IBBI conducts the Limited Insolvency Examination (LIE) in pursuance of regulation 3 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. The said Regulations inter-alia empowers IBBI to determine the syllabus, format 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(Valuation Rules). The said rule inter-alia empowers IBBI to determine the syllabus, format and frequency of the examination, to be published at least three months before the examination.
In order to bring in objectivity and improvements in the scheme of the above examinations, it has been decided that the frequency of attempts in a LIE or valuation examination, as the case may be, for every candidate, shall be determined after taking into account a cooling-off period of 2-months between each consecutive attempts of such candidate, thereby making a total of 6 attempts in a period of 12 months.
It has been, therefore, advised to implement/ follow the above requirements in LIE/ Valuation Examinations conducted/ attempted after the expiry of the period of 3 months from the date of this circular.
This circular is being issued in exercise of the powers conferred under the provisions of section 196 of the Insolvency and Bankruptcy Code, 2016, Regulations made thereunder and the Valuation Rules.