LLB 3 Years Sem 4 Insolvency Nov 2010 Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Write short answers in not more than two sentences :
   • (a) When and for what purpose the court may appoint interim receiver of the property of the debtor?
   • (b) State any two grounds on which court can dismiss the petition by the creditor
   • (c) What penalty the creditor may have to suffer for presentation of or vexatious petition ? i (d) State any two effects of the order of adjudication under Provincial
   • (e) Define the expression "property" under the Provincial Insolvenct
   • (f) State in brief any two conditions of creditror's petition
   • (g) Which two voluntary transfer of property by the debtor are not by the Receiver though they may have taken place written two years prior to date of presentation of insolvency petition on which he is
   • (h) What orders can be made by the court against the receiver if the receiver causes loss to the property by his wilful default or gross
   • (i) State any two disqualifications of the insolvent
   • (j) What is the court before which and the period of limitation within the appeal can be preferred against the order of the District Court?
2. Q2 Write short notes on any four of the following 20 marks
   • (a) Doctrine of relation back
   • (c) Doctrine of reputed ownership
   • (d) Offences by debtor
   • (e) Conditions of debtor's petition
   • (f) Creditor's schedule
3. Q3 Solve any two of the following three problems 12 marks
   • (a) A,B, C and O are carrying on business in Mumbai in partnership with one another in the firm, name and style of Mis. Kalpani Brothers. Out of them "O" is a minor and admitted only to the benefits of partnership Mis Kalpani brothers incurred heavy debts and was unable to repay the same. The creditors of Mis Kalpani Brothers filed insolvency seeking the adjudication of Mis Kalpani Brothers as insolvent
   • (i) are the partners. against whom the order of adjudication operates if passed against the firm?
   • (ii) is the effect of such order on the property and profits of the firm including the minor's share therein?
   • (b) Adebtor, with the malafide inention of duping the claims of his credtors destroyed the documents relation to purchase by him of gold and silver coins and ornaments. The debtors also handed over the custody of the said gold and silver coins and ornaments to his friend with the of concealing the same in the home of his friend
   • (i) Do the aforesaid acts of the debtor amount to an act of
   • (ii) What is the nature of the acts committed by the debtor?
   • (c) Adebtor ordinarily residing in Pune, carried on his trade of selling readymade garments for children in Mumbai. The debtor incurred heavy losses in his trade and was unable to pay his debts. The debtor filed an insolvency petition before the District Court at Pune to procure his own adjudication as insolvent. Subsequently, some of the creditors of the debtor residing in Mumbai filed insolvency petition against the in the High Court in Mumbai
   • (i) Can both the courts entertain the petition for adjudication of debtor as insolvent? Why?
   • (ii) | What will be the position if both the courts adjudge the debtor
4. Q4 Write answers in detail to any four of the following questions 48 marks
   • (a) What is the procedure prescribed under the Provincial Insolvency Act, 1920 for admission and hearing of insolvency petition?
   • (b) What properties of the insolvent are divisible and what are. not divisible?
   • (c) Which courts can exercise the insolvency jurisdiction under the provisions of Provincial Insolvency Act, 1920? What are the powers of the court?
   • (d) the grounds on which the court can reject an application for permission to sue as an indigent person?
   • (e) the provisions relating to calculation and distribution of dividend among the creditors under the Provincial Insolvency Act, 1920 ?
   • (f) What is the procedure prescribed under the Provnicial Insolvency Act, 1920 for composition of debts and schemes of arrangement?

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