IBBI Publishes Phase 10 Syllabus for Limited Insolvency Examination, Effective October 2026

Background

The Limited Insolvency Examination (LIE) is the qualifying test that individuals must clear before they can be registered as Insolvency Professionals under the Insolvency and Bankruptcy Code, 2016. IBBI has conducted the LIE since 31st December 2016, and under Regulation 3 of the IBBI (Insolvency Professionals) Regulations, 2016, the Board is empowered to prescribe and periodically revise the examination syllabus, publishing it at least three months ahead of the examination cycle it governs.

The insolvency ecosystem in India has evolved considerably since the LIE was first introduced — through amendments to the Code itself, evolving case law from the Supreme Court, NCLAT and NCLT, and the enactment of new allied legislation. To keep the examination aligned with what a practising Insolvency Professional actually needs to know, IBBI periodically overhauls the syllabus in numbered "Phases." This Press Release announces Phase 10.

Phase 10 of the syllabus will govern every LIE conducted from 1st October 2026 onward, until it is next revised. Candidates currently preparing, or planning to enrol after that date, need to align their study plan with this updated structure.

Syllabus Structure — Subject-wise Weightage

The Phase 10 syllabus is structured around seven subject/topic heads totalling 100 marks. The table below sets out each head and its weightage as published by IBBI.

Business Laws (Weight: 4%)

This head covers the Companies Act, 2013 (specific chapters listed below), the Partnership Act, 1932, the LLP Act, 2008, specified sections of the Indian Contract Act, 1872, and the Sale of Goods Act, 1930.

General Laws (Weight: 7%)

This is the broadest head in the syllabus, spanning commercial, procedural and sector-specific legislation relevant to insolvency practice.

• The Negotiable Instruments Act, 1881; the Transfer of Property Act, 1882
• The Code of Civil Procedure, 1908 (specified sections and Order 21); the Limitation Act, 1963
• — CPC sections in syllabus: 9, 10, 11, 26-32, 38-45, 60-64, 73, 75-78, 89, and Order 21
• The Prevention of Corruption Act, 1988 (read with Section 29A of the IBC) and the Prevention of Money Laundering Act, 2002 (specified sections)
• The Recovery of Debts and Bankruptcy Act, 1993; the Arbitration and Conciliation Act, 1996
• The SARFAESI Act, 2002; the MSME Development Act, 2006 (classification, advisory committee, delayed payments)
• The Real Estate (Regulation and Development) Act, 2016 (specified sections)
• The Securities Contracts (Regulation) Act, 1956, plus four named SEBI Regulations — Substantial Acquisition of Shares and Takeovers (2011), LODR (2015), ICDR (2018) and Delisting of Equity Shares (2021)
• The Employees' Provident Funds and Miscellaneous Provisions Act, 1952

Finance, Accounts and Allied Subjects (Weight: 4%)

Covers corporate finance, financial analysis, liquidity management, tax planning and GST, workmen's rights under labour laws, basic valuation concepts, forensic audit, and — notably — Sections 119, 265 and 314 of the Income Tax Act, 2025, referencing India's newly re-enacted direct tax statute.

Case Laws (Weight: 15%)

Fifteen one-mark questions are drawn from a curated list of landmark judgments annexed to the syllabus (Annexure 1), covering decisions of the Supreme Court, various High Courts, the NCLAT and the NCLT relating to Corporate Insolvency Resolution, Corporate Liquidation and Voluntary Liquidation.

Case Studies (Weight: 60% — the largest component)

Six case-study comprehensions, each with narrative-based questions, together carry 60 of the 100 marks:

• CIRP & Liquidation Process — Case Study A (8 questions × 2 marks = 16 marks)
• CIRP & Liquidation Process — Case Study B (8 questions × 2 marks = 16 marks)
• Pre-Packaged Insolvency Resolution Process (3 questions × 2 marks = 6 marks)
• Individual Insolvency Resolution and Bankruptcy (4 questions × 2 marks = 8 marks)
• Business and General Laws (topics 3 & 4 above) (4 questions × 2 marks = 8 marks)
• Business and Professional Ethics — including Climate Justice, ESG Framework, Carbon Credits and Sustainable Finance (3 questions × 2 marks = 6 marks)

Examination Format & Administration

Checklist for Candidates & Training Firms

CorpLawUpdates Analysis

Two features of the General Laws head stand out: the inclusion of the Digital Personal Data Protection Act, 2023 and the Mediation Act, 2023, and the Finance & Accounts head's reference to specific sections of the Income Tax Act, 2025 — India's re-enacted direct tax statute. Together these signal that IBBI expects incoming Insolvency Professionals to be conversant not just with core insolvency and company law, but with the broader statutory ecosystem — data governance, alternative dispute resolution, and the re-codified direct tax regime — that increasingly intersects with resolution and liquidation work.

The 60-mark Case Studies component keeps practical, scenario-based testing at the heart of the LIE, and remains by far the largest single component of the exam. The explicit inclusion of a dedicated ethics case study on Climate Justice, ESG Framework, Carbon Credits and Sustainable Finance tells candidates and training firms one thing clearly: ESG and climate-linked restructuring scenarios are now fair game on the exam, not a footnote topic.

For training institutes and firms preparing candidates, the immediate compliance challenge is timing: candidates already deep into preparation on the older syllabus for exams scheduled after 1st October 2026 will need to re-map their study plan, particularly around the newly added statutes and the refreshed 90-case list under Annexure 1, which now runs through decisions as recent as early-to-mid 2026.

Looking ahead, given IBBI's pattern of periodic syllabus revisions tied to legislative developments, practitioners should expect further phase revisions whenever significant amendments to the Code, Companies Act, or allied tax and data-protection legislation are notified — making it prudent for candidates to enrol and attempt the LIE reasonably close to when they complete preparation, rather than leaving a long gap that risks a syllabus change mid-preparation.