Mumbai University Solved Question Papers
Bankruptcy Laws
Previous Year Question Paper with Solution
BLS LLB 5 Years · Sem 8
Nov 2019 Examination
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BLS LLB 5 Years Sem 8 Bankruptcy Laws Nov 2019 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 University does not publish an official answer key for this paper. The answers in this volume are model answers, written to show how a full-mark answer is built. They are a study aid, not an authority on what an examiner marked.
The question paper reproduced here is the paper as set by the University of Mumbai at the Nov 2019 examination.
Contents
The questions below are the paper as the University of Mumbai set it at the Nov 2019 examination, in the order it was set.
MarksPage
MarksPage
The Paper as Set
The questions in this volume are the questions asked at the Nov 2019 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: 1. All questions are compulsory. 2. Figures to the right indicate full marks.
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 brief answers
20 Marks - 2 marks each
(a)Who is the adjudicating authority under IBC in respect of (i) Limited liability partnerships & (ii) partnership firm[2]
Answer
(i) Limited liability partnerships: the National Company Law Tribunal (NCLT). An LLP is a corporate person (section 3(7)), so its insolvency falls under Part II. Section 60(1) makes the Adjudicating Authority for corporate persons the NCLT having territorial jurisdiction over the place of the LLP's registered office. The NCLT admits the CIRP, approves the resolution plan and orders liquidation.
(ii) Partnership firms: the Debts Recovery Tribunal (DRT). A partnership firm is not a corporate person. Its insolvency falls under Part III, where the Adjudicating Authority is the DRT (sections 79(1) and 179(1)). The DRT is the one where the debtor resides, carries on business or personally works for gain. Appeals lie to the Debts Recovery Appellate Tribunal (section 181).
Two qualifications.
- Part III is not yet in force for firms. Since 1 December 2019 it applies only to personal guarantors to corporate debtors. In Lalit Kumar Jain v. Union of India (Supreme Court, 21 May 2021) the Court upheld that limited commencement. A partnership firm's insolvency is still decided by the courts under the Presidency-towns Insolvency Act, 1909 (in Mumbai) or the Provincial Insolvency Act, 1920.
- The guarantor exception. Where a corporate debtor's CIRP or liquidation is pending, the case of its personal guarantor goes to the NCLT instead (section 60(2)). The NCLT then has the DRT's powers (section 60(4)).
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