LL.B. (Three Years) Sem 4 Bankruptcy Laws May 2012 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: Figures to the right indicate full marks assigned to the questions.

SECTION I - Q.1: Write short answers in not more than two sentences (20 Marks - 2 marks each)

1. Q1 Define the expression "Property" under the Pr. Ins. Act 1920?
2. Q2 Which Courts have jurisdiction under the Pr. Ins. Act 1920?
3. Q3 Whether a petition by a debtor or creditor can be withdrawn? If yes how?
4. Q4 What is 'relation back' under the Pr. Ins. Act 1920?
5. Q5 State any two debts which order of discharge will not release the insolvent from?
6. Q6 What are the powers of interim receiver?
7. Q7 State the basis on which the Court can dismiss the petition presented by the debtor.
8. Q8 For what purpose the Court appoints Interim Receiver of the property of the debtor?
9. Q9 Can the partnership firm be adjudged as insolvent? Give reasons.
10. Q10 Who are exempted from insolvency proceedings?

SECTION II - Q.2: Write short notes on any four of the following (20 Marks - 5 marks each)

1. Q11 The disqualifications of the insolvent
2. Q12 Duties of debtor
3. Q13 Contents of petition by a debtor
4. Q14 Appeals under the Prov. Ins Act, 1920
5. Q15 Effect of order of discharge
6. Q16 Summary Administration

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

1. Q17 The Court annuls the order of adjudication for the reason that the debtor has failed to apply for discharge within the time specified by the Court. (i) What consequences the debtor may have to suffer on annulment of order of adjudication? (ii) Why the debtor is required to apply for discharge?
2. Q18 A debtor who was adjudged as insolvent by the District Court. Prepared a scheme of arrangement for payment of his debts which was approved by the Court. The debtor paid his debts in installments pursuant to the scheme for some time but there after started making defaults. (i) What powers the Court can exercise against the defaulting debtor? (ii) What is the effect of readjudication of debtor as insolvent on rights of creditors to prove their debts?
3. Q19 The creditors filed insolvency petition against the debtor. They were apprehending that the debtor may dispose of all his properties before the order of adjudication is passed against him in order to defeat their claims. (i) Advise the creditors what steps can be taken by them under Insolvency Law to protect their interest. (ii) Does the property of the debtor vest in Interim Receiver?

SECTION IV - Q.4: Write answers in detail to any four questions (48 Marks - 12 marks each)

1. Q20 State and explain the various acts of insolvency as prescribed under the Prov. Ins. Act 1920.
2. Q21 What properties of the insolvent are divisible and what are not divisible?
3. Q22 Who is a Secured Creditor? What are the rights conferred upon a secured creditor by the Prov. Ins. Act, 1920.
4. Q23 What are the effects of the annulment of the order of adjudication?
5. Q24 What are the provisions relating to calculation and distrubution of dividend among the creditors under the Prov. Ins. Act, 1920?
6. Q25 What is the procedure prescribed for composition of debts and schemes of arrangement?

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