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.

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

1. Q1 Who is the adjudicating authority under IBC in respect of (i) Limited liability partnerships & (ii) partnership firm
2. Q2 How is financial information defined?
3. Q3 Who is an indigent person?
4. Q4 What is 'default'?
5. Q5 What is Insolvency & Bankruptcy fund?
6. Q6 Who is a designated partner?
7. Q7 What are core services?
8. Q8 What is a resolution plan?
9. Q9 What is operational debt?
10. Q10 Who is a bankruptcy trustee?

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

1. Q11 Objects of IBC
2. Q12 Insolvency Professional Agency
3. Q13 Amendments to IBC
4. Q14 Financial Creditors
5. Q15 After acquired property
6. Q16 Preference Transactions

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

1. Q17 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?
2. Q18 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 (ii) How can admitted applications for initiating the process be withdrawn?
3. Q19 '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.

SECTION IV - Q.4: Write the answer in detail, any four (48 Marks - 12 marks each)

1. Q20 Discuss the constitution, powers & functions of IBBI.
2. Q21 Examine the provisions governing suits by paupers.
3. Q22 What is the liquidation process of a corporate person?
4. Q23 Discuss the fresh start process.
5. Q24 How does IBC deal with the distribution of the estate of an individual adjudicated as a bankrupt?
6. Q25 Discuss the role of insolvency professionals under IBC in the insolvency & bankruptcy proceedings.

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