secured creditor?
   • b) Who is a financial creditor?
   • c) What are the objects of insolvency law?
   • d) What is a limited liability partnership?
   • e) What do you understand by immediate family debtor?
   • f) Who is an undischarged bankrupt?
   • g) State any two grounds on which the Central Government may exercise power to ‘supersede IBBI
   • h) How is debt defined under IBC?
   • i) What do you understand by discharge of bankrupt?
   • j) State any two restrictions on bankrupt Write short notes on any four (20) Related party (in relation to a corporate debtor)
   • e) Punishment for false information etc. by bankrupt or recall-of bankruptcy Bankruptcy order is paftnership firm ‘PF’,
   • i) What is the effect of the order on the estate of the bankrupt?
   • ii) What are included in the estate of the bankrupt?
   • b) A debtor wants to apply for initiation of insolvency resolution process in respect of his debts
   • i) debtor disentitled to make application?
   • ii) What.do-you understand by interim moratorium on such application by a debtor?
   • c) Inthe matter of insolvency resolution & liquidation for corporate persons under IBC identify
   • i) Adjudicating authority Supréme court’s power to hear appéals Answer in detail.any four (48) Who are indigent persons? Explain-the procedure for suits by indigent persons the provision of IBC in respect of appointment of liquidator & his powers & duties in process of corporate State the object of IBC and discuss the powers & functions of IBBI Discuss the provision regarding (1) after acquired property and (2) onerous property of bankrupt the bankruptcy. process of individuals the estate of
   • i) Explain distribution of interim dividend & final dividend
   • ii) Examine the priority of payment of debts Disouss IBC provisions in respect of
   • Q.P. Code: 50986 Please check whether you have got the right question paper
2. Q1 Write answers in two sentences: 20 marks
   • a) Who is an indigent person?
   • b) What is ‘default’ as defined in IBC?
   • c) To whom will the provisions of IBC apply?
   • d) What is the definition of corporate person under IBC?
   • e) Who is the adjudicating authority under IBC in respect of (a) corporate persons (b) individuals
   • f) What do you understand by financial information in relation to a person?
   • g) When is debtor deemed to have given a preference to make the transaction a
   • h) What is the time period for fast track corporate insolvency resolution process?
   • i) When does the disqualification to which a bankrupt is subject under IBC cease to have effect?
   • j) Who can apply for withdrawal of funds from Insolvency and Bankruptcy Fund under IBC?
3. Q2 Write short notes on any four: 20 marks
   • a) Information utility and its obligations
   • b) Bankruptcy order dy Proof of debts (in respect of bankruptcy for individuals and partnership firms)
   • e) Liquidation Estate
   • f) Insolvency Professionals
4. Q3 Answer any two: 12 marks
   • a) ‘Fresh Start Process’ is available under IBC for individuals and partnership firms
   • i) Who can apply? What conditions are stipulated?
   • ii) To whom such application shall be made?
   • b) IBC enables an operational creditor of a company to initiate Corporate Insolvency Resolution Process against the company
   • i) Who is an operational creditor? il) When can an operational creditor file an application for corporate solvency resolution
   • c) IBC provides for constitution of ‘Fund of the Insolvency and Bankruptcy Board’:
   • i) What amounts will be credited thereto?
   • ii) What expenses shall be meted out of this Fund
5. Q4 Answer in detail any four : 48 marks
   • a) Examine the functions and powers of the Insolvency and Bankruptcy Board of India
   • b) Explain the civil procedure as to suits by indigent persons
   • c) Explain the provisions of IBC regarding administration and distribution of the estate of the
   • d) What is an insolvency professional agency? Explain the registration procedure for such agency
   • e) Explain offences and penalties under the part “Insolvency Resolution and Liquidation for
   • f) Discuss the functions and rights of Bankruptcy trustee

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