LL.B. (Three Years) Optional Papers Sem 1 Bankruptcy Laws 2019-20 Question Paper - Mumbai University | munotes

Questions asked in this paper

• 2. Figures to the right indicate full marks

1. Q1 Write brief answers (10 x 2 =20 Marks)
   • a. Who is the adjudicating authority under IBC in respect of
   • b. How is financial information defined?
   • c. Who is an indigent person?
   • d. What is ‘default’?
   • e. What is Insolvency & Bankruptcy fund?
   • f. Who is a designated partner?
   • g. What are core services?
   • h. What is a resolution plan?
   • i. What is operational debt?
   • j. Who is a bankruptcy trustee?
2. Q2 Write short notes (Any Four) :- (4 x 5=20Marks)
   • a. Objects of IBC
   • c. Amendments to IBC
   • d. Financial Creditors
   • f. Preference Transactions
3. Q3 Answer any Two :- (6 x 2=12 Marks)
   • a. IBC applies to a variety of persons in relation to their insolvency, liquidation etc
   • i) Who is a person under
   • ii) To whom does the code apply?
   • b. Chapter II of IBC Part II deals with corporate Insolvency Resolution Process
   • i) Who are the persons who can initiate corporate insolvency resolution process?
   • ii) How can admitted applications for initiating the process be withdrawn?
   • c. ‘Prerna Bros.’ is a partnership firm in the textile trade. Bankruptcy order is passed against the firm
   • i) What are the effects of the order?
   • ii) Bring out the difference between limited liability partnership and partnership firm
4. Q4 Write the answer in detail (Any Four) :- (12 x 4=48 Marks)
   • 1. Discuss the constitution, powers & functions of IBBI
   • 2. Examine the provisions governing suits by paupers
   • 3. What is the liquidation process of a corporate person?
   • 4. Discuss the fresh start process
   • 5. How does IBC deal with the distribution of the estate of an individual adjudicated as a bankrupt?
   • 6. Discuss the role of insolvency professionals under IBC in the insolvency & bankruptc

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