Introduction: The Insolvency and Bankruptcy Board of India (IBBI) recently issued Circular No. IBBI/EXAM/63/2024, dated 18th January 2024, announcing a significant change in the cooling-off period between consecutive attempts in the Limited Insolvency Examination (LIE) and Valuation Examinations. This article delves into the details of the circular and its implications on exam procedures.
Detailed Analysis:
1. Background: The Limited Insolvency Examination is conducted under Regulation 3 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. Similarly, Valuation Examinations are conducted under rule 5 of the Companies (Registered Valuers and Valuation) Rules, 2017. Both empower IBBI to regulate the syllabus, format, and frequency of the examinations.
2. Reduction in Cooling-off Period: The circular reveals a strategic decision by IBBI to reduce the time period between two consecutive attempts from 2 months to 21 days for both LIE and Valuation Examinations. This change aims to enhance the effectiveness of the exams, providing candidates with increased flexibility and more opportunities for improvement.
3. Dynamic and Responsive System: The adjustment in the cooling-off period is geared towards establishing a more dynamic and responsive examination system. Candidates can now benefit from a shorter waiting time, allowing for quicker reevaluation and enhancement of their skills.
4. Implementation Advisory: Test administrators, insolvency professional agencies, registered valuer organizations, and all candidates are advised to implement and follow the revised cooling-off period requirements in LIE and Valuation Examinations. The circular specifies that these changes should be effective for exams conducted or attempted three months after the circular’s issuance date.
Conclusion: In conclusion, the reduction in the cooling-off period between two consecutive attempts in Limited Insolvency Examination and Valuation Examinations, as announced by IBBI, marks a positive step towards creating a more adaptable and responsive examination system. Candidates now have a shorter waiting period, enabling them to actively engage in continuous improvement. This change aligns with IBBI’s commitment to refining examination processes and fostering a dynamic learning environment for aspiring professionals in the insolvency and valuation domains. For further details or clarifications, individuals can contact Rajesh Tiwari, General Manager at IBBI, using the provided contact information.
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Insolvency and Bankruptcy Board of India
Limited Insolvency Examination Division
Valuation Examinations Division
Circular No. IBBI/EXAM/63/2024 Dated: 18th January 2024
To
All Test Administrators
All Insolvency Professional Agencies
All Registered Valuer Organisations
All candidates registered in the examination system (Through IBBI website)
Subject: Reduction of cooling-off period between two consecutive attempts in Limited Insolvency Examination and Valuation Examinations
IBBI conducts the Limited Insolvency Examination (LIE) in pursuance of Regulation 3 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. The said Regulations inter alia empower IBBI to determine the syllabus, format, qualifying marks and frequency of the examination, to be published at least three months before the examination.
2. IBBI, as the designated Authority, also conducts Valuation Examinations in terms of rule 5 of the Companies (Registered Valuers and Valuation) Rules, 2017(Valuation Rules). The said rule inter alia empowers IBBI to determine the syllabus, format, and frequency of the examination including qualifying marks, to be published at least three months before the examination.
3. To improve the effectiveness of the exams, it has been decided to reduce the time period between two consecutive attempts from 2 months to 21 days for both the examinations. This adjustment provides candidates with greater flexibility and opportunities to improve, thereby establishing a more dynamic and responsive examination system.
4. You are, therefore, advised to implement/ follow the above requirements in LIE and Valuation Examinations conducted/ attempted after the expiry of 3 months from the date of this circular.
5. This circular is being issued in exercise of the powers conferred under the provisions of section 196 of the Insolvency and Bankruptcy Code, 2016, Regulations made thereunder, and the Valuation Rules.
Yours faithfully
Sd/-
Rajesh Tiwari
General Manager
Tel: 011 2346 2864
Email: trajesh.74@ibbi.gov.in
