Mumbai University Solved Question Papers
Bankruptcy Laws
Previous Year Question Paper with Solution
LLB 3 years · Sem 4
Jun 2019 Examination
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LLB 3 years Sem 4 Bankruptcy Laws Jun 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 Jun 2019 examination.
Contents
The questions below are the paper as the University of Mumbai set it at the Jun 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 Jun 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
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 briefly all questions
20 Marks - 2 marks each
(a)Who is a bankruptcy trustee?[2]
Answer
A bankruptcy trustee is "the insolvency professional appointed as a trustee for the estate of the bankrupt under section 125" (section 79(9)). He administers the estate of an individual or a partnership firm against whom a bankruptcy order has been made.
Appointment. The debtor or the creditor may propose an insolvency professional in the bankruptcy application. The Adjudicating Authority asks the Board, which confirms him or nominates another within ten days. If none is proposed, the Board nominates one. He is appointed in the bankruptcy order itself (sections 125 and 126).
His position.
- The estate of the bankrupt vests in him from his appointment, without any conveyance (section 154).
- His functions are to investigate the bankrupt's affairs, realise the estate and distribute it (section 149).
- He acts in his official name: he may hold property, contract, and sue and be sued (section 151).
- For major acts, such as carrying on the business or compromising claims, he needs the committee of creditors' approval (section 153).
- He may be replaced by the committee by seventy-five per cent of the voting share (section 145).
Present scope. Part III is in force only for personal guarantors to corporate debtors. That selective commencement was upheld in Lalit Kumar Jain v. Union of India (Supreme Court, 21 May 2021). So bankruptcy trustees act today only in their bankruptcies. Under the old Acts the corresponding officers are the Official Assignee (1909 Act) and the receiver (1920 Act).
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