LLB 3 Years Sem 4 Insolvency Nov 2022 Bankruptcy Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Answer Any Six of the following : What is the Bankruptcy Commencement date ? 12 marks
   • b. What is the Consolidated fund of the State as per the provisions of the IBC
   • c. Who is a financial service provider as per the IBC
   • d. What are the advantages of the IBC for the Creditors
   • e. What is a going concern ?
   • f. Who is not eligible to submit a Resolution Plan as per the provisions of the IBC ?
   • g. Whatis 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 ?
   • h. What do you understand by the term Reorganisation with respect to the Insolvency
   • i. In Rupees terms, what is the minimum net worth prescribed for an Organisation to be allowed to function as an Information Utility as per the provisions of the IBC ?
   • j. 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 ? Answer Any Two of the following : (12)
   • a. Write on the Fast Track Insolvency Resolution Process
   • b. note on the composition of the IBBI
   • c. Write a short note on the role and duties of the DRT as specified under the IBC
   • d. Write a note on Registered Valuers as mentioned in the IBC
2. Q3 Answer Any Two of the following : 12 marks
   • a. What important provisions with respect to the powers and functions of the NCLT were provided by the Supreme Court in the landmark judgment of the Innoventive Industries
   • b. M/s. TOP 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 TOP 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 ?
   • c. What important provisions with respect to the powers of Operational Creditors were provided by the Supreme Court in the landmark judgment of the Mobilox Innovations Private
   • d. Give a detailed analysis with respect to CIRP timelines. Also, cite important judgment in this regard as given by the Supreme Court of India
3. Q4 Answer Any Two of the following : 24 marks
   • a. Give note on the role, powers and functions of the various Adjudicating Authorities as mentioned under the IBC
   • b. 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
   • c. Critically analyse the various provisions related to nature and contents of Resolution Plan under the IBC
   • d. Provide a detailed analysis of the priority of payment of debts mechanism as provided under the relevant provisions of the IBC
4. Q2 AT 12 marks
   • b. Us
   • b. ety at
   • d. AIT

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