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Bankruptcy Laws
Previous Year Question Paper with Solution
BLS LLB 5 Years · Sem 8
May 2024 - 60/40 Examination
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BLS LLB 5 Years Sem 8 Bankruptcy Laws May 2024 - 60/40 Question Paper with Solutions
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First published on munotes.in on 24 October 2026.
This edition revised 30 October 2026.
Published by munotes.in, Mumbai.
Model answers written and edited by the munotes.in editorial desk.
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The question paper reproduced here is the paper as set by the University of Mumbai at the May 2024 - 60/40 examination.
Contents
The questions below are the paper as the University of Mumbai set it at the May 2024 - 60/40 examination, in the order it was set.
MarksPage
MarksPage
The Paper as Set
The questions in this volume are the questions asked at the May 2024 - 60/40 examination, reproduced as the University of Mumbai set them, in the order it set them. Nothing has been reworded, added or left out. Only the answers are ours. See the original question paper.
Duration 2 hours · Total marks 60 · 22 questions answered
Instructions printed on the paper
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Q.1
Q.1: Answer any six of the following
12 Marks - 2 marks each
(a)Mention any Four types of 'Creditor' as mentioned in the I.B.C?[2]
Answer
Section 3(10) defines a creditor as "any person to whom a debt is owed" and names five kinds. Any four:
- Financial creditor: one to whom a financial debt is owed (section 5(7)). That is money disbursed against the time value of money, as by a bank lender.
- Operational creditor: one to whom an operational debt is owed (section 5(20)). That is a debt for goods, services, employment or statutory dues, as to a supplier or a workman.
- Secured creditor: one in whose favour a security interest is created (section 3(30)), such as a mortgagee.
- Unsecured creditor: one who holds no security.
- Decree-holder: one who holds a decree for his debt.
Two pairs, not one list. Financial or operational depends on how the debt arose. Secured or unsecured depends on whether there is security. So a bank can be a financial and secured creditor, and a supplier an operational and unsecured one. The first pair decides who may apply and who votes on the committee. The second decides rank in liquidation (sections 52 and 53).
In Swiss Ribbons Pvt. Ltd. v. Union of India (2019) 4 SCC 17 the Supreme Court upheld the different treatment of financial and operational creditors. Financial creditors assess viability and can restructure loans; operational creditors usually cannot.
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