LL.B. (Three Years) Sem 4 Bankruptcy Laws May 2017 ATKT Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: (1) All questions are compulsory. (2) Figures to the right indicate marks. (3) Give reasons / case law wherever necessary.

Q.1 Q.1: Answer the following in not more than two sentences each (20 Marks - 2 marks each)

1. (1) What is meant by a 'secured creditor'?
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2. (2) When can the foreigner be adjudged as insolvent by Indian Courts?
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3. (3) Can the petitions of insolvency be withdrawn?
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4. (4) What is 'offer of settlement'?
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5. (5) What do you mean by 'core services' as provided under the Insolvency and Bankruptcy Law?
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6. (6) Can the partnership firm be adjudged as insolvent? Give reason.
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7. (7) What are the powers of Interim Receiver?
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8. (8) What are the two main conditions which must be fulfilled before a person can be adjudged as insolvent by the court?
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9. (9) What do you understand by onerous property?
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10. (10) Define 'Bankruptcy'.
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Q.2 Q.2: Write short note on any four of the following (20 Marks - 5 marks each)

1. (1) Extension Clause of the PIA, 1920
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2. (2) Grounds to set aside insolvency petition
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3. (3) Declaration of final dividend
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4. (4) Interim receiver
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5. (5) Protection Order
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6. (6) Offences by debtors
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Q.3 Q.3: Solve any two of the following with reasons (12 Marks - 6 marks each)

1. (1) A person 'P' was adjudged insolvent as per the PIA, 1920 and thereafter an official receiver was appointed. However 'P' without the knowledge of the official receiver moved away the properties in his possession. (i) How will 'P' be treated for such movement of properties? (ii) What provision has been made regarding the publication of the order of adjudication?
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2. (2) Mr. 'A' is adjudged insolvent and is required to apply for discharge within a stipulated time. Mr. 'A' applies for discharge accordingly. (i) What are the consequences of a discharge if the insolvent is discharged by the court? (ii) When can discharge be refused by the court?
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3. (3) Mr. K supplied goods and executed some work for Mr. M. Mr. K didn't receive the price for the same. For the price of goods supplied and work executed by Mr. K, he want to sue Mr. M. But Mr. K is poor and is not in a position to pay court fees. (i) Explain whether Mr. 'K' can file a pauper suit? Advice Mr. 'K'. (ii) If Mr. K is adjudged an insolvent, can Mr. K sue Mr. M for the price? Explain.
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Q.4 Q.4: Answer the following in detail, any four (48 Marks - 12 marks each)

1. (1) Who is a Secured Creditor? What are the rights conferred upon a secured creditor by the Prov. Ins. Act, 1920?
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2. (2) What are the powers of the court invested with insolvency jurisdiction under the P.I. Act, 1920?
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3. (3) Provable and Non-Provable debts under the P. I. Act, 1920. Write in detail
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4. (4) When is the official receiver appointed by the court? What are the duties and powers of such official receiver? Discuss.
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5. (5) Write the detailed provisions relating to "Composition and Scheme of Arrangement" under P. I. Act, 1920.
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6. (6) What do you mean by the term discharge? Explain the various provisions that are discussed in PIA, 1920 with respect to the order of discharge.
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