LL.B. (Five Years) Sem 8 Bankruptcy Laws Jun 2018 Set 2 Question Paper - Mumbai University | munotes

Questions asked in this paper

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SECTION I - Q.1: Write answers in two sentences (20 Marks - 2 marks each)

1. Q1 Who is an indigent person?
2. Q2 What is 'default' as defined in IBC?
3. Q3 To whom will the provisions of IBC apply?
4. Q4 What is the definition of corporate person under IBC?
5. Q5 Who is the adjudicating authority under IBC in respect of (a) corporate persons (b) individuals
6. Q6 What do you understand by financial information in relation to a person?
7. Q7 When is a corporate debtor deemed to have given a preference to make the transaction a preferential transaction?
8. Q8 What is the time period for fast track corporate insolvency resolution process?
9. Q9 When does the disqualification to which a bankrupt is subject under IBC cease to have effect?
10. Q10 Who can apply for withdrawal of funds from Insolvency and Bankruptcy Fund under IBC?

SECTION II - Q.2: Write short notes on any four (20 Marks - 5 marks each)

1. Q11 Information utility and its obligations
2. Q12 Bankruptcy order
3. Q13 After acquired property
4. Q14 Proof of debts (in respect of bankruptcy for individuals and partnership firms)
5. Q15 Liquidation Estate
6. Q16 Insolvency Professionals

SECTION III - Q.3: Answer any two (12 Marks - 6 marks each)

1. Q17 'Fresh Start Process' is available under IBC for individuals and partnership firms. (i) Who can apply? What conditions are stipulated? (ii) To whom such application shall be made?
2. Q18 IBC enables an operational creditor of a company to initiate Corporate Insolvency Resolution Process against the company. (i) Who is an operational creditor? (ii) When can an operational creditor file an application for corporate solvency resolution against a company?
3. Q19 IBC provides for constitution of 'Fund of the Insolvency and Bankruptcy Board': (i) What amounts will be credited thereto? (ii) What expenses shall be meted out of this Fund.

SECTION IV - Q.4: Answer in detail any four (48 Marks - 12 marks each)

1. Q20 Examine the functions and powers of the Insolvency and Bankruptcy Board of India.
2. Q21 Explain the civil procedure as to suits by indigent persons.
3. Q22 Explain the provisions of IBC regarding administration and distribution of the estate of the bankrupt.
4. Q23 What is an insolvency professional agency? Explain the registration procedure for such agency.
5. Q24 Explain offences and penalties under the part "Insolvency Resolution and Liquidation for corporate persons."
6. Q25 Discuss the functions and rights of Bankruptcy trustee.

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