Limited Insolvency Examination- FAQs -1st November, 2018

Insolvency and Bankruptcy Board of India
Limited Insolvency Examination Division
Frequently Asked Questions (FAQs) on Limited Insolvency Examination
(For examinations w.e.f 1^st March 2022)

1. Is the Limited Insolvency Examination mandated under any law, for what purpose? The Limited Insolvency Examination (examination) is mandated under regulation 5 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 made under the Insolvency and Bankruptcy Code, 2016. It is one of the mandatory conditions for registration as an insolvency professional.

2. I am not sure if I have relevant qualification/experience. Where can I know the validity of my degree as per the Regulations?

All the details regarding valid qualifications and experience have been provided in the FAQs for registration as an Insolvency Professional. The same can be accessed at https:iibbi.gov.in/faqs. Any further clarifications can be sought from the Insolvency Professionals Division of the IBBI by writing to [email protected].

3. How do I take the Limited Insolvency Examination?

You need to be sure as to why you wish to take the Examination. If you wish to be an insolvency professional, please satisfy yourself that you are eligible for the same. If you wish to apply for a job which requires a pass in this Examination, please satisfy yourself that you are eligible for the job. Thereafter, you need to go through the following three stages. Follow instructions given on the computer screen at every stage.

Stage I: Registration with the system

Please visit https:iibbi.gov.in/examination/view-examination/18 and Click on ‘Register and Enrol Online’ button. You will be taken to ‘Candidate registration form’. You will be taken to the NSEIT’s candidate registration portal.

Please provide your e-mail address and identity details, set a password, upload your photograph, PAN Card, and then submit the form online. You will receive an activation link on your registered e-mail address. Please click on this link to verify your e-mail address. No fee is payable for registration.

This is a one-time registration, and you will be provided with log-in credentials i.e., user ID and password. Thereafter, access the examination system with these credentials and manage all future activities like enrolment, slot selection, fee payment etc. Every candidate is requested to create a single user ID only and use the same for all purposes.

Stage II: Enrolment and slot selection

In order to enrol for a particular examination and time slot visit https:iibbi.gov.in/examination/view-examination/1 8. Click on “Register/Enrol Online” link and access the system with user ID created in Stage I. The candidates can check the slot availability in the “Center Details” tab.

After logging in, a “Book Seat” tab will automatically be activated in the candidate profile where the candidate can select Test City, Test Centre Name, Test Date, Test Time etc. Once you have selected the seat, click on the “Payment” link, and proceed with the online payment. of applicable Examination fee to complete the enrolment. Payment can be made using Debit Card / Net Banking/ Credit Card. Candidate can download the Admit Card from the hyperlink under the “Candidate Dashboard” tab.

Stage III: Taking the examination

Please carry a printout of the Admit Card, original PAN Card/Aadhar Card/Passport and arrive 30 minutes before the scheduled time at the examination centre. Please note that without the Admit Card and the Original Photo Identity proof (as mentioned above), candidates shall not be permitted to appear for the Examination.

If you do not pass the examination and wish to take the examination again, you need to repeat stage II and stage III. However, candidates may note that payment link as mentioned in Stage II will be activated 24 hours after the expiry of the earlier examination slot.

4. When are the examinations held?

You can check the availability of date and time at the examination centre of your choice from the “Slot availability” section under the “Center Details” tab in registration portal. The process to access is same as provided in ‘6tageJII’ in question 3 above.

5. What is the fee payable for the examination?

The prescribed fees for Limited Insolvency Examination, currently is Rs. 1500+Applicable GST i.e. Rs. 1770 (Rupees One Thousand and Seven Hundred Seventy only) for every enrolment. It has to be paid during enrolment and can be paid using Debit Card / Net Banking / Credit Card. The payment gateway charges, if any, shall be borne by the candidates.

6. How many times can I take the examination?

You can appear for the examination any number of times till you clear the examination. You have to enrol yourself afresh and pay the examination fee for each enrolment. However, you may note that payment link will be activated only 24 hours after the expiry of the earlier examination slot.

7. I want to reschedule my examination slot to a different date. How can I do it? It may be noted that rescheduling is not permitted unless there is a bona-fide All such requests must be addressed to the Test Administrator NSEIT at [email protected]. Further, you may note that a request for rescheduling shall be made 15 days prior to the date of examination. Any request made thereafter will not be accepted. Therefore, the candidates are advised to carefully plan and schedule their examination.

8. What is the applicable syllabus for the Examination? What are the case laws prescribed for Examination?

IBBI has notified the syllabus including list of case laws for the examination which can be accessed from IBBI website at https :iibbi.gov.in/examination/view-examination/1 8.

9. Does IBBI provide any study material for the examinations?

IBBI does not provide/recommend any study material or workbook for the examinations. You may use the books or other resources available on the subject. Some study material that the candidates may find useful is placed at https://ibbi.gov.in/publication/study­materials. The candidates may apply their conscious in their use.

10. Can I refer books or other materials during the examination?

No. You cannot refer to any of the books or other resources during the Examination. It is not an open book examination.

11. What is the format of the Limited Insolvency Examination?

The examination is based on multiple choice questions which are to be answered within time period of 2 hours. The maximum score is 100. And 60% and above is considered successful. There is a negative marking of 25% for each wrong answer.

12. What is the structure of the question paper?

The question paper will have a total of 65 questions, out of which 30 questions will be of 1 mark each and 35 questions of 2 marks each. Questions include those based on case studies also. Each question paper is unique, derived by the system and hence is randomised and comprehensive in terms of coverage of the syllabus.

13. How can I get an idea of the structure of the question paper before the examinations? A sample question paper is available at https:iibbi.gov.in/examination/view­examination/18.

14. I got less questions than mentioned in the examinations. Kindly clarify. As per the structure of examination, there are 65 questions out of which 35 questions are based on six transaction analysis studies, which appear as six cohesive groups in your examination paper. As the computer system draws these questions based on case study as a set, these appear as a single question and the testing platform only displays the count of single questions attempted, but when the sub questions of the case study are taken into account, you would have received a total of 65 multiple-choice questions in your

15. How and when will I know my result?

Immediately on submission of the answer paper or expiry of two hours whichever is earlier, a temporary mark sheet would be displayed on the computer screen indicating your result including marks scored. . You will also receive a pass certificate from IBBI.

16. Can I get a refund of the fee if I do not take the examination? Fee paid towards the examination is non-refundable.

17. I would like to reschedule my examination date as I have other commitments on that date. How can I do it?

As the examination dates are available in advance, the candidates are expected to book their examination date after careful planning. Candidates may also note that rescheduling cannot be claimed as a right and is allowed only once provided such request for rescheduling is received at least fifteen days before the scheduled examination date.

18. When will I receive the pass certificate?

Successful candidates, those securing 60% marks or above, will be issued a pass certificate by IBBI within 30 days of passing the examination. The pass certificate issued is based on the details as provided by the candidate at the time of registration in the examination portal. Candidates are therefore advised to exercise abundant caution while providing details at the time of registration.

19. My pass certificate has incorrect details. What should I do to rectify them?

The pass certificates are issued with the details as provided by the candidates at the time of registration in the examination portal. Request for change in details will not be entertained unless there is a bona-fide reason. The candidate has to follow the following procedure for the re-issuance of a pass certificate:

a. The pass certificate issued by the Examination Division must be returned in original.

b. An affidavit, duly notarised, in respect of the changes sought along with self-attested copies of proof of identity as given at the time of registration, proof of address and the score card issued by the test administrator must be included.

c. These may be sent to the Limited Insolvency Examination Division of IBBI.

The pass certificate will be re-issued within 30 days from the receipt of the above-mentioned documents.

20. I have not cleared the examination. Can I get my answer sheet to evaluate my performance?

No request/s to disclose/discuss question/s and/or their answers shall be entertained as disclosure of the question/s will violate the integrity of the question bank, namely, breach the confidentiality/secrecy of the question bank.

21. Can I request for re-evaluation of my answer paper?

Candidate’s responses are checked by computer without any human intervention; hence no re-evaluation is allowed. Subject to this, request/s received from a candidate for resolution of doubts about a question forming part of examination will be considered as per the following policy:

a. Candidate’s request/s will be considered only when he/she specifically mentions a particular question/s which he/she thinks contain errors. Claim/s to recheck more than two questions shall not be permitted unless the substantive material is provided by the candidate as to why he/she considers errors in such questions.

b. No request/s to disclose/discuss question/s and/or their answers shall be entertained as disclosure of the question/s will violate the integrity of the question bank, namely, breach the confidentiality/secrecy of the question bank.

c. Only those request/s made on-the-spot (before leaving the test centre) will be considered for verification.

d. When a request is received from a candidate at the test centre, it shall be forwarded by the respective Test Centre to NSEIT.

e. Such matter will then be escalated with the question/answer to IBBI with the details of the nature of the error, the correct version of the question or contested correct answer and system recognized correct answer. IBBI, after due diligence and proper scrutiny, will arrive at a conclusion whether the claim made by a candidate in relation to a question or answer is right.

f. Score computation shall be carried based on the approval as per point (e). Such score card will then be issued to the candidate by Test Administrator.

g. The above policy and process will be subject to review from time to time and shall be binding and final in relation to any claim and/or matter when disposed of with the approval of the competent authority of IBBI.

h. What is the date for start of National Insolvency Programme?

The National Insolvency Programme has not been notified yet. Appropriate notification will be released as and when it is launched.

23. What is the date for start of Graduate Insolvency Programme?

The Graduate Insolvency Programme (GIP) is a programme for those aspiring to take up the discipline of insolvency professional as a career. A student who completes the GIP will be eligible for appearing in Examination without having to wait to acquire the requisite experience as required by the Code at present.

Currently, Indian Institute of Corporate Affairs (IICA) and National Law Institute University (NLIU), Bhopal offer the Graduate Insolvency Programme. For more information you may visit https://iica.nic.in/gip/ or https://nliu.ac.in/.

24. I have observed few abbreviations in the model paper as well as the Limited Insolvency Examination. Please clarify.

The glossary attached at the end of this document includes various abbreviations. The abbreviations mentioned therein would be used in the Examination for easy reference of the concepts related to the notified syllabus.

25. What are the consequences if a candidate indulges in malpractice in examination? Any candidate found indulging in malpractice shall be debarred from taking any examination with IBBI, notwithstanding any other action that the Board may take.

26. Whom should I contact for any clarification about the examination?

For any assistance regarding examination, you may send an e-mail to our Test Administrator NSEIT at [email protected] or you may also give a call on the phone-number 022-62507713 (Timing: 9:30 to 5:30 Monday to Saturday – Excluding Holidays).

For any other information, you may write to Limited Insolvency Examination Division at [email protected]

27. How should I proceed after passing examination? Can you explain me the entire process in brief?

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Glossary for Limited Insolvency Examination

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