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

Questions asked in this paper

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

1. Q1 Who is a secured creditor?
2. Q2 Who is a financial creditor?
3. Q3 What are the objects of insolvency law?
4. Q4 What is a limited liability partnership?
5. Q5 What do you understand by immediate family of a debtor?
6. Q6 Who is an undischarged bankrupt?
7. Q7 State any two grounds on which the Central Government may exercise power to supersede IBBI.
8. Q8 How is debt defined under IBC?
9. Q9 What do you understand by discharge of bankrupt?
10. Q10 State any two restrictions on bankrupt.

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

1. Q11 Financial debt
2. Q12 Related party (in relation to a corporate debtor)
3. Q13 Excluded debt
4. Q14 Constitution of IBBI
5. Q15 Punishment for false information etc. by bankrupt
6. Q16 Modification or recall of bankruptcy order

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

1. Q17 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?
2. Q18 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?
3. Q19 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.

SECTION IV - Q.4: Answer in detail any four (48 Marks - 12 marks each)

1. Q20 Who are indigent persons? Explain the procedure for suits by indigent persons.
2. Q21 Discuss the provision of IBC in respect of appointment of liquidator & his powers & duties in the liquidation process of corporate persons.
3. Q22 State the object of IBC and discuss the powers & functions of IBBI
4. Q23 Discuss the provision regarding (1) after acquired property and (2) onerous property of bankrupt in the bankruptcy process of individuals.
5. Q24 In the distribution of the estate of Bankrupt (i) Explain distribution of interim dividend & final dividend (ii) Examine the priority of payment of debts
6. Q25 Discuss IBC provisions in respect of (a) Insolvency Professional Agencies (b) Insolvency Professionals (c) Information Utilities

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