LL.B. (Three Years) Sem 4 Bankruptcy Laws Nov 2019 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: 1. All questions are compulsory. 2. Figures to the right indicate full marks.

Q.1 Q.1: Write brief answers (20 Marks - 2 marks each)

1. (a) Who is the adjudicating authority under IBC in respect of (i) Limited liability partnerships & (ii) partnership firm
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2. (b) How is financial information defined?
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3. (c) Who is an indigent person?
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4. (d) What is 'default'?
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5. (e) What is Insolvency & Bankruptcy fund?
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6. (f) Who is a designated partner?
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7. (g) What are core services?
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8. (h) What is a resolution plan?
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9. (i) What is operational debt?
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10. (j) Who is a bankruptcy trustee?
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Q.2 Q.2: Write short notes, any four (20 Marks - 5 marks each)

1. (a) Objects of IBC
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2. (b) Insolvency Professional Agency
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3. (c) Amendments to IBC
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4. (d) Financial Creditors
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5. (e) After acquired property
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6. (f) Preference Transactions
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Q.3 Q.3: Answer any two (12 Marks - 6 marks each)

1. (a) IBC applies to a variety of persons in relation to their insolvency, liquidation etc. (i) Who is a person under S.3? (ii) To whom does the code apply?
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2. (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 (ii) How can admitted applications for initiating the process be withdrawn?
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3. (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.
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Q.4 Q.4: Write the answer in detail, any four (48 Marks - 12 marks each)

1. (1) Discuss the constitution, powers & functions of IBBI.
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2. (2) Examine the provisions governing suits by paupers.
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3. (3) What is the liquidation process of a corporate person?
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4. (4) Discuss the fresh start process.
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5. (5) How does IBC deal with the distribution of the estate of an individual adjudicated as a bankrupt?
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6. (6) Discuss the role of insolvency professionals under IBC in the insolvency & bankruptcy proceedings.
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