Mumbai University Solved Question Papers
Bankruptcy Laws
Previous Year Question Paper with Solution
LLB 3 years · Sem 4
Jun 2023 - Set 2 60/40 Examination
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LLB 3 years Sem 4 Bankruptcy Laws Jun 2023 - Set 2 60/40 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 Jun 2023 - Set 2 60/40 examination.
Contents
The questions below are the paper as the University of Mumbai set it at the Jun 2023 - Set 2 60/40 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 Jun 2023 - Set 2 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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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: Answer any six of the following
12 Marks - 2 marks each
(a)Mention any Two responsibilities of an Interim Insolvency Resolution Professional?[2]
Answer
The interim resolution professional (IRP) is the insolvency professional the NCLT appoints when it admits a corporate insolvency case (sections 13(1)(c) and 16). He holds office until the committee of creditors confirms him or appoints someone else as resolution professional. Two of his main responsibilities are these.
- To run the company and protect its value. From his appointment, the management of the corporate debtor vests in him. The powers of its board of directors stand suspended (section 17(1)). He must take control and custody of all its assets (section 18(f)). He must preserve the value of its property and manage its operations as a going concern (section 20(1)). So the factory keeps working, salaries are paid and contracts are kept alive while a buyer is found.
- To collect the claims and form the committee of creditors. He makes the public announcement inviting claims (sections 13(2) and 15). He receives, verifies and collates the claims (section 18(b)). Then, after working out the company's financial position, he constitutes the committee of creditors (sections 18(c) and 21(1)). That committee takes every commercial decision that follows.
The nature of the office. In Swiss Ribbons Pvt. Ltd. v. Union of India (2019) 4 SCC 17 the Supreme Court called the resolution professional "really a facilitator of the resolution process". His functions are administrative, not quasi-judicial, and they are overseen by the committee of creditors and the NCLT. So the IRP admits or rejects claims on the documents, but he does not decide disputes.
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