IBBI Reduces Cooling Off Period Between Two Consecutive Attempts In Limited Insolvency Examination And Valuation Examinations
The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 18.01.2024, intimating that the cooling-off period between two consecutive attempts in Limited Insolvency Examination and Valuation Examinations has been reduced to 21 days, from earlier cooling off period of 2 months. Brief background IBBI conducts the Limited Insolvency Examination (“LIE”)...
The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 18.01.2024, intimating that the cooling-off period between two consecutive attempts in Limited Insolvency Examination and Valuation Examinations has been reduced to 21 days, from earlier cooling off period of 2 months.
Brief background
IBBI conducts the Limited Insolvency Examination (“LIE”) in pursuance of Regulation 3 of the IBBI (Insolvency Professionals) Regulations, 2016. The IBBI is empowered to determine the syllabus, format, qualifying marks and frequency of the examination, to be published at least three months before the examination.
IBBI, as the designated Authority, also conducts Valuation Examinations in terms of Rule 5 of the Companies (Registered Valuers and Valuation) Rules, 2017. The Rule 5 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.
Reduction of cooling off period
In order to improve the effectiveness of the exams, the IBBI has reduced the time period between two consecutive attempts from 2 months to 21 days for both LIE and Valuation examinations. This adjustment provides candidates with greater flexibility and opportunities to improve, thereby establishing a more dynamic and responsive examination system.
The IBBI has advised the candidates to follow the aforesaid requirements in LIE and Valuation Examinations conducted/attempted after the expiry of 3 months from the date of this circular.
Ref. No.: No. IBBI/IPE/64/2024
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