Mumbai University Solved Question Papers
Bankruptcy Laws
Previous Year Question Paper with Solution
BLS LLB 5 Years · Sem 8
May 2024 - 75/25 Examination
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BLS LLB 5 Years Sem 8 Bankruptcy Laws May 2024 - 75/25 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 2024 - 75/25 examination.
Contents
The questions below are the paper as the University of Mumbai set it at the May 2024 - 75/25 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 2024 - 75/25 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 2½ hours · Total marks 75 · 23 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 Objectives of the Insolvency and Bankruptcy Code, 2016?[2]
Answer
The objectives are stated in the Code's long title. Any four of these:
- To consolidate and amend the law. One Code replaces the scattered corporate provisions of SICA, the Recovery of Debts Act, the SARFAESI Act and the Companies Act. It is also meant to replace the Acts of 1909 and 1920 for individuals.
- To resolve insolvency in a time-bound manner. Reorganisation comes first, within 180 days extendable once by ninety (section 12). Liquidation follows only if resolution fails.
- To maximise the value of assets. The business is run as a going concern during the process (section 20), and a moratorium stops creditors from stripping it (section 14).
- To promote entrepreneurship and the availability of credit. A predictable exit for failed businesses makes lending safer and cheaper.
- To balance the interests of all stakeholders, including a lower priority for Government dues (section 53).
- To establish the Insolvency and Bankruptcy Board of India as a specialist regulator (section 188).
The Statement of Objects found the old framework "inadequate, ineffective" and marked by "undue delays". In Swiss Ribbons Pvt. Ltd. v. Union of India (2019) 4 SCC 17 the Supreme Court read these objectives and held that the Code is first and foremost a law for reorganisation and insolvency resolution.
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