Master the Limited Insolvency Exam on Your First Attempt
Comprehensive cloud-based question bank featuring Chapter-Wise Quizzes with Pre-Quiz Quick Summaries and Full-Length Timed Mocks with Wrong Answer Diagnostics designed for Chartered Accountants, CS, Advocates & Cost Accountants.
Complete 2-Part Preparation Suite
Topic-Wise Chapter Quizzes
Build rock-solid conceptual clarity across every IBC code section and allied law with focused chapter modules.
- ✓ Pre-Quiz Key Summaries: Quick high-yield notes covering sections, timelines, and CoC voting rules before you begin.
- ✓ Bifurcated by Chapters: Practice CIRP, Liquidation, PPIRP, Individual Bankruptcy & Allied Laws individually.
- ✓ Instant Solution Rationales: Detailed legal citations and explanations for every right and wrong option.
Full-Length Timed Mock Tests
Real exam simulation designed to train your time management and master the art of negative marking control.
- ✓ Real 2-Hour Timer Engine: Experience the actual IBBI exam pressure and time pacing.
- ✓ Wrong Answer Diagnostics: Unlike the real IBBI exam (which hides your mistakes), review every wrong answer and reason.
- ✓ 25% Negative Marking Penalty: Master the critical skill of leaving uncertain questions blank to protect your score.
The IBBI exam has a punishing 25% negative marking penalty (-0.25 on 1-mark questions, -0.50 on 2-mark questions). Prokhata’s simulation trains you to aim safely for the 60-mark passing benchmark and avoid dangerous wild guesses that drag candidates down.
Syllabus & Chapter Modules
- • Corporate Insolvency Resolution Process (CIRP) — Sections 4 to 32A
- • Committee of Creditors (CoC) constitution, voting thresholds (66%, 51%, 90%)
- • Liquidation Process & Waterfall Mechanism (Section 53 priority of claims)
- • Fast Track CIRP (Sections 55–58) & Voluntary Liquidation (Section 59)
- • Pre-Packaged Insolvency Resolution Process (PPIRP for MSMEs – Chapter III-A)
- • Insolvency & Bankruptcy for Individuals and Partnership Firms (Part III)
- • Avoidance Transactions: Preferential (Sec 43), Undervalued (Sec 45), Fraudulent (Sec 66), Extortionate (Sec 50)
- • IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
- • IBBI (Liquidation Process) Regulations, 2016 & Compromise/Arrangement
- • IBBI (Insolvency Professionals) Regulations & Code of Conduct
- • Information Utilities (IU) Regulations & Valuation by Registered Valuers
- • Adjudicating Authorities (NCLT, NCLAT & Supreme Court jurisdiction)
- • Companies Act 2013: Registered Valuers (Sec 247), Compromises & Arrangements (Sec 230–240), Oppression & Mismanagement
- • Indian Partnership Act 1932 & Limited Liability Partnership (LLP) Act 2008
- • Indian Contract Act 1872 & Sale of Goods Act 1930
- • Transfer of Property Act 1882 & Specific Relief Act 1963
- • Negotiable Instruments Act 1881 (Sec 138 bounce vs IBC Moratorium)
- • SARFAESI Act 2002 (Securitization, Enforcement of Security Interest)
- • Recovery of Debts and Bankruptcy Act 1993 (RDB Act / DRT proceedings)
- • Arbitration and Conciliation Act 1996 & Mediation Act 2023
- • Prevention of Money Laundering Act (PMLA) 2002
- • Limitation Act 1963 (Applicability to Section 7 & 9 IBC petitions)
- • SEBI (LODR) Regulations & SCRA 1956 provisions
- • Swiss Ribbons Pvt. Ltd. vs Union of India (Constitutional validity of IBC)
- • Essar Steel India Ltd. vs Satish Kumar Gupta (Commercial wisdom of CoC)
- • Innoventive Industries vs ICICI Bank (Default vs Dispute parameters)
- • Mobilox Innovations vs Kirusa Software (Pre-existing operational dispute)
- • 70+ Curated Application-Oriented Case Study Scenarios (High Weightage)
Cloud-Based Platform Features
Auto-Saved Cloud Progress
Pause any mock or chapter quiz midway and resume anytime from where you left off on any device.
Topic Mastery Diagnostics
Get visual accuracy percentages across IBC Core, Allied Laws, and Case Studies to target your revision.
Unlimited Practice Attempts
Re-attempt chapter quizzes and full-length mocks as many times as you need until you achieve 100% confidence.
Cross-Device Responsive
Study on your mobile during commute or practice full timed mocks on laptop with zero lag.
Step-by-Step Path to Becoming an IP
Eligibility Verification
10 years of post-qualification experience as a Chartered Accountant, Cost Accountant, Company Secretary, or Advocate (or 15 years in management).
Pass the Limited Insolvency Exam (LIE)
Score a minimum of 60% in the computer-based online examination conducted by IBBI / BSE. Passing result remains valid for 24 months (2 Years).
Complete 50-Hour Pre-Registration Course (PREC)
Enroll and complete the mandatory 50-hour practical educational course through an Insolvency Professional Agency (such as IIIPI of ICAI, ICSI IIP, or IPA of ICAI).
Register with IBBI & Obtain Authorisation for Assignment (AFA)
Apply for formal registration with IBBI as an Insolvency Professional to take up statutory CIRP, Liquidation, and Resolution assignments across NCLTs.
Frequently Asked Questions
Our mock test engine applies the exact 25% negative marking penalty. Detailed review reports show you how many marks were lost to reckless guesses, helping you develop the exact discipline needed to pass.
Yes! Every question in both Topic-Wise Quizzes and Full Mock Tests includes detailed legal reasoning, section references, and relevant court citations.
Access is instant and automatic. Upon checkout, your Prokhata dashboard activates immediately with all chapter quizzes and timed mock tests.
