Insolvency and Bankruptcy Board of India

30th September 2020

Limited Insolvency Examination w.e.f 1st January 2021

The Insolvency and Bankruptcy Board of India hereby publishes the syllabus and details of the Limited Insolvency Examination (Examination) under regulation 3 (3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 for the examination to be conducted from 1st January 2021.

  •    I.    Syllabus for Examination

The syllabus for the Examination is as under:

Sl. No


Weight (%)


The Insolvency and Bankruptcy Code, 2016 (Code)




Rules and Regulations under the Code (All Rules, Regulations and Circulars notified under the Code till 31st December 2020)




(i) The Companies Act, 2013

  • Chapter III – Prospectus and Allotment of Securities
  • Chapter IV – Share Capital and Debentures
  • Chapter V – Acceptance of Deposits by Companies
  • Chapter VI – Registration of Charges
  • Chapter VII – Management and Administration
  • Chapter IX – Accounts of Companies
  • Chapter XV – Compromises, Arrangements and Amalgamations
  • Chapter XVII – Registered Valuers
  • Chapter XVIII – Removal of names of the companies from the register of companies
  • Chapter XX – Winding-up of the companies
  • Chapter XXVII – NCLT and NCLAT
  • Chapter XXVIII Special Courts
  • Chapter XXIX – Punishments
(ii) The Partnership Act, 1932

(iii) The Limited Liability Partnership Act, 2008



(i) The Indian Contract Act, 1872
(Of contracts, Voidable Contracts and Void Agreement (Sections 10-30); Contingent Contracts (Sections 31-36); Performance of Contract (Sections 37-61); Novation, Rescission and Alteration of Contracts (Sections 62-67); Consequences of Breach of Contract (Sections 73-75); Contracts of Indemnity and Guarantee and Surety’s Rights (Sections 124-127); Bailment and Pledge (Sections 148-181); Agency (Sections 182-238)
(ii) The Negotiable Instruments Act, 1881
(iii) The Transfer of Property Act, 1882 and the Sale of Goods Act, 1930
(iv) The Code of Civil Procedure, 1908 (Sections 9, 10, 11, 26-32, 38-45,60-64, 73, 75-78, 89 and Order 21) and the Limitation Act, 1963
(v) The Prevention of Corruption Act, 1988 (Definition of public servant, Section 7-16 read with Section 29A of the Code) and the Prevention of Money Laundering Act, 2002 (Sections: 2-8, 48, 63, 67, 71, 72)
(vi) The Recovery of Debts and Bankruptcy Act, 1993
(vii) The Arbitration and Conciliation Act, 1996
(viii) The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002
(ix)The Micro, Small and Medium Enterprises Development Act, 2006: (Classification of enterprises, Advisory committee, Memorandum of micro, small and medium enterprises, Delayed payments to micro and small enterprises)
(x) Real Estate (Regulation and Development) Act, 2016 (Sections: 2, 4, 5, 11, 17, 18, 20, 23, 31, 34, 36, 37, 38, 40, 41, 42, 58, 59, 69, 70, 71, 79, 80, 85, 86, 88, 89, 90)
(xi) Securities Contracts Regulation Act, 1956 (Contracts and options in securities, listing of securities, Offences, penalties, and adjudication) and the following SEBI Regulations: -

- Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009

- Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009

- Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

- Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015



Finance and Accounts (Corporate Finance; Financial Analysis; Liquidity Management; Tax Planning and GST)



General Awareness:

(i) Constitution of India: Right to Constitutional Remedies; provisions of Union Judiciary; provisions of High Courts in the States;

(ii) Rights of Workmen under Labour Laws;

(iii) Economy;

(iv) Financial Markets;

(v) Basic concepts of Valuation; and

(vi) Forensic Audit



Case Laws- Important decisions of Supreme Court and High Courts, Decisions of NCLAT and NCLT relating to Corporate Insolvency Resolution, Corporate Liquidation, Voluntary Liquidation and Fast Track Resolution Process. There will be five questions carrying two marks each.




Case Study on Corporate Insolvency Resolution and Liquidation. There will be one comprehension narrating a case and there will be ten questions based on the case carrying two marks each.



Case Study on Individual Insolvency Resolution and Bankruptcy. There will be one comprehension narrating a case and there will be four questions based on the case carrying two marks each.



Case Study on Companies/Partnership firms/ Limited Liability Partnerships. There will be one comprehension narrating a case and there will be three questions based on the case carrying two marks each.



Case Study on Business and Professional Ethics. There will be one comprehension narrating a case and there will be three questions based on the case carrying two marks each.




Note: Wherever any law, an Act of Parliament or any Rule is referred to in the syllabus, the same shall be taken as in force as on 31st December 2020. This means that any amendment in such laws, Acts or Rules effected after 31st December 2020 shall be ignored.

  •    II.   Format of Examination

The format of Examination is as under:

  • a. The examination is conducted online (computer-based in a proctored environment) with objective multiple-choice questions.
  • b. The examination centres are available at various locations across the country.
  • c. The examination is available on every working day.
  • d. A candidate may choose the time, the date, and the Examination Centre of his choice for taking the Examination. For this purpose, he needs to enrol and register at
  • e. A fee of Rs.1500 (One thousand five hundred rupees) is currently applicable on every enrolment.
  • f. The duration of the examination is 2 hours.
  • g. A candidate is required to answer all questions.
  • h. A wrong answer attracts a negative mark of 25% of the marks assigned for the question.
  • i. A candidate needs to secure 60% of marks for passing.
  • j. A successful candidate is awarded a certificate by IBBI.
  • k. A candidate is issued a temporary mark sheet on submission of answer paper.
  • l. No workbook or study material is allowed or provided.
  • m. No electronic devices including mobile phones and smart watches are allowed.

Further changes, if any, in the above details of the Examination will be provided subsequently.