LLB 3 Years Sem 4 Insolvency May 2012 Question Paper - Mumbai University | munotes

Questions asked in this paper

• Figures to the right indicate full marks assigned to the questions.]

1. Q1 Write short answers in not more than two sentences :— 20 marks
   • (a) Define the expression “Property” under the Pr. Ins. Act 1920 ?
   • (b) Which Courts have jurisdiction-under Ins. Act
   • (c) Whether a petition by a debtor or creditor can be withdrawn ? If yes how ?
   • (d) What is ‘relation back’ under the Pr. Ins. Act 1920 ?
   • (e) State any two debts which order of discharge will not release the insolvent from ? (f} What are the powers of interim receiver ?
   • (g) State the basis on which the Court can dismiss the petition presented by the debtor
   • (h) For what purpose the Court appoints Interim Receiver of the property of the debtor ? Can the partnership firm be adjudged as insolvent ? Give reasons
   • (j) Who are exempted from insolvency proceedings ?
2. Q2 Write short notes on any four of the following :— {a) The disqualifications of the insolvent 20 marks
   • (b) Duties of debtor
   • (c) Contents of petition by a debtor
   • (d) Appeals under the Prov. Ins Act, 1920
   • (e) Effect of order of
   • (f) Summary Administration
3. Q3 Answer any two of the following 12 marks
   • (a) Fhe Court annuls the order of the réason that the debtor has failed to apply for discharge within the. time-specified-by the Court What consequences the debtor may have to suffer on annulment of order of
   • (ii) Why the debtor is required discharge 7
   • (b) A debtor who was adjudged as insolvent by the District Court. Prepared a scheme of arrangement for payment of his debts which was approved by the Court. The debtor paid his debts in installments pursuant to the scheme for some time but there after started making defaults
   • (i) What powers the Court can exercise against the defaulting debtor ?
   • (ii) What is the effect of readjudication of debtor as insolvent on rights of creditors to prove their debts ?
   • (c) The creditors filed insolvency petition against the debtor. They were apprehending that the debtor may dispose of all his properties before the order of adjudication is passed against him in order to defeat their claims
   • (i) Advise the creditors what steps can be taken by them under Insolvency Law to protect their interest
   • (ii) Does the property of the debtor vest in Interim Receiver ?
4. Q4 Write answers in detail to any four questions :— 48 marks
   • (a) State and explain the various acts of insolvency as prescribed under the Pro
   • (b) What properties of the insolvent are divisible and what are not divisible ?
   • (c) Who is a Secured Creditor ? What are the rights conferred upon a secured creditor by the Prov. Ins. Act, 1920
   • (d) What are the effects of the annulment of the order of adjudication ?
   • (e) What are the provisions relating to calculation and distrubution of dividend among the creditors under the Prov. Ins. Act, 1920 ?
   • (f) What is the procedure prescribed for composition of debts and schemes of

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