Limited Insolvency Examination (LIE) is conducted by IBBI. At present there is no bar on anyone to appear for LIE. Any student or professional can appear for LIE. However if anyone wish to enrol as an Insolvency Professional and have requisite experience as prescribed under IBBI (Insolvency Professionals) Regulations, 206 then enrolment has to be done with the Insolvency Professional Agency within 12 months of passing the LIE. Minimum passing percentage for clearing LIE is 60%.
I cleared LIE in first attempt in 2018 and studied from the following two books:
a) Guide to Insolvency and Bankruptcy Code,2016 (Section wise commentary) by Ms. Mamta Bhargava who is an FCS,LLB and IP.
b) Limited Insolvency & Bankruptcy Examination Question Bank of Taxmann by CA Hema Shah & CA Anjali Choksi.
(There are lot of other books also available on the subject on Amazon.)
Tips for clearing LIE:
The most scoring area is case laws which contain six questions of 2 marks each and transaction analysis which contains 4 questions of 1 mark each thereby summing up to 16 marks of the entire exam.
Once you are thorough with IBC,2016 and Rules and Regulations made thereunder which comprise total 40 marks of the exam attempting transaction analysis becomes really easy.
IBBI has already prescribed a list of case laws on their website which needs to be understood properly and can bag you 10 marks easily.(This sums up preparation for 66 marks).
Since professionals already have a grip in Companies Act,2013 so not much time is invested in revising that along with LLP Act,2008. This sums up to another 8 marks preparation.
Next focus should be on allied laws like RDDBFI Act,1993 and SARFAESI Act,2002 as one should also have knowledge of these laws while working under IBC. This will prepare you for next 6 marks.(This completes 80% of the preparation.)
Now one can accordingly plan to give how much time to the remaining topics of 20 marks.
Revision is must before appearing for exam as exam is bit tricky and complicated.
Don't attempt all the questions if you are not sure about answers as there is negative marking as well.
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