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CS Professional Subject-wise Tips | CRI, Liquidation and Winding-up

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The CS professional programme consists of nine papers in totality, divided into three modules of three papers each. Corporate Restructuring, Insolvency, Liquidation and Winding-up (CRI in short) is one of the papers that has been placed in the second module. In this article, preparation tips for CRI have been discussed.

OVERVIEW OF THE SUBJECT

The subject is divided into two parts- Part I and Part II. ICSI has also published study materials for each of the parts separately. Below is the analysis of both parts:

  • Part I has a weightage of 50 marks and deals with Corporate Restructuring
  • Part II has a weightage of 50 marks and deals with Insolvency and Liquidation.
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RELEVANCE OF THIS SUBJECT FOR THE PROFESSION:

The role of a professional becomes more relevant in the wake of cross-border mergers and takeovers since legal and taxation requirements vary from one nation to another. Corporate Restructuring involves a decision on various technical and legal aspects with regulators. All these activities require professionals including business experts, company secretaries, chartered accountants etc. who have a role to play in a various restructuring process.

OBJECTIVE OF ICSI BEHIND INTRODUCING THIS SUBJECT:

Part I: To provide expert knowledge of legal, procedural and practical aspects of corporate restructuring, mergers and acquisitions, insolvency, liquidation, winding up

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Part II: To ensure that the candidate acquires knowledge if legal, procedural and practical aspects of insolvency and its resolution.

STUDY WISE TIPS FOR PREPARING THE PAPER:

Corporate Restructuring, Insolvency, Liquidation and Winding up is a technical subject and requires in-depth knowledge of both law and procedures. Some of the Do’s and Don’ts in relation to studying the said subject are discussed below:

DO’S:

  • Do focus primarily on understanding the concepts and principles.
  • Do develop the art of reading, interpreting and understanding the law.
  • Do learn relevant sections which are covered under important topics.
  • Do make sure proper learning and writing practice is given equal importance
  • Do make sure to study in alignment with the topics covered in the study material issued by ICSI.
  • Do make sure you are conversant with the latest amendments as applicable on your term of examination.

DONT’S:

  • Don’t mug up the syllabus. The focus should be to be conceptually sound.
  • Don’t take unnecessary extra pressure on yourself while preparing for the subject. This subject requires a thorough understanding and so it is advisable to cover a small amount of topics on a regular basis rather than huge coverage in a hurry.
  • Don’t underestimate the importance of learning and revising as they are the most beneficial in the long run.
  • Don’t depend solely on the notes provided by the private tutors, refer the practice questions and past papers too.

HOW TO STUDY PART I OF THE PAPER:

  • Part I deals with the Corporate Restructuring part of the paper. In a nutshell, it deals with the following three major topics:
    • Mergers & Amalgamations
    • Takeovers
    • Valuation aspects
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However, small topics related to financial restructuring and procedural compliances in relation to the above-mentioned topics are also discussed in the study material.

  • The focus shall be to cover Part I first and then move towards Part II. Emphasis should be laid on covering the above mentioned three topics and then the smaller incidental topics should be covered.

HOW TO STUDY PART II OF THE PAPER:

  • The most important topic of Part II of the paper is Insolvency and Bankruptcy Code, 2016. On comparing new syllabus with the old syllabus, it is clear that ICSI has increased the marks weightage for this topic and has also updated the contents in the study material. ICSI thus wants the students to excel at this topic and therefore the importance of this topic from the examinations point of view also increases,
  • The other topics covered in Part II are equally important. Topics such as SARFESI Act, Winding-Up and etc. are covered which hold a lot of relevance in today’s world Therefore a company secretary should be aware of these topics in order to excel at his profession.

HOW MANY HOURS A DAY SHALL ONE STUDY THIS SUBJECT:

Nobody can predict the exact number of hours one must study per day in order to excel at any examination. No. of hours of study per day is actually a relative concept that depends on person to person with their areas of strength and weaknesses playing an important part. Importance shall also be given to quality over quantity. However, where one is unsure and confused about their strategy, one may refer to the following strategy and improvise it as per their convenience:

  • Study the subject at least three days a week investing at least two and a half hours a day.
  • Keep one day for revising and learning the topics covered in the aforesaid three days

Therefore, four days a week would surely be enough to prepare this interesting subject.

FOR STUDENTS WHO HAVE SWITCHED OVER FROM OLD SYLLABUS TO NEW SYLLABUS:

For students who have switched over from old syllabus to new syllabus, there is nothing serious to worry about while preparing for this paper. No sea saw changes have been made, rather in Part I some minute new topics have been introduced which can be covered easily. In Part II, the coverage of Insolvency and Bankruptcy Code, 2016 has been increased and new topics have been introduced there itself. Therefore a thorough understanding of the same is a must. It is advisable to invest more time in Insolvency and Bankruptcy Code, 2016 as it has come out to be a huge platform for opportunities for the company secretaries.

KEY POINTS TO REMEMBER FROM THIS ARTICLE:

  • Remember Quality over Quantity. Focus on the Quality of your preparation.
  • Quote sections whenever necessary and only when absolutely sure about it.
  • Set small targets and achieve them over a period of time rather than covering large topics in a hurry.
  • Solving past term papers and practice questions is a must.
  • Begin with Part I and then move into Part II.

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