LL.B. (Three Years) Sem 4 Bankruptcy Laws Nov 2022 60/40 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: 1. Please read the Instructions carefully. 2. Do not disclose your identity or mark any inscriptions, signages etc. anywhere on the answer sheets.

SECTION I - Q.1: Answer any six of the following (12 Marks - 2 marks each)

1. Q1 What is the Bankruptcy Commencement date?
2. Q2 What is the Consolidated fund of the State as per the provisions of the IBC.
3. Q3 Who is a financial service provider as per the IBC.
4. Q4 What are the advantages of the IBC for the Creditors.
5. Q5 What is a going concern?
6. Q6 Who is not eligible to submit a Resolution Plan as per the provisions of the IBC?
7. Q7 What is the minimum period for which the Liquidator is supposed to preserve the registers and books of accounts in relation to the liquidation of the Corporate Debtor?
8. Q8 What do you understand by the term Reorganisation with respect to the Insolvency Resolution Process?
9. Q9 In Rupees terms, what is the minimum net worth prescribed for an Organisation to be allowed to function as an Information Utility as per the provisions of the IBC?
10. Q10 What is the time limit within which the first meeting of the Committee of Creditors needs to be conducted as per the provisions of the IBC?

SECTION II - Q.2: Answer any two of the following (12 Marks - 6 marks each)

1. Q11 Write a note on the Fast Track Insolvency Resolution Process.
2. Q12 Write a note on the composition of the IBBI.
3. Q13 Write a short note on the role and duties of the DRT as specified under the IBC.
4. Q14 Write a note on Registered Valuers as mentioned in the IBC.

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

1. Q15 What important provisions with respect to the powers and functions of the NCLT were provided by the Supreme Court in the landmark judgment of the Innoventive Industries Limited V/s. ICICI Bank.
2. Q16 M/s. TOP Limited wants to apply to act as an Insolvency Professional Agency in India. Specify the following: (i) What is the Application fee that shall be needed to be paid by TOP Limited for being allowed to act as an Insolvency Professional Agency? (ii) Within how many days of Application the certificate of registration may be received by the applicant Organisation? (iii) The certificate of Registration thus received shall be valid for what period from the date of its issue?
3. Q17 What important provisions with respect to the powers of Operational Creditors were provided by the Supreme Court in the landmark judgment of the Mobilox Innovations Private Limited V/s. Kirusa Software Private Limited.
4. Q18 Give a detailed analysis with respect to CIRP timelines. Also, cite important judgment in this regard as given by the Supreme Court of India.

SECTION IV - Q.4: Answer any two of the following (24 Marks - 12 marks each)

1. Q19 Give a detailed note on the role, powers and functions of the various Adjudicating Authorities as mentioned under the IBC.
2. Q20 Describe and distinguish the various powers and duties of Interim Resolution Professional and Insolvency Resolution Professional. Also, enlist the circumstances under which they can be replaced.
3. Q21 Critically analyse the various provisions related to nature and contents of Resolution Plan under the IBC.
4. Q22 Provide a detailed analysis of the priority of payment of debts mechanism as provided under the relevant provisions of the IBC.

Read from the scan above, so a character or two may differ. The scan is the original.