Mumbai University Solved Question Papers
Bankruptcy Laws
Previous Year Question Paper with Solution
BLS LLB 5 Years · Sem 8
May 2012 Examination
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BLS LLB 5 Years Sem 8 Bankruptcy Laws May 2012 Question Paper with Solutions
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First published on munotes.in on 24 October 2026.
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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 2012 examination.
Contents
The questions below are the paper as the University of Mumbai set it at the May 2012 examination, in the order it was set.
MarksPage
MarksPage
MarksPage
The Paper as Set
The questions in this volume are the questions asked at the May 2012 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 3 hours · Total marks 100 · 25 questions answered
Instructions printed on the paper
- N.B: Figures to the right indicate full marks assigned to the questions.
How to use this volume
Solve the paper first, under exam conditions and against the clock. Then read the answers here and mark your own. Reading a solution before attempting the question feels productive and teaches very little, because recognising an answer is not the same as being able to write one.
Q.1
Q.1: Write short answers in not more than two sentences
20 Marks - 2 marks each
(a)Define the expression "Property" under the Pr. Ins. Act 1920?[2]
Answer
Under section 2(1)(d) of the Provincial Insolvency Act, 1920, "property" includes "any property over which or the profits of which any person has a disposing power which he may exercise for his own benefit". So it covers what the debtor owns, and also what he can dispose of for his own benefit.
What the definition means.
- It is an inclusive definition. The word keeps its ordinary wide meaning: land, goods, money, debts owed to the debtor and other rights of value. The definition adds to that meaning. It does not cut it down.
- A disposing power counts. Suppose the debtor can sell or give away a thing, or its profits, for his own benefit. Then it is his property here, even if he is not the full owner. Section 28A, inserted in 1948, adds his "capacity to exercise" such powers.
- "For his own benefit" sets the limit. A power he can use only for someone else, such as a trustee's power, is not his property. So property he holds on trust does not go to his creditors.
- Exempt property is left out. Things exempt from attachment under the Code of Civil Procedure, 1908, such as necessary wearing apparel, are not divided. His books of account are always included (section 28(5)).
Mukti Lal Agarwala v. Trustees of the Provident Fund of the Tin Plate Co. of India Ltd. AIR 1956 SC 336: the Supreme Court said that "property" in the Act is used in the widest sense. The provident fund balances of insolvent employees, though payable only on retirement or death, were a present interest and vested in the Official Receiver.
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