LL.B. (Three Years) Sem 4 Bankruptcy Laws Oct 2025 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.

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

1. (a) What are the Core Services rendered by an Information Utility?
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2. (b) State the Objective of the Insolvency and Bankruptcy Code, 2016.
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3. (c) Who can initiate a Corporate Insolvency Resolution Process (CIRP) under I.B.C, 2016?
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4. (d) What is a Financial Information as per the I.B.C, 2016?
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5. (e) Who is a Designated Partner?
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6. (f) Who is a "person" as per the I.B.C, 2016?
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7. (g) 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?
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8. (h) What is the "Insolvency Resolution Process Period" as per the I.B.C, 2016?
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Q.2 Q.2: Answer any two of the following (12 Marks - 6 marks each)

1. (a) Fresh Start Process
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2. (b) Debt Recovery Tribunal
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3. (c) The Rights and Responsibilities of Interim Insolvency Resolution Professional
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4. (d) Secured and Unsecured Creditors
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Q.3 Q.3: Answer any two of the following (12 Marks - 6 marks each)

1. (a) XYZ Ltd., a real estate Company, has failed to repay a loan of Rs. 10 Crores to a Financial Institution. The Company also owes Rs. 2 Crores to various suppliers who provided construction materials. The Financial Institution decides to initiate Insolvency Proceedings under I.B.C. (i) Under IBC 2016, who can initiate the Corporate Insolvency Resolution Process (CIRP) in this case? (ii) What action the National Company Law Tribunal (NCLT) can take once the Insolvency application is filed in the given case?
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2. (b) Fast Track Process is available under the I.B.C, 2016. (i) Who can apply for Fast Track Process? What specific conditions are stipulated to invoke the Fast Track Process under the I.B.C? (ii) Such an Application needs to be made by whom and to whom?
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3. (c) A Public Limited Company engaged in the business of Commercial Air Transport suspends all its flight operations due to a major financial crisis. (i) Discuss the rights and liabilities of the passengers who had booked and paid for confirmed Air Tickets of the Company? (ii) What are the various classes of Creditors as per the provisions of the Insolvency and Bankruptcy Code?
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4. (d) The Financial Creditors of A.L.M Limited are contemplating to initiate proceeding against Mrs. Aamla, who is a personal guarantor to ALM Limited. They are going to approach you for seeking advice on the matter. (i) What shall be your advice to the Financial Creditors. Give elaborate reasons for your answer. (ii) What do you understand by the term Personal Guarantor? Also mention the responsibilities and rights of personal guarantors.
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Q.4 Q.4: Answer any three of the following (39 Marks - 13 marks each)

1. (a) Elaborately analyse the Liquidation process as provided under Insolvency and Bankruptcy Code, 2016 with special reference to the Absolute Priority Rule?
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2. (b) Discuss regarding the various provisions related to the composition, functions and powers of the I.B.B.I.
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3. (c) Discuss in elaborate details, the various salient provisions related to the functions and powers of the Committee of Creditors as provided under the I.B.C.
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4. (d) Elaborately explain the provisions related to Administration and Distribution of Estate of a Bankrupt as per I.B.C?
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5. (e) Critically analyse the impact of the Insolvency and Bankruptcy Code, 2016 on the Indian economy. How has it changed the approach to handling Financial Distress and Debt Recovery in India? Cite significant cases where the Insolvency and Bankruptcy Code has been used to successfully resolve issues related to Debt Recovery in India.
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