What is Limited Insolvency Examination? Insolvency & Bankruptcy Board of India (Important) (Download PDF)

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Insolvency & Bankruptcy Code, 2016 (Code) provides Insolvency Professionals (IP) for class of regulated professionals. IP constitute one of four key pillars of insolvency regime. Other 3 are being Adjudicating Authority, Insolvency & Bankruptcy Board of India & Information Utilities.

Image of the Framework of the Code

Image of the Framework of the Code

Image of the Framework of the Code

  • IPs is important in resolution, liquidation & bankruptcy processes of companies, LLPs, partnership firms & individuals.

Key Facts of Code Examination

  • Section 196 (1) (d) & (e) of Code IBBI, specify regulations standards for functioning of IPs & lay down by regulations for examination of IPs for their enrolment as members of insolvency professional agencies.
  • Section 207 (2) empowers Board to specify categories of professionals or persons possessing such qualifications & experience in field of finance, law, management, insolvency or such other field.
  • Board has notified IBBI (Insolvency Professionals) Regulations, 2016 (IP Regulations).
  • Regulations provide individual w/10 years of experience as member of ICAI, ICSI, Institute of Cost Accountants of India or Bar Council or w/15 years of experience in management eligible for registration as IP on passing Limited Insolvency Examination.
  • Individual is eligible for registration as IP if he has passed Limited Insolvency Examination (Examination) subject to meeting other requirements.
  • Examination is conducted daily from 100 + locations, online w/objective MCQs.
  • Syllabus & questions for examination are finalized by Examination Committee constituted by Board.

4 Phases of Limited Insolvency Examination:

  • Board commenced examination on 31st Dec. 2016.

  • 2nd phase of examination w/revised syllabus & question bank commenced on 1st July 2017.

  • 3rd phase w/further revised syllabus & question bank commenced on 1st January 2018.

  • Revisions accommodate new knowledge which is generated from ongoing processes under Code & emerging practices & evolving jurisprudence.

  • Board invites comments & feedback on draft syllabus of 4th Phase of Limited Insolvency Examination

Insolvency & Bankruptcy Board of India (IBBI)

  • Insolvency & Bankruptcy Board of India was formed on 1st October 2016 under Insolvency & Bankruptcy Code, 2016 (Code).
  • It is unique regulator, regulates profession & processes.
  • It has regulatory oversight over Insolvency Professionals, Insolvency Professional Agencies & Information Utilities.
  • It is key pillar of ecosystem responsible for implementation of Code that consolidates & amends laws.

- Published/Last Modified on: July 6, 2018

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