How to Prepare for IBBI Limited Insolvency Examination?

  • Blog|Insolvency and Bankruptcy Code|
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  • By Taxmann
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  • Last Updated on 1 March, 2022
The target is to have a balanced perfect score to qualify the exam. With negative marking, passing this exam is a challenge. So it is very important to strategize in terms of approach, answering the questions, attempting the questions, and time management.
 

Steps to be followed for preparation of the Limited Insolvency & Bankruptcy Examination:

Go through the syllabus and its weightage properly. Plan your study accordingly. More than 50% of the questions are from Insolvency and Bankruptcy Code, 2016 & Rules & Regulations, Decisions of NCLT, NCLAT, High Courts & Supreme Court and Transactional Analysis of Corporates and Individuals & Partnership Firms. So one should be very thorough with the Code, Rules and Regulations. Decisions of NCLT, NCLAT, High Courts & Supreme Court and Transactional Analysis of Corporates and Individuals & Partnership Firms will further facilitate to have a better understanding and practical application of the Code. Also while reading the Transactional Analysis, remember the section of the Code, and the applicable Rule and Regulations related to it in a proper manner.

1. The Allied laws covering twelve Acts require thorough working knowledge.
 
2. Once you are done with understanding the Insolvency and Bankruptcy Code, 2016 & its Rules & Regulations, take a break and then summarize all sections in a nutshell like CIRP and then Individuals & Partnership Firms.
 
3. You can prepare a short summary for last time revision. It is recommended to take mock test in Book Ten of this Book which will further boost your confidence.
 
4. Having read the Insolvency and Bankruptcy Code, 2016, Rules & Regulations, read the case laws. Link the concept involved in the case with the relevant section of the code. Thorough reading of the cases will enhance knowledge about the sections of the Code, issues and judgment in the case.
 
5. Lastly the transaction analysis for Corporates and Individual & Partnership Firms comprising of 16 marks, which is 8 marks of each will further strengthen the conceptual and practical clarity of not only the Code and Rules and Regulations but also the judgments of the Hon’ble Courts.
 
6. Lastly, Revision is must at each and every stage. Continuous reading and understanding the laws and taking Mock Tests go hand in hand. Don’t look at the answer keys in between. Refer it once you have attempted a minimum of 50 Questions at a stretch. Review and analyse your performance at each stage. Attempt should be made to answer correctly a minimum of 75% questions. One can also make a list of concepts, sections and case laws requiring further study.
 
7. One of the important key is also understanding the way questions are asked. Sometimes one can go wrong in answering the Question as it is tweaked to thoroughly test your understanding of the subject. 
 
 

Also Read: Syllabus for Limited Insolvency Examination 2019 for Insolvency Professional

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