FREQUENTLY ASKED QUESTIONS ON

BASED ON INSOLVENCY AND BANKRUPTCY CODE, 2016 AND REGULATIONS MADE THEREUNDER AND INPUTS FROM IBBI WEBSITE

By passing National Insolvency Examination:- The Board shall, either on its own or through a designated agency, will conduct a National Insolvency Examination in such a manner and at such frequency, as may be specified, to test the knowledge and practical skills of individuals in the areas of insolvency, bankruptcy and allied subjects. This examination has not yet come into force.

By passing Limited Insolvency Examination:- Under Regulation 5 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, Chartered Accountants, Company Secretaries, Cost Accountants, and advocates having ten years of experience are required to pass Limited Insolvency Examination, for registration as an insolvency professional. Further regulation 5 also permits 15 years of management experience after bachelor’s degree, to appear for limited insolvency examination and register as Insolvency professionals after passing the examination.

Registration for a Limited period:- Under Regulation 9 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, Chartered Accountants, Company Secretaries, cost accountants and advocates having more than 15 years of practice experience can register as Insolvency Professional for limited period of six months. This registertion window was opened  till december 31, 2016.