BLAW | BUSINESS LAWS | PART-A FULL EXPLANATION | OU SEM-2 | DEGREE | 💯 PASS | @shivanipallela — Transcript
Full transcript
- 0:00Students, welcome back to our YouTube
- 0:01channel. So, here in this video we are
- 0:04going to discuss the business law part A
- 0:07complete explanation. This one video
- 0:10will be more than enough to cover part A
- 0:1220 marks, okay? So, 1 to 5 units all
- 0:16four marks questions I'm going to
- 0:17explain in this video. Whatever the
- 0:20explanation I'm doing here, no, that
- 0:22will be more than enough for your part
- 0:24A, okay? So, part B I have already
- 0:26explained and it is available in our
- 0:28YouTube channel. So, just check out the
- 0:30playlist, okay? So, first important
- 0:33question from this first unit for four
- 0:35marks is about the definition of offer
- 0:37and acceptance. Okay, what is mean by
- 0:40offer and what is mean by acceptance?
- 0:42Simple here, ma. What is mean by offer?
- 0:44According to the section two of A of the
- 0:47Indian Contract Act 1872, offer is
- 0:50nothing about one person is made
- 0:53proposal to the another person, okay?
- 0:56See, the proposal is made when one
- 0:58person expresses to another person his
- 1:01willingness to do or abstain from doing
- 1:04something with the intention of
- 1:06obtaining from the another person's
- 1:09consent, okay? So, the one person is
- 1:11making an offer and another person
- 1:14making an
- 1:16accepting that, okay?
- 1:18So, each and every person will get some
- 1:20or the other consent, okay? So, the
- 1:22person making the offer is called
- 1:24offeror, that is nothing about a
- 1:25promisor. The person who is made who is
- 1:29whom it is made is called offeree, that
- 1:31is promisee. So, offeror, offeree, okay?
- 1:35So, what is mean by acceptance then?
- 1:37Acceptance according to the section two
- 1:39of two section two of B,
- 1:42according to the Indian Contract Act
- 1:441872, when one person is made an
- 1:47proposal, okay? So, and his opposite
- 1:51person is making acceptance that, okay?
- 1:54So, the offer is accepted, then it
- 1:56becomes a valid promise. For example, I
- 1:58am offering 10 rupees each book. Okay, I
- 2:02am offerer, promiser. If you are
- 2:04agreeing means you need to give 10
- 2:06rupees and you need to take this book.
- 2:07Like that. You are accepting this. When
- 2:09you are accepting that that will it will
- 2:11be a valid promise. So, acceptance is
- 2:14nothing about if one person is making an
- 2:16offer the opposite person is if it is
- 2:18agreeing if it is accepting that that
- 2:20will be the acceptance. Okay? What is
- 2:22the essentials of valid acceptance means
- 2:25means what are the essential means first
- 2:27one it should be absolute and
- 2:28unconditional. It should be communicated
- 2:31with the offerer. It should given only
- 2:33by the offeree if other positive person
- 2:35is accepted then only it will give a
- 2:37proper acceptance. And it should be
- 2:40prescribed and it should be have only
- 2:41reasonable time. And also last but not
- 2:44least it should be having a prescribed
- 2:46manner. If this five points is
- 2:48satisfying then only we can able to
- 2:51understand then only we can able to
- 2:53consider it as a perfect acceptance. So,
- 2:56therefore, offer and acceptance are the
- 2:58two essential elements of a valid
- 3:01contract. So, without a lawful offer and
- 3:03valid acceptance no no contract is
- 3:06considered as a valid. No contract will
- 3:09considered as a coming to the existence.
- 3:12Clear? So, like this you need to write
- 3:13the answer for four marks. Exact answer
- 3:16if you are writing for four marks also
- 3:18200% you can able to
- 3:20get full on full marks from this
- 3:23particular question.
- 3:25Clear? So, next question mark explain
- 3:27consideration. Second question is about
- 3:29the explanation of consideration.
- 3:32According to the section two of D of the
- 3:34Indian Contract Act 1872. Sometimes uh
- 3:38you people will ask no this is a section
- 3:39remembering is very important I mean
- 3:41it's not important. Okay? If you have uh
- 3:43forgot means just according to the
- 3:45Indian Contract Act 1872 like that you
- 3:48just write the answer. Okay?
- 3:49Consideration is nothing about something
- 3:52value given by the promiser to other
- 3:54other person who desires that promise in
- 3:57return of the thing. So, that will be
- 4:00considered as a consideration. For
- 4:01example, I am saying that I will teach
- 4:04you the B law subject. Okay? You people
- 4:07are waiting for the B law subject. That
- 4:09is nothing about something you are
- 4:11waiting. Something I want to give it to
- 4:12you. Okay? So, it means something value
- 4:15to give to the promiser or the other
- 4:18person who is desiring that. Okay? So,
- 4:21it is popularly known as price of
- 4:23promise. Basically, this consideration
- 4:25is known as price of promise. What are
- 4:27the essential things of a consideration
- 4:30in which circumstances this will be
- 4:32considered as a valid means it must be
- 4:35approved. It must be desired by the
- 4:37promiser. Okay? It must move from the
- 4:39promiser or any other person. It may be
- 4:42from past, present, or future. Anything
- 4:44it might be there. It should be lawful.
- 4:46It should be real, not imaginary. And it
- 4:49should be having the adequate, but not
- 4:51have some value.
- 4:53These are the values for the essential
- 4:54features for this particular
- 4:56consideration. Question number What is
- 4:58the importance of this consideration
- 4:59means in an agreement it is legally
- 5:01enforceable. It will have the legal
- 5:03obligation and it will have the
- 5:05prevention of the unnecessary claims.
- 5:07So, therefore consideration is one of
- 5:09the main important element in a valid
- 5:11contract. Without an agreement, without
- 5:13a consideration, an agreement is cut and
- 5:15certain to be void. Okay? If agreement
- 5:18is done means compulsory there should be
- 5:20a consideration. Okay? So, that is about
- 5:23the second question. Third question from
- 5:25unit number one is about the void
- 5:27agreement. Void agreement is nothing
- 5:29about according to the Indian Contract
- 5:31Act 1872, a void agreement is an
- 5:34agreement that is not enforceable by
- 5:37law. Means the the agreement which is
- 5:40not enforceable by law, which it is not
- 5:43it creates no legal rights and
- 5:45obligations between the parties, that
- 5:47will be considered as a void agreement,
- 5:50okay? This void agreement will create a
- 5:52no legal rights or obligations without
- 5:56between the parties, okay? What are the
- 5:58features we are having in this void
- 5:59agreement means it will be no legal
- 6:02effect. It has no legal effect will be
- 6:04there. It cannot be enforced to in the
- 6:06form of law. It does not create any
- 6:08legal obligations and it may avoid from
- 6:11the beginning, okay? So, these four
- 6:14These four are the features of a void
- 6:16agreement. Then what is the examples for
- 6:18this means? An agreement should be with
- 6:20the minor and it should be without any
- 6:22consideration. It should not have
- 6:24agreement which should not have the
- 6:25unlawful or illegal purposes and
- 6:28agreement in restraint of marriage or
- 6:30trade. So, these are the examples. So,
- 6:33overall conclusion is nothing about a
- 6:34void agreement has no legal rights.
- 6:37Therefore,
- 6:38the parties cannot claim the legal
- 6:40remedy, okay? So, that's about the void
- 6:42agreement. In the second unit, the first
- 6:44important question is about the caveat
- 6:46emptor. A caveat emptor is nothing about
- 6:48a Latin word, which it is means let
- 6:50buyer behave, okay? So, basically it is
- 6:53a fundamental principle under sales
- 6:55goods act 1930. So, according to this
- 6:58principle,
- 6:59a buyer should examine the goods
- 7:01carefully before purchasing them. If the
- 7:04goods are not suitable for the buyer
- 7:05purpose, the seller is generally not
- 7:08responsible, okay? So, this is about the
- 7:12caveat emptor. It is nothing about let
- 7:14the buyer behave. Before purchasing
- 7:16anything, the buyer should be very
- 7:18careful about the goods what he was they
- 7:20were buying, okay? So, therefore, the
- 7:23seller is not responsible for further
- 7:24any things, okay? At what are
- 7:26circumstances this will be exempted
- 7:28means fitness for buyer purpose. That
- 7:30means if a buyer informs a seller about
- 7:32the purpose of the goods or relies on
- 7:34the seller skill, the seller must supply
- 7:36suitable goods. If you are depending on
- 7:39the seller, seller will supply the
- 7:40suitable goods. Next one, merchantable
- 7:42quality. Merchantable quality is nothing
- 7:44about goods purchased by description
- 7:46from the dealer must be merchant
- 7:48quality. Next one, sale by sample. The
- 7:51bulk of goods must correspond with the
- 7:54sample down. And next one, my sale by
- 7:57description. Goods Goods must match the
- 8:00description
- 8:01given by the seller. And fraud and
- 8:03misrepresentation, if the seller
- 8:04conceals any defects or giving the false
- 8:08information, that time caveat emptor
- 8:10does not apply. Okay. So, what is the
- 8:12conclusion you can write it over here?
- 8:14It protects the seller. It protects the
- 8:16seller, but the law also protects the
- 8:18buyer also in certain situations where
- 8:21the seller is dishonest or breaches
- 8:23these conditions and warranties will be
- 8:25implied. So, both seller and buyer, for
- 8:28both this caveat emptor will be helpful
- 8:30and it both are for them it is a asset
- 8:33only. Okay.
- 8:37Next one, my differences between sale
- 8:39and agreement to sell. Sale is nothing
- 8:41about a contract of the ownership.
- 8:44Immediately we can transfer the goods
- 8:45and services to the other, but agreement
- 8:48to sell is a contract where transfer of
- 8:49ownership will take a future date. Okay,
- 8:52it will take a future date for the
- 8:53fulfillment of the certain conditions.
- 8:55So, what is the differences you can
- 8:56write it here? So, sale is nothing about
- 8:58the ownership immediately it will have
- 9:00in the future. It will create immediate
- 9:01rights. It will create a future rights.
- 9:03It will have the the risk passes. It
- 9:05will have the risk remains with the
- 9:07seller until the ownership is passing.
- 9:09It is executed contract. It is executory
- 9:12contract. Buyer becomes the owner. Buyer
- 9:14becomes the owner later, not now. Okay.
- 9:17So, like that four to five differences
- 9:19if you are writing for the four marks,
- 9:21this that will be more than enough. What
- 9:23is the conclusion you can write it over
- 9:24here means? A sale transform ownership
- 9:27immediately whereas agreement to sell
- 9:29creates only a future promise to
- 9:31transfer ownership. That is the part you
- 9:33need to write it over here is the this
- 9:36conclusion. Third question from unit
- 9:38number two, differences uh the define
- 9:40consumer under Consumer Protection Act,
- 9:43okay? So, according to the Consumer
- 9:44Protection Act, who is a consumer? So,
- 9:46Consumer Protection Act 2019, a consumer
- 9:49is a person who buys any goods or hires
- 9:51or avails or any services from the
- 9:53consideration. The consideration may be
- 9:55paid, partly paid, promised, or payable
- 9:58in installments, okay? So, that is about
- 10:01the Consumer Protection Act 2019, but
- 10:03who is a consumer?
- 10:05Consumer is nothing about a personal use
- 10:07who purchases the goods for the personal
- 10:09use, who purchases or who hires the
- 10:11services for the consideration, who uses
- 10:13the goods and services by the personal
- 10:16approval, okay? So, that time we will
- 10:18consider it as a consumer. When we will
- 10:20not consider it as a consumer means if a
- 10:22purchase only of the goods for the
- 10:24resale, if you are purchasing the goods
- 10:26for the resale, you are not a consumer.
- 10:28If a person purchasing goods for the
- 10:30commercial purpose except for the like
- 10:32self-employment like that. So,
- 10:35that time also we will not consider them
- 10:37as a
- 10:39consumer, okay? That time that time also
- 10:41it will not considered as a consumer,
- 10:43okay? So, these two questions. And what
- 10:46are the rights we are having means right
- 10:48to information, right to safety, right
- 10:50to choose, right to be heard, right to
- 10:52seek redressal, like a long whatever we
- 10:54have discussed no, short also we have
- 10:56discussed the same thing. This is the
- 10:58conclusion ma. The Consumer Protection
- 11:00Act 2019 safeguards the consumer from
- 11:03unfair trade practices and ensures the
- 11:06right to be protected, okay?
- 11:09So, like this you need to write the
- 11:11answer. Then what is meant by product
- 11:13liability? Product liability is nothing
- 11:14about a responsibility of a manager,
- 11:17sorry, responsibility of a manufacturer,
- 11:19responsibility of a seller or a service
- 11:21provider to compensate consumer from the
- 11:23loss or injury or damage to a defective
- 11:27product or a defective service. So, this
- 11:29is law is introduced under the section
- 11:32consumer protection act 2019. [music]
- 11:35So product liability is also one of the
- 11:37main important four marks question. What
- 11:38are the grounds you will have it here
- 11:40means manufacturing defects will be
- 11:41there, design defect will be there, poor
- 11:43quality will be there and poor proper
- 11:46instructions and warnings failure is
- 11:48there and deficiency in service related
- 11:51of the product is also one of the main
- 11:53ground for the product liability. What
- 11:55are the what are the persons liable?
- 11:57Okay, manufacturer, product seller and
- 11:59product service provider are the persons
- 12:01who is liable for these things. Okay.
- 12:04Next, what are the remedies we can use
- 12:06it here means compensation for the loss,
- 12:08replacement of the defective goods,
- 12:10return
- 12:11like refund of the amount and removal of
- 12:13the defects. These are the four remedies
- 12:15we can get it here in the product
- 12:17liability. So product liability is
- 12:19nothing about a manufacturer and sellers
- 12:21maintain the quality to compensate the
- 12:24consumers from the losses caused by the
- 12:26defective products or defective goods.
- 12:29For that case
- 12:31whatever the quality standards they are
- 12:33maintaining that is called product
- 12:34liability. Clear? Now unit number three,
- 12:37ma. Unit number three first important
- 12:39question is about the patent. Patent
- 12:42Patent is nothing about a legal right.
- 12:44Okay, patent is nothing about a legal
- 12:47right which is granted by the
- 12:48government. Okay, for the new
- 12:50inventions. Okay. So uh if it gives the
- 12:54inventors to make the
- 12:56uh right to make, right to use, right to
- 12:58sell, right to give the license or
- 13:00anything for the limited period of time.
- 13:02So if you are a new inventor and you are
- 13:05getting a patent right at that time you
- 13:07will have a for a limited period of time
- 13:09you will have this right. So right to
- 13:11use, right to sell
- 13:13everything you will have for this
- 13:15patents. So that is the meaning of the
- 13:17patent, ma. Okay.
- 13:19Then what is the features for here
- 13:20means? First one it will granted only
- 13:22for the uh inventions. Okay. Second one
- 13:26it will be considered for the It
- 13:28protects the inventors inventions or
- 13:30inventors from the unauthorized users.
- 13:33Valid only for the 20 years or from the
- 13:35date of filing. It encourages the
- 13:37innovation and it can be transferred to
- 13:39license to the other persons also. What
- 13:41is the importance we are having means it
- 13:43will protect the inven- investors life.
- 13:45It will prevent from the copying. It
- 13:47will promote the research and it will
- 13:48have the commercial value also. Okay,
- 13:51what is the conclusion you can write it
- 13:52over here means a patent is nothing
- 13:54about protection to the inventors and it
- 13:57will encourage us technology and by
- 14:00rewarding the innovations. So, like this
- 14:01you need to write about the
- 14:03answer for the four marks, ma.
- 14:05Generally, generally you can write it by
- 14:07your own. Don't by heart the answers.
- 14:09Don't butty Don't buttyfy the answers,
- 14:12okay? Try to understand the concept. Try
- 14:14to write it by your own. That will be
- 14:16okay. Second important question from
- 14:18unit number three is about a copyright,
- 14:20ma. So, copyright
- 14:22is a legal right. Okay, basically it is
- 14:24a given to a creator of an original like
- 14:27a musical, artistic, literary
- 14:30Sorry, literally, dramatical works,
- 14:32everything. Okay, films, everything it
- 14:34might be. So, it protects the expression
- 14:37of ideas from the unauthorized copying.
- 14:39Okay, that is called copyright. So,
- 14:41copyright will give the protection to
- 14:43the creative works. It will right to
- 14:45reproduce and publish the work. It it
- 14:46can be sold, licensed and transferred.
- 14:48It will have the prevention of copying
- 14:51from the unauthorized users. Okay? It
- 14:53exists automatically. What is the
- 14:55importance we are having in this
- 14:56copyright means it will protect the
- 14:57creators from privacy. It will encourage
- 15:00us the creativity. It will give the
- 15:01financial benefits to the authors also.
- 15:04So, therefore the conclusion will be
- 15:05copyright state safeguards will
- 15:08intellects the parts of the creator, ma.
- 15:10Okay, it will promote the creativity in
- 15:12the society. Okay? Next one, ma. Sec-
- 15:15third important question from the third
- 15:17unit is trademark. Trademark is nothing
- 15:19about a trade or a symbol or a logo or a
- 15:21design or a word, anything it might be.
- 15:24So, that will be a service from one
- 15:26business from the another business. It
- 15:27will be different. Your different name
- 15:30will be there for your business. I will
- 15:32be having some different name. Your Your
- 15:34business will have the separate logo and
- 15:36my business will have the separate logo.
- 15:38Like that, it is a name or a symbol or a
- 15:40logo or a design, anything it might be.
- 15:42So, that is called trademark. What is
- 15:43the
- 15:44features we are having in this trademark
- 15:46means it will identify the goods and
- 15:48services. It will create a brand
- 15:50recognition. It will have the legal
- 15:51protection and it will give the reward
- 15:54periodically. It will prevent the misuse
- 15:56from the competitors. Okay. So, what is
- 15:59the importance for this thing means
- 16:01trademark means it will protect the
- 16:02business reputation. It will
- 16:03It will build the customer confidence
- 16:06and it will be helpful for the
- 16:07advertisement as well as the marketing
- 16:09also. So, a trademark is a valuable
- 16:11business asset, ma. So, it will gives
- 16:13the business and it will It will protect
- 16:16the goodwill of a business also. So,
- 16:19very important answer and you can draw
- 16:21the logos of like Amazon, anything logos
- 16:24also you can draw it over there. Okay.
- 16:26So, fourth one, ma, trade secrets. So,
- 16:28trade secret is nothing about a
- 16:30confidential business information where
- 16:32it will give the advantage to the
- 16:33business. So, it is not disclosed in the
- 16:35public. Okay. So, what is the examples?
- 16:39For example, a trade secret is a
- 16:40Coca-Cola formula.
- 16:42A customer list, manufacturing process,
- 16:45making strategies. So, these are the
- 16:47things we are having here. This is very
- 16:49important. Definitely, you need to
- 16:51understand that. Okay. Next, what is the
- 16:53features we are having means information
- 16:55must be secret. It should give the
- 16:57economic value to the business. It
- 16:58should be protected through
- 16:59confidentiality and no registration is
- 17:02required for this. So, what is the
- 17:04importance for this trade secret means
- 17:05it will protect the confidential
- 17:07information. It will give the business
- 17:08competitiveness and it will prevent
- 17:10unfair competition also. So, therefore,
- 17:13trade secrets will be helpful for the
- 17:14business to protect valuable
- 17:17confident information maintaining that
- 17:19advantage also. Clear? So like this you
- 17:22need to write about the answer for four
- 17:23marks for the trade secrets ma. Next
- 17:25unit number four, first important
- 17:27question we have discussed about the
- 17:29company. So company according to the
- 17:31companies act 2013 a company is nothing
- 17:33about a artificial person, okay, which
- 17:36is incorporated under the law. It is
- 17:38incorporated under the act. It so it is
- 17:41having the separate legal entity for the
- 17:43perpetual succession and with a common
- 17:46seal. So what is the characteristics
- 17:48we'll have means first one separate
- 17:49legal entity will have the laws and
- 17:51everything will be separate legal entity
- 17:53will be there. Perpetual succession will
- 17:55be there even if a
- 17:56even if a humans die also but company
- 17:59still have the existence and it will
- 18:02have the limited liability and separate
- 18:04property will be there and it is a
- 18:05artificial person. What is the
- 18:07advantages of this company means it is
- 18:09having the transfer of easy shares,
- 18:11large capital can be raised and
- 18:13professional management also can be done
- 18:15with this. Okay, what is the conclusion
- 18:17you are here? A company is more suitable
- 18:19for the business organization for the
- 18:21large scale business activities. Okay?
- 18:24Second question ma MOA memorandum of
- 18:26association. Memorandum of association
- 18:28is nothing about a fundamental document
- 18:30of a company. Okay, it defines the goals
- 18:33and powers of a company. Okay? So here
- 18:36you will have the contents ma so there
- 18:37are six contents name clause, register
- 18:39office clause, object clause, liability
- 18:42clause, capital clause, subscription
- 18:44clause. Okay, this six contents you need
- 18:46to write it and what is the importance
- 18:48you are having in this MOA means it will
- 18:50define the company activities, it will
- 18:52protect the shareholders and it will
- 18:54give the and it will guide the
- 18:55management.
- 18:57Okay, what is the conclusion you can
- 18:59write it over here that MOA act as a
- 19:01constitution of the company where it
- 19:03will determine the power and functions
- 19:05of the companies. Okay? So third
- 19:08question from unit number four is
- 19:10articles of association. Articles of
- 19:12association is nothing about the
- 19:14internal rules and regulations of a
- 19:15company, management of a company.
- 19:18Internally, what are the rules and
- 19:19regulations we are having? That will be
- 19:21considered as the articles of
- 19:22association. What is the contents you
- 19:24are having means issue of shares,
- 19:27meetings, directors powers, dividend
- 19:29policy, voting rights. So, these are the
- 19:31contents you are having in articles of
- 19:33association. Why it is having the
- 19:35importance means it will have the
- 19:36internal management. It will defines the
- 19:39duties of director. It will protect the
- 19:41shareholders interest also. So,
- 19:43therefore, the articles of association
- 19:45ensures the smooth administration and
- 19:48effective management of a company also.
- 19:51Clear, ma? So, last question from unit
- 19:53number four is prospectus. Prospectus is
- 19:56nothing about a legal document where it
- 19:57is issued by a public company. Public
- 20:00company inviting subscription to the
- 20:03shareholders or shares or debentures.
- 20:06So, that is called prospectus. It is a
- 20:08legal document. What is the
- 20:11contents we are having in this means
- 20:12company details should be there, its
- 20:14goals should be there, capital structure
- 20:16should be there, financial information
- 20:18should be there, and what are the risk
- 20:20factors you are having also, it should
- 20:21be considered in that, okay? So, what is
- 20:23the importance we are having here means
- 20:25it will give a it will give the complete
- 20:28information to the investors. It will be
- 20:30helpful for the investor to make the
- 20:31decisions. It will ensure the
- 20:33transparency also. So, what is the
- 20:35conclusion? A prospectus provides the
- 20:37investors by providing the accurate
- 20:40information before they invest anything,
- 20:43okay? So, this is the questions about
- 20:45the until unit number four. Now, last
- 20:49unit, unit number five, ma. First
- 20:51important question is about the
- 20:52insolvency. Insolvency is nothing about
- 20:55a financial condition where one person
- 20:58or a company is unable to pay debts.
- 21:01That time, this will become the due,
- 21:04okay? If you are unable to pay your
- 21:05losses, if you are unable to pay your
- 21:07debts means that type of financial
- 21:09condition is called insolvency. So, what
- 21:12is the features we are having? It will
- 21:13be inability to repay your debts. It
- 21:15will have the financial distress. It
- 21:17will have the legal proceedings. And it
- 21:19can affect your companies or individuals
- 21:21also. What is the importance for this?
- 21:24Means it will protect the creditors. It
- 21:26will ensure the financial settlement of
- 21:28your debts. And it will be helpful to
- 21:29revive your financial distressed
- 21:31companies. So, therefore, this
- 21:33insolvency will give you the financial
- 21:35failure and it will have the IBC 2016
- 21:39also. Insolvency and Bankruptcy Code
- 21:412016. Second question, now what is meant
- 21:43by bankruptcy? Bankruptcy is nothing
- 21:45about a legal declaration where an
- 21:48individual is unable to pay repay your
- 21:50debts. That time, contemporary court
- 21:53will under the Insolvency and Bankruptcy
- 21:55Code 2016. Okay, it is declared by a
- 21:57competent court. Okay, what is the
- 21:59features we are having? Means it is
- 22:01having the legal proceeding. It will
- 22:03asset may be distributed to the among
- 22:04the creditors. It will have mainly
- 22:06applicable to the individuals. It will
- 22:09be provides relief from the unmanageable
- 22:11debts also. What is the importance we
- 22:13are having? Means it will protect the
- 22:15debtors and creditors. It will ensure
- 22:17the fair discrimination fair
- 22:18distribution of your assets. It will
- 22:20provide the equal opportunities. Okay?
- 22:23So,
- 22:24this Bankruptcy Code is a legal process
- 22:26for solving your debts in the individual
- 22:28who cannot repay your liabilities.
- 22:31Clear? So, next question, winding up of
- 22:33a company. Winding up of a company is
- 22:35nothing about legal process of closing a
- 22:37company. Okay? Before closing a company,
- 22:40company's assets you need to clear. You
- 22:42need to pay your liabilities and you
- 22:44need to distribute all your remaining
- 22:46assets and among shareholders,
- 22:47everything you need to clear. So,
- 22:49winding up of a company modes means
- 22:51compulsory winding up of a tribunal
- 22:53NCLT.
- 22:54Okay? NCLT is nothing about compulsory
- 22:57winding up by the tribunal. Second one
- 22:59is voluntary winding up. Voluntary
- 23:01winding up is nothing about under the
- 23:02applicable law.
- 23:04So, importance means settle it will
- 23:06settle all the liabilities of the
- 23:07company. It will protect the
- 23:09integrators. It will bring the company's
- 23:10existence into end. What is the
- 23:12conclusion? Winding Winding up is a
- 23:15final stage of a life of a company and
- 23:17ensures orderly closure of its affairs.
- 23:20Okay?
- 23:22Now, the last question unit number five,
- 23:24fourth question. CIRP, corporate
- 23:27insolvency
- 23:28resolution process. What is the CIRP
- 23:31means? It is a procedure under
- 23:32insolvency and bankruptcy code 2016
- 23:35where insolvency of corporate entities
- 23:37will be having the specific time. What
- 23:39is the features we are having means? It
- 23:41will be initiated by the NCLT and it
- 23:44will be managed by the insolvency
- 23:46professionals. It will have the
- 23:47committee of creditors and it will be
- 23:49aims to review the company. Okay? So,
- 23:52what is the importance we are having in
- 23:54this means? It will maximize the company
- 23:56assets. It will provide the creditors
- 23:58interest and it will enable
- 24:00business revival also. Okay? So, what is
- 24:04the conclusion? CIRP provides a
- 24:06structured and efficient mechanism to
- 24:09resolve corporate insolvency while bank
- 24:12like you're balancing your interest of a
- 24:14shareholders along with that. Okay? So,
- 24:16that's it about the short questions, all
- 24:19unit questions I have explained. It is
- 24:21not about by harding the answers. It is
- 24:23all about understanding the answers.
- 24:25Okay? When you are perfect with the long
- 24:27questions, automatically you can able to
- 24:29attend the short questions also. Okay?
- 24:32So, this PDF is available in our
- 24:33Telegram group for free of cost. Still,
- 24:36if you're having any further doubts, do
- 24:37let me know in the comment section and
- 24:40all the very best for your examination
- 24:41as well as your preparation in our
- 24:43channel. Part A explanation just now I'm
- 24:45uploading. Part B and explanation is
- 24:47there. Epic video is there. Paper
- 24:49presentation, quick revision, quick
- 24:51revision and last minute revision,
- 24:53everything how you need to attend your
- 24:55case study, how your question paper
- 24:57pattern will be there, everything I have
- 24:59uploaded in our channel. It's your
- 25:01responsibility to see all the videos.
- 25:03Top 10 questions also is there. The 10
- 25:05questions if you are preparing means
- 25:07200% you can able to pass in this
- 25:09subject, okay? So, let me know how many
- 25:11completed how many members were
- 25:12completed your preparation in the
- 25:14comment section. All the very best. See
- 25:15you all in the next video, students.
- 25:17Bye-bye, everyone.
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