The Board hereby specifies under regulation 3(3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, the syllabus, format and frequency of the "Limited Insolvency Examination" (Examination) with effect from 1st January, 2018 as under:
I. Syllabus for Examination
The syllabus for the “Limited Insolvency Examination” is as under:
The Insolvency and Bankruptcy Code, 2016 (Entire Code)
Rules and Regulations under the Bankruptcy Code (All Rules and Regulations notified under the Code till 31st December, 2017)
(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
(II)The Partnership Act, 1932, and
(III)The Limited Liability Partnership Act, 2008
(Nature of LLP; Partners and their Relations; Limitation of Liability; Financial Disclosures)
(i) The Indian Contract Act, 1872 (Voidable Contracts and Void Agreements; Contingent Contracts; Performance of Contract; Novation, Rescission and Alteration of Contracts; Agency; Consequences of breach of Contract; Indemnity and Guarantee, Surety; Bailment and Pledge; Set off)
(II) The Sale of Goods Act, 1930 (Sale, Condition and Warranty, Seller's Lien and Damages);
(III) The Transfer of Property Act, 1882.
(iv) Specific Relief Act,1963.
(v) Negotiable Instruments Act,1881.
(I) The Recovery of Debts due to Banks and Financial Institutions Act, 1993;
(II) The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002; and
(III) Corporate Debt Restructuring Scheme, Strategic Debt Restructuring, and Scheme for Sustainable Structuring of Stressed Assets (S4A of RBI)
(iv) The Arbitration and Conciliation Act, 1996;
(v) The Limitation Act, 1963.
General Awareness (Economy, Financial Markets, Rights of Workmen under Labour Laws and fundamental concept of Valuation)
Finance and Accounts (Corporate Finance, and Financial Analysis, Liquidity Management, Tax Planning, GST)
Case Laws- (There will be five questions carrying two marks each from orders of Hon'ble Supreme Court, High Courts, NCLAT and NCLT relating to Corporate Insolvency Resolution, Corporate Liquidation, Voluntary Liquidation and Fast Track Resolution Process.)
Transaction analysis on Corporate Insolvency Resolution. There will one comprehension narrating the transaction. (There will be four questions based on the case carrying two marks each.)
Transaction analysis on Individual Insolvency Resolution and Individual Resolution. There will one comprehension narrating the transaction. (There will be four questions based on the case carrying two marks each.)
This syllabus will be valid for examinations conducted from 1st January, 2018.
II. Format of Examination
The format of examination is as under:
The examination will be conducted online (computer-based in a proctored environment) with objective multiple-choice questions.
The duration of the examination will be two hours.
A candidate will be required to answer 87 questions in two hours for a total of 100 marks.
There will be negative marking of 25% of the marks assigned for the question.
Passing mark for the examination is 60%.
Passing candidates will be awarded a certificate by the Board.
A candidate will be issued a temporary mark sheet on submission of examination paper.
No workbook or study material will be provided.
III. Frequency of Examination
The frequency of Examination is as under:
The examination centres are available at 100 + locations in the country.
The examination will be available from 1st January, 2018.
A candidate needs to enrol for examination at www.nism.ac.in. He needs to select IBBI-Limited Insolvency Examination and enrol himself for the examination by choosing the time, the day and the examination centre for his examination.
A candidate needs to provide PAN and Aadhaar to enrol for the examination.
A candidate needs to pay examination fee of Rs.1500 (One thousand five hundred rupees only) online on every enrolment.