-> Understanding the LIE
What is the official name of the insolvency exam?

Limited Insolvency Examination.

Who conducts the Limited Insolvency Examination (LIE)?

The LIE is conducted by the Insolvency and Bankruptcy Board of India (IBBI). It is the mandatory qualifying exam for becoming a Registered Insolvency Professional under the Insolvency and Bankruptcy Code (IBC), 2016.

What is the core objective of the LIE?

LIE is designed not to test memory, but to evaluate a candidate’s ability to apply legal concepts in real-world insolvency situations—similar to how a surgeon would approach financial restructuring.

How is LIE different from other professional exams?

It emphasizes application over theory, requiring conceptual clarity, understanding of legal procedures, judgment-style reasoning, and case law interpretation.

-> Exam Pattern and Syllabus
What is the breakup of 100 marks?

Information-based questions: 25 Marks
Case law/Study-based questions: 75 Marks

How is the LIE structured?

The exam includes 65 Multiple Choice Questions (MCQs) of 100 marks:

• 35 Case-Based MCQs (2 marks each)
• 30 Standalone MCQs (1 mark each)

What is the passing score?

A candidate must score at least 60 out of 100 to pass the exam.

What is the weightage of Case Studies in the LIE?

70% of the total marks come from case studies. This is the most crucial section.

Case laws and case studies are based on _______?

Primarily the IBC Code.

What types of case studies appear in the LIE?

• CIRP & Liquidation (2 case studies – 20 marks each)
• PPIRP (1 case study – 8 marks)
• Individual Insolvency (1 case study – 8 marks)
• Business & General Laws (1 case study – 8 marks)
• Ethics (1 case study – 6 marks)

-> Syllabus Coverage and Importance
What is the weightage of IBC-related questions?

77%

What is the importance of the IBC Code and its Regulations?

Though they carry a combined 10% weight (IBC - 4%, Regulations - 6%), they have 100% relevance—you must understand them thoroughly to succeed in the case studies and MCQs.

How much do Case Laws contribute to the exam?

Case laws contribute 5% directly and 62% indirectly.

How many Acts/statutes are covered in the syllabus?

80 Acts + IBC (but no worries, you’ve gone through the head/tail of every Act).

Which Business and General Laws are included?

• Business Laws: Companies Act, Contract Act, LLP & Partnership Act
• General Laws: NI Act, Limitation Act, CPC, SEBI, PMLA, MSME Act, RERA, Transfer of Property Act, and DPDP Act, 2023.

Is finance and audit knowledge needed for the LIE?

Yes, though only 4% in weight, topics like valuation principles (DCF, NAV), financial ratios, and audit objectives are easy to score if conceptually clear.

-> Smart Preparation Strategies
How should I approach conceptual learning?

Start with the IBC Code, understand the ‘why’ and ‘how’ of each section, and link them with relevant regulations.

What is a Section-Role Matrix and why is it useful?

It helps you map who does what (RP, AA, CoC, IBBI, Liquidator)—critical for answering real-world scenario questions.

What’s the best way to study case laws?

Prepare a one-line digest for each case covering the:

• Statutory provision
• Brief facts
• Legal ratio or outcome

How many mock tests should I attempt?

Ideally 10 full mock tests under exam conditions, with a focus on post-test analysis to identify weak areas.

-> Recommended Practice Tools
Why is regular MCQ practice important?

To improve speed, accuracy, and confidence—aim for 50–100 MCQs daily, focusing on conceptual clarity, procedural flow, and case-based logic.

What’s the benefit of an ‘Error Log’?

It helps track recurring mistakes so you can revise smarter, not harder.

What’s the right way to revise?

Use colour-coded timelines, mnemonics for thresholds, and focus on role-based responsibilities.

How do I stay updated with legal changes?

No need as an LIE student; read them after passing the exam.

What mindset is expected in the LIE?

Think like a professional, not a student. Don’t panic at tough questions. Trust logic, jurisprudence, and your process.

-> How Our Platform Helps You Succeed
What does this platform offer to LIE aspirants?

We provide a complete and structured toolkit comprising of:

• 6,000+ MCQs covering CIRP, PPIRP, Liquidation, Individual Insolvency & Ethics
• 1,000+ case studies simulating exam-style scenarios
• 1,000+ MCQs covering Business Laws & General Laws
• 500+ business law case studies
• Summaries of all 80 landmark case laws (1–2 pages each)
• 800+ MCQs based on case laws (SC, HC, NCLAT, NCLT)
• 60% coverage from each bullet will transform you from a student to an IP.
• Insights, checklists, and cross-references to connect sections with rules and roles

Is this MCQs and case studies pack exam-style?

Yes. All content is AI-generated to reflect real exam patterns, ensuring practical thinking over rote learning.

Does it cover ethics and professional conduct?

Yes, including judgment-style dilemmas, homebuyer issues, CoC bias, and professional boundaries.

Can this material help someone with limited time?

Absolutely. It’s designed for working professionals who need focused, high-yield content without wasting hours.

What is the biggest advantage of this platform?

It helps you think like the examiner—before passing as well as after passing the exam.