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

Questions asked in this paper

Q.1 Q.1: Answer briefly all questions (20 Marks - 2 marks each)

1. (a) Who is a bankruptcy trustee?
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2. (b) Who is an indigent person?
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3. (c) What is a resolution plan?
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4. (d) What does IBC seek to achieve?
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5. (e) What are core services?
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6. (f) What is operational debt?
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7. (g) What is the time period for completion of fast Track corporate insolvency resolution process?
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8. (h) What is 'demand notice' under S.8 of IBC?
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9. (i) What is constitutional document in relation to a corporate person?
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10. (j) Who is a designated partner?
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Q.2 Q.2: Write short notes on any Four (20 Marks - 5 marks each)

1. (a) Insolvency Professional Agency
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2. (b) After acquired property
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3. (c) Voluntary Liquidation of Corporate Persons
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4. (d) Amendments to IBC
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5. (e) Committee of Creditors
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6. (f) NCLT & NCLAT
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Q.3 Q.3: Answer any Two (12 Marks - 6 marks each)

1. (1) A corporate person is in great financial difficulty. Your advice is sought regarding applying for corporate insolvency resolution process. (a) How can corporate person itself apply? Explain the steps to be taken. (b) Where is the application to be made?
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2. (2) IBC applies to a variety of persons in relation to their insolvency, liquidation etc. (a) To whom does this code apply? (b) How is 'person' defined in S.3?
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3. (3) A public limited company engaged in air transport suspend all flight operations due to major financial crisis. (a) Are passengers who booked air tickets creditors of the company? Explain in the light of the two classes of creditors. (b) Who can initiate corporate insolvency resolution against the company?
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Q.4 Q.4: Answer in detail, any Four (48 Marks - 12 marks each)

1. (a) Explain the procedure for filing pauper suits.
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2. (b) Examine the powers & functions of IBBI.
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3. (c) Discuss fresh start process. Distinguish it from insolvency resolution process.
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4. (d) Explain the process from liquidation order to dissolution of a corporate debtor.
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5. (e) Discuss the IBC provisions relating to administration & distribution of the estate of the bankrupt.
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6. (f) Explain the provisions relating to information memorandum and resolution plan in the matter of corporate insolvency resolution.
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