LL.B. (Three Years) Sem 4 Bankruptcy Laws May 2024 75/25 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: 1. Please check if you have received the correct Question Paper; 2. Answer all Questions as per the instructions given; 3. Do not reveal your identity or put any signs, markings, inscriptions anywhere on your answer sheets; 4. Give relevant case laws / references / illustrations.

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

1. Q1 Mention any Four Objectives of the Insolvency and Bankruptcy Code, 2016?
2. Q2 What do you understand by the term 'going concern'?
3. Q3 What is information memorandum?
4. Q4 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?
5. Q5 Mention any Four duties that need to be undertaken by an Interim Insolvency Resolution Professional?
6. Q6 What is the Bankruptcy Commencement date?
7. Q7 Mention any Four types of persons who can be called as the associate of the debtor as per the provisions of the Part III of the Insolvency and Bankruptcy Code of India?
8. Q8 Who can make the application for bankruptcy of a debtor as per the provisions of the Insolvency and Bankruptcy Code of India?
9. Q9 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?
10. Q10 Define Operational Debt.

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

1. Q11 Fast Track Process.
2. Q12 Debts Recovery Appellate Tribunal.
3. Q13 Information Utility.
4. Q14 Write a note on the composition of the IBBI.

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 of Creditors and the validity of the IBC were provided by the Supreme Court in the landmark judgment of the Swiss Ribbons Private Limited V/s. Union of India.
2. Q16 A Public Announcement with respect to Corporate Insolvency Resolution Process needs to be made. (i) What do you understand by the term Public Announcement and who is responsible to make it? (ii) Describe the essential contents of a Public Announcement, where it needs to be published and within what time limit.
3. Q17 A group of Creditors come together and wish to initiate the Corporate Insolvency Resolution Process. (i) What is the threshold of minimum default for initiating Corporate Insolvency Resolution Process? (ii) Who can initiate Corporate Insolvency Resolution Process as per the provisions of the Insolvency and Bankruptcy Code? (iii) The process of Corporate Insolvency Resolution needs to be completed within what time period as per the provisions of the Insolvency and Bankruptcy Code?
4. Q18 M/s. Underground 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 Underground 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?

SECTION IV - Q.4: Answer any three of the following (39 Marks - 13 marks each)

1. Q19 Critically analyse the various provisions related to nature and contents of Resolution Plan under the I.B.C.
2. Q20 Provide a detailed analysis of the priority of payment of debts mechanism as given under the relevant provisions of the I.B.C.
3. Q21 Give a detailed note on the role, powers and functions of the various Adjudicating Authorities as mentioned under the I.B.C.
4. Q22 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.
5. Q23 "The role of a bankruptcy trustee is to administer bankruptcy matters and act as a liaison between the debtor and the creditors". Explain the above statement in context of the various provisions of the I.B.C.

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