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Pranav Khatavkar is a Mumbai based Advocate. He has penned a commentary on the Insolvency and Bankruptcy Code, 2016 (“Code”). Along with that, he has published several articles in journals such as International Journal of Legal Sciences and Research, World Journal on Juristic Polity, International Journal of Legal Research, International Journal of Law and Legal Jurisprudence Studies, Plebs Journal of Law and Symbiosis Student Law Review. He is also the founding editor of a journal called International Commercial Law Review. In a short span of seven months after writing his first book on the Code, Pranav has recently penned a second book on the insolvency professional examination that seeks to prepare candidates appearing for the insolvency professional examination.
Legal Bites: Congratulations sir on penning a second book in relation to India’s rewritten bankruptcy law (i.e. Insolvency and Bankruptcy Code, 2016) in such a short span of time! How does it feel?
Mr. Khatavkar – Well thank you! It’s very kind of you to say that. It feels great.
Legal Bites: While in your first book you lucidly explained the provisions of the Code and it was received very well by the industry, what was your motivation behind penning a second book specifically focusing on the insolvency professional examination?
Mr. Khatavkar – The Insolvency and Bankruptcy Code, 2016 sets a golden standard for insolvency resolution and liquidation/bankruptcy for various entities (i.e. corporates, individuals and partnership firms). As the Code is largely executed through the insolvency professionals, the success of the Code hinges on their skills and competence. Considering the powers and duties conferred on insolvency professionals under the Code, it is clear that the entire insolvency resolution process revolves around them.
In order to ensure the success of the Code, it is imperative that we produce competent and knowledgeable insolvency professionals. This book focuses on fully preparing a prospective candidate for the insolvency professional examination.
This book for aspiring insolvency professionals is a continuation of my own journey of learning after I wrote a commentary on the Code. I believe that it is also my responsibility to contribute to the creation of quality insolvency professionals in India. Hence this book.
Legal Bites: What are the key features/highlights of your book and how is it different from the other books on this subject that are presently available?
Mr. Khatavkar – I will first deal with the last part of your question. I believe that each book is unique in its own way as every author has his/her own unique style of writing and presenting. So being better or different is subjective as the criteria that each person will apply may vary.
That being said, I believe that as an author one should try to add value to the knowledge/understanding of the readers. At least I have penned my book with that intent. My sole objective when I wrote my first book on the Code and with respect to my present book is the same- to simplify things for the readers. This idea of simplification and demystification is what I believe to be my value addition to the developing bankruptcy jurisprudence in India.
In pursuance of my initiative of simplifying and adding value otherwise, I believe that following are the key highlights and features of my present book:-
- About 1000 questions on all components of the syllabus in accordance with the prescribed format.
- All instructions issued by the Insolvency and Bankruptcy Board of India in relation to the insolvency professional examination have been reproduced in the book.
- The book contains a ready reckoner summarizing all timelines and compliances under the Code and the Rules and Regulations framed thereunder.
- Model question paper for Limited Insolvency Examination released by the Insolvency and Bankruptcy Board of India has been included.
- Law applicable to insolvency professionals has been reproduced.
Legal Bites: How should a budding insolvency professional who intends to appear for the insolvency professional examination go about using your book and prepare for the exam otherwise?
Mr. Khatavkar – First of all, one should be very thorough with what the syllabus is (available here- http://ibbi.gov.in/syllabus.html) and should also carefully study and analyze the model question paper that has been released by the Insolvency and Bankruptcy Board of India (available here- http://ibbi.gov.in/model-Rev2.pdf).
The next step should be to procure and carefully study the bare acts of the subjects that have been prescribed in the syllabus. I recommend studying primarily from the bare act as the questions in the exam are fairly straightforward and not too technical.
After mastering the relevant bare acts or reading it at least two to three times, an applicant should proceed to the next step i.e. solving questions. That is where my book will help. I can say this with a fair amount of confidence that if a candidate appearing for the insolvency professional examination refers to my book, he will be quite well equipped to attempt the exam.
Another way of going about using the book is maybe to first attempt a few questions from each chapter in the book and get a fair idea about the type of questions that may be asked and then proceed to study from the bare act.
Either way, the objective is to ensure that a candidate is well versed with the syllabus and the kind of questions that may come in the exam.
Legal Bites: Any closing thoughts for the candidates?
Mr. Khatavkar – Insolvency professional examination is certainly challenging but at the same time, it is a great learning opportunity. Chart out a proper study plan and stick to it. Keep practising over and over again. Success is then a certainty.