Mumbai University Solved Question Papers
Bankruptcy Laws
Previous Year Question Paper with Solution
LLB 3 years · Sem 4
Oct 2024 - 60/40 Examination
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LLB 3 years Sem 4 Bankruptcy Laws Oct 2024 - 60/40 Question Paper with Solutions
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First published on munotes.in on 24 October 2026.
Published by munotes.in, Mumbai.
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 Oct 2024 - 60/40 examination.
Contents
The questions below are the paper as the University of Mumbai set it at the Oct 2024 - 60/40 examination, in the order it was set.
MarksPage
MarksPage
The Paper as Set
The questions in this volume are the questions asked at the Oct 2024 - 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
- N.B: Answer all Questions as per the instructions given. Give relevant case law.
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)State any two salient features of IBC, 2016.[2]
Answer
Any two of these salient features:
- A time-bound process. A corporate insolvency resolution process must be completed within 180 days, extendable once by ninety (section 12). The outer limit is 330 days, including litigation. The NCLT must decide an application within fourteen days (section 7(4)). The aim is to save the business before its value drains away.
- Creditors in control. Once the process starts, the board is suspended and an insolvency professional runs the company (section 17). The committee of financial creditors decides its future, including whether to approve a resolution plan by sixty-six per cent (sections 21 and 30(4)). Before the Code, a company referred to the BIFR kept its management and could shelter behind that protection for years.
Other features a student may name instead:
- a moratorium that freezes suits and enforcement (section 14);
- a single law for companies, firms and individuals, with the NCLT and DRT as adjudicating authorities;
- a fixed order of distribution in liquidation (section 53); and
- a dedicated regulator, the IBBI (section 188).
In Swiss Ribbons Pvt. Ltd. v. Union of India (2019) 4 SCC 17 the Supreme Court upheld the Code against a broad challenge. It described the Code as first a law for resolution in a time-bound manner, with liquidation only as a last resort.
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