Indian Economy·Prelims Strategy

Insolvency and Bankruptcy Code — Prelims Strategy

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Version 1Updated 10 Mar 2026

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Prelims Strategy

For Prelims, a strong grasp of the factual details of the IBC is paramount. Begin by understanding the core objectives and the four pillars: Adjudicating Authorities (NCLT, NCLAT, DRT), Insolvency Professionals (IPs), Information Utilities (IUs), and the Regulator (IBBI).

Memorize the key sections: Section 7 (Financial Creditor), Section 9 (Operational Creditor), Section 10 (Corporate Debtor), Section 14 (Moratorium), Section 29A (Disqualification), and Section 238 (Overriding effect).

Pay close attention to the timelines for CIRP (180, 270, 330 days) and Fast-Track CIRP (90, 135 days). Understand the composition and powers of the Committee of Creditors (CoC), particularly that it comprises financial creditors.

Keep track of major amendments up to 2023, such as the introduction of PPIRP for MSMEs and the recognition of homebuyers as financial creditors. Practice MCQs that test definitional clarity, institutional roles, and the sequence of events in CIRP.

Focus on distinguishing between 'insolvency' and 'bankruptcy' and the different types of creditors. Use mnemonics like 'CIRCLE' and '29A-SHIELD' from Vyyuha Quick Recall to aid memory.