Insolvency and Bankruptcy Board of India

Insolvency and Bankruptcy Board of India

30th November 2021

Limited Insolvency Examination w.e.f 1st March 2022

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 March 2022.

I. Syllabus for Examination:

Sl. No

SUBJECT/ TOPICS

Weight (%)

The Insolvency and Bankruptcy Code, 2016 (Code)

All Rules, Regulations and Circulars notified under the Code

Business Laws:

(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 – Miscellaneous

(ii) The Partnership Act, 1932

(iii) The Limited Liability Partnership Act, 2008

(iv) 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)

(v) The Sale of Goods Act, 1930

General Laws:

(i) The Negotiable Instruments Act, 1881

(ii) The Transfer of Property Act, 1882

(iii) 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

(iv) The Prevention of Corruption Act, 1988 (Definition of public servant, Section 7-16 read with Section 29A of the Insolvency and Bankruptcy Code, 2016) and the Prevention of Money Laundering Act, 2002 (Sections: 2-8, 48, 63, 67, 71, 72)

(v) The Recovery of Debts and Bankruptcy Act, 1993

(vi) The Arbitration and Conciliation Act, 1996

(vii) The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

(viii) 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)

(ix) 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)

(x) 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 (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021

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; Principles of Natural Justice

(ii) Rights of Workmen under Labour Laws

(iii) Basic Principles of Economics

(iv) Financial Markets

(v) Basic Concepts of Valuation

(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 one mark each.

(CLICK HERE FOR LIST OF CASES)

Case Studies:

There will be comprehensions each narrating a case and there will be questions based on the narrative:

a) Case study on Corporate Insolvency Resolution Process & Liquidation Process (10 questions x 2 marks each = 20 marks)
b) Case study on Corporate Insolvency Resolution Process & Liquidation Process (10 questions x 2 marks each = 20 marks)
c) Case study on Pre-Packaged Insolvency Resolution process (4 questions x 2 marks each = 08 marks)
d) Case study on Individual Insolvency Resolution and Bankruptcy (4 questions x 2 marks each = 08 marks)
e) Case study on Business and General Laws given at Sl. No 3 & 4 (4 questions x 2 marks each = 08 marks)
f) Case study on Business and Professional Ethics (3 questions x 2 marks each = 06 marks)

Total

100

Note: Wherever any law (an Act of Parliament or any Rule/Regulation) is referred to in the syllabus, the same shall be taken as in force as on 28th February 2022. This means that any amendment in such laws, Acts or Rules/Regulations effected after 28th February 2022 shall be ignored.

II. Details of Examination

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 is expected to thoroughly read the relevant Frequently Asked Questions (FAQs) on Limited Insolvency Examination placed on the IBBI website before registering/enrolling for the examination;
e. 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 https://ibbiliexam.onlineregistrationform.org/IBBI;
f.A fee of Rs.1770 (Seventeen hundred and seventy rupees) is currently applicable on every enrolment;
g. The duration of the examination is 2 hours;
h. A candidate is required to answer all questions. No marks will be awarded if a question is not attempted;
i. A wrong answer attracts a negative mark of 25% of the marks assigned for the question;
j. A candidate needs to secure 60% of marks for passing;
k. A successful candidate is awarded a Pass certificate by IBBI;
l. A candidate is issued a temporary mark sheet on submission of answer paper;
m. No workbook or study material is allowed or provided;
n. 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.