Book Review Of Guide To Insolvency Professional Examinations

I have had the pleasure of perusing a copy of Guide To Insolvency Professional Examination penned by Mr. Pranav Khatavkar, an advocate from Mumbai.

This is Pranav’s second book in relation to the Insolvency and Bankruptcy Code 2016 (Code).

The first one being a commentary titled Commentary on the Insolvency and Bankruptcy Code, 2016 (Decoding the Law of Insolvency and Bankruptcy), which was received very well as is evident from this review.

As an insolvency professional, my primary remark is that this book is practical, user friendly and thorough.

The basic structure of the book is exactly what a prospective candidate intending to appear for the limited insolvency examination (LIE) needs - an intensive practice of multiple choice questions (MCQs).

This book presents about 1,000 MCQs on all the components of prescribed syllabus for LIE.

I have perused the questions presented in the book and having cleared the LIE myself, I say that the questions in this book have been meticulously prepared and follow the exam pattern very closely.

Before delving into the practice questions, this book also ensures that a prospective LIE candidate is very well-equipped with all the information that he/she needs to know regarding LIE. I support this statement on the basis of two unique features of this book. Those are:

• All instructions issued by the Insolvency and Bankruptcy Board of India (board) in relation to LIE.


• The model paper for LIE as released by the board.

This book also contains certain additional features that are a true value addition for a LIE aspirant. Certain questions that come in LIE are fairly technical and in order to tackle them successfully, a candidate needs to learn the provision by rote.

For example, question no. 2 in the model LIE paper released by the Board (available at- http://ibbi.gov.in/model.pdf) has been reproduced as under:

The Adjudicating Authority shall appoint an Interim Resolution Professional within ......... days of the insolvency commencement date.

1. a) 07


2. b) 14


3. c) 21


4. d) 28

The correct answer to this question is “b”. As mentioned previously, one needs to learn the provisions by rote in order to successfully tackle questions like these.

To aid and assist candidates to memorise small details like these, this book provides ready reckoners in the form of systematic tabulations that contain a summary of all compliances and offences under the Code, and the Rules and Regulations.

This book, in a way, is also a manual for insolvency professionals. I say this because it also contains the law applicable to insolvency professionals (both the relevant sections from the Code and the applicable regulations framed by the board) at the beginning itself.

On a lighter note, with this feature, one feels like an insolvency professional already even before he/she starts using the book in order to prepare for the exam!

In closing, I would like to say that this 290-page book is really handy and has also been priced very competitively at Rs. 450. I believe that Pranav is offering a lot to his readers at a very reasonable price. This book, in my opinion, is the best book to prepare for LIE.

Dr. Rajendra Ganatra was previously the MD & CEO of India SME Asset Reconstruction Company Ltd and is now insolvency professional. In 2001, Dr. Ganatra was appointed by the Ministry of Commerce and Industry, Govt of India, as the convener of an inter-institutional group for preparing a report on attracting foreign investments and developing Special Economic Zones in India.