LL.B. (Three Years) Sem 4 Bankruptcy Laws Jun 2018 Question Paper - Mumbai University | munotes

Questions asked in this paper

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Q.1 Q.1: Write answers in two sentences (20 Marks - 2 marks each)

1. (a) Who is a secured creditor?
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2. (b) Who is a financial creditor?
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3. (c) What are the objects of insolvency law?
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4. (d) What is a limited liability partnership?
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5. (e) What do you understand by immediate family of a debtor?
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6. (f) Who is an undischarged bankrupt?
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7. (g) State any two grounds on which the Central Government may exercise power to supersede IBBI.
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8. (h) How is debt defined under IBC?
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9. (i) What do you understand by discharge of bankrupt?
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10. (j) State any two restrictions on bankrupt.
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Q.2 Q.2: Write short notes on any four (20 Marks - 5 marks each)

1. (a) Financial debt
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2. (b) Related party (in relation to a corporate debtor)
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3. (c) Excluded debt
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4. (d) Constitution of IBBI
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5. (e) Punishment for false information etc. by bankrupt
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6. (f) Modification or recall of bankruptcy order
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Q.3 Q.3: Answer any two (12 Marks - 6 marks each)

1. (a) Bankruptcy order is passed against a partnership 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?
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2. (b) A debtor wants to apply for initiation of insolvency resolution process in respect of his debts. (i) When is a debtor disentitled to make such an application? (ii) What do you understand by interim moratorium on such application by a debtor?
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3. (c) In the matter of insolvency resolution & liquidation for corporate persons under IBC identify (i) Adjudicating authority (ii) Appellate authority (iii) Supreme court's power to hear appeals.
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Q.4 Q.4: Answer in detail any four (48 Marks - 12 marks each)

1. (a) Who are indigent persons? Explain the procedure for suits by indigent persons.
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2. (b) Discuss the provision of IBC in respect of appointment of liquidator & his powers & duties in the liquidation process of corporate persons.
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3. (c) State the object of IBC and discuss the powers & functions of IBBI
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4. (d) Discuss the provision regarding (1) after acquired property and (2) onerous property of bankrupt in the bankruptcy process of individuals.
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5. (e) In the distribution of the estate of Bankrupt (i) Explain distribution of interim dividend & final dividend (ii) Examine the priority of payment of debts
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6. (f) Discuss IBC provisions in respect of (a) Insolvency Professional Agencies (b) Insolvency Professionals (c) Information Utilities
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