Frequently Asked Questions: LIE MCQs and Case Law Compendium
About the MCQs
Q. What are the LIE MCQs?
A. Timed online practice tests on prepmaterial.in for candidates preparing for the Limited Insolvency Examination (LIE) conducted by the Insolvency and Bankruptcy Board of India (IBBI). After each test you see your score, the correct answers and a detailed explanation for every question. Your result is also emailed to you.
Q. Who has built these questions?
A. Prakash K. Pandya, Advocate, Insolvency Professional and Accredited Mediator, practising before NCLT, NCLAT and the Bombay High Court, with over 25 years of legal practice. The questions draw on his direct experience of insolvency proceedings, not on textbook summaries.
Q. Which syllabus do the questions cover?
A. There are 180 questions in two banks of 90, aligned to the Phase 10 syllabus effective 1 October 2026:
– the Case-Law Bank tests the principle of each of the 90 decisions in IBBI’s list of important cases (Supreme Court, High Courts, NCLAT and NCLT);
– the Application Bank applies the same principles to fresh, fictional facts, without naming the cases.
Each bank has one full 90-minute mock test and seven topic-wise tests, 16 tests in all. The questions are built on the prescribed case law. They are not a complete question bank for every subject in the syllabus.
Q. Is this sufficient preparation for the LIE on its own?
A. No. The MCQs are a diagnostic and practice tool: they show where you stand and help you find gaps. They are not a substitute for studying the IBC, Rules, Regulations and the prescribed case laws in full. Use them alongside a structured study plan.
Q. What are the bonus Practice Scenarios?
A. A bonus section in the LIE MCQs, in addition to the 16 quizzes. Each question is built from a recent decision of the Supreme Court, a High Court or the NCLAT that applies a judgment in IBBI’s list of important cases, with names, figures and some facts changed. You practise applying settled principles to real-world facts, with the same timer, explanations and negative-marking score as the other quizzes. 2 sets (20 questions) are available so far; the latest is Set 2 (October 2026).
Q. Do I pay extra for the Practice Scenarios?
A. No. They are included for LIE MCQs buyers (on their own or with the eBook) while their access is current, but are not part of the ₹49 trial. Further sets are added from time to time as significant rulings are delivered; there is no fixed schedule.
Q. What is the Exam-Pattern Paper?
A. The IBBI Limited Insolvency Examination carries 100 marks in 120 minutes. The Exam-Pattern Paper covers only the part of the exam based on case laws and their application: 75 of the 100 marks, in proportionate time (90 minutes). It has 15 case-law questions of 1 mark each and six case studies with 30 questions of 2 marks each. The remaining 25 marks of the exam are not covered. It is included in the LIE MCQs at no extra cost.
Q. How is the Exam-Pattern Paper marked, and how many attempts do I get?
A. A wrong answer loses a quarter of the question’s marks: 0.25 on a 1-mark question and 0.5 on a 2-mark question. Nothing is deducted for questions you do not attempt, and the pass mark is 60%. You get one attempt, as in the real exam, so start only when you have 90 uninterrupted minutes. If a technical failure interrupts your attempt, write to us.
Purchase and access
Q. What are the current prices?
A. Prices are in Indian rupees, and no taxes or charges are added at checkout:
– LIE MCQs: ₹749
– Case Law Compendium eBook (Second Edition 2026): ₹2,499
– MCQs + eBook: ₹2,999 (you save ₹249)
See the plans page.
Q. How do I purchase?
A. Choose your plan on the LIE MCQs & eBook page and pay online. Enter your email, mobile number and full name, and use an email address you check regularly. Your prepmaterial.in account is set up automatically and MCQ access starts at once. You will receive an email to set your password. The personalised eBook is sent to your email, normally within minutes (at most within 24 hours).
Q. What payment methods are accepted?
A. UPI, card and net banking, through Razorpay. Payment is received by the Chamber of Prakash K. Pandya.
Q. Do I need a Gmail account?
A. No. Any email address works.
Q. How long does MCQ access last?
A. 6 months from purchase, with up to 2 attempts at each test. Access to a test ends when the 6 months end or when you have used both attempts, whichever is earlier. The Exam-Pattern Paper allows one attempt, which you can take at any time within the 6 months. Any attempts not used by the end of the 6 months lapse. Your subscription is limited both by the number of attempts and by the 6-month period: it ends at 6 months, even if some attempts are still unused.
For example, if you buy on 1 January (access until 30 June):
- All attempts used early: by 31 January you have used both attempts at every bank quiz and your one attempt at the Exam-Pattern Paper. Your subscription is fully used with that last attempt: nothing more can be attempted, though you can still review your past attempts until 30 June.
- An attempt left at the end: by 31 January you have used both attempts at every bank quiz but have not taken the Exam-Pattern Paper. You can take it at any time until 30 June. If you have not taken it by then, the subscription ends and the attempt lapses.
- No attempts made: if you make no attempts in the 6 months, the subscription ends on 30 June and all the attempts lapse.
Q. Can I renew the MCQs?
A. Yes, for ₹500, at any time, even before your current 6 months end. Renewal gives a fresh 6 months from the day you pay, with 2 attempts at each bank quiz and one at the Exam-Pattern Paper. Days and attempts left over from your current subscription end when you renew; they are not carried over. Your earlier attempts and their reviews stay available under “Previous subscription” on your quizzes page. Example: renew on 1 March and your new access runs to 28 August. Use the Renew button on the plans page, paying with the same email address as your current subscription.
Try one quiz first (₹49 trial)
Q. What does the ₹49 trial include?
A. One quiz: Case-Law Bank Topic 3, Moratorium and Personal Guarantors (8 questions, 8 minutes), with the same timer, results page, explanations and result email as the full MCQs. Buy it from the trial section of the plans page.
Q. Within what time must I take the trial quiz?
A. Within 7 days of your payment. Your quizzes page on prepmaterial.in shows the exact date and time (IST) your trial ends. You can attempt the quiz up to 2 times within those 7 days. When the 7 days end, trial access ends automatically, whether or not you have taken the quiz, and no refund is given for a trial quiz not taken in time.
Q. Is the ₹49 credited if I buy the full MCQs?
A. Yes, if you upgrade within the same 7 days. Use the Upgrade now button on your quizzes page: you pay ₹700 instead of ₹749. Pay with the same email address you used for the trial, because that is how your trial payment is matched to you. A payment from a different email, or after the 7 days, is not treated as an upgrade, and the full price applies.
Q. Are my trial attempts counted after I upgrade?
A. Yes. Your trial attempts at Case-Law Bank Topic 3 stay on your record and count towards its limit of 2 attempts. If you used both attempts during the trial, you cannot attempt Topic 3 again after upgrading. The other 15 tests come with their full 2 attempts each, and your 6-month access period starts on the date of the upgrade.
Tests and technical issues
Q. Are the tests timed?
A. Yes. Every test allows one minute per question: 90 minutes for a full mock test of 90 questions, and 8 to 18 minutes for a topic test. The test is submitted automatically when the time runs out. (The timings were changed on 8 November 2026; earlier attempts and their scores are unchanged.)
Q. How much of the LIE do the MCQs cover, and how does the practice time compare with the exam?
A. The Case-Law Bank prepares you for the Case Laws section (15 marks: 15 one-mark questions) and the Application Bank for the Case Studies section (60 marks: 30 two-mark questions in six case studies), 75 of the exam’s 100 marks. The 25 statute-based marks are not covered. In proportion to the exam’s 2 hours for 100 marks, Case Laws work out to about 18 minutes (about 72 seconds a question) and Case Studies to about 72 minutes (about 144 seconds a question, including reading the case). These are guides, not rules: the exam has no section-wise timer, and you may spend more time on one question and less on another. At one minute a question, practice runs faster than the exam.
Q. Are marks deducted for wrong answers?
A. Yes, in the score with negative marking. Each question here carries 1 mark: a correct answer earns 1 mark, a wrong answer loses 0.25 mark, and a question not attempted neither earns nor loses marks. In the LIE, a case-study question carries 2 marks and loses 0.5 if wrong: the same 25%, so your net percentage here is comparable with the exam’s 60% pass mark. Your results page and result email show this net score alongside the count of correct answers. The scores recorded for past attempts in your prepmaterial.in profile count correct answers only.
Q. I did not receive my email.
A. Check your spam or promotions folder. If it is not there within a few hours, write to support@prepmaterial.in (or pkpandya.ebook@gmail.com) or call +91 95949 82134 with your Razorpay payment ID.
Refunds and cancellations
Q. Can I get a refund?
A. These are digital products, so sales are final once the eBook is sent or MCQ access is activated. A full refund is given if you paid but did not receive the product, were charged twice or charged the wrong amount, the file or access does not work and cannot be fixed, or you cancel before delivery. No refund is given for a test not taken, or attempts not used, within the access period: 6 months for the full MCQs, 7 days for the trial. See the Refund and Cancellation Policy.
Q. IBBI changed the syllabus after I bought. Am I entitled to a refund?
A. No. Syllabus changes by IBBI are outside our control. We will try to update the questions to reflect material changes within a reasonable time.
Content and accuracy
Q. How current is the law in the questions?
A. The law as in force on 31 August 2026, in line with the Phase 10 syllabus.
Q. I think a question or answer is incorrect.
A. Write to support@prepmaterial.in (or pkpandya.ebook@gmail.com) with the test name, the question and your concern. Every query is reviewed, and corrections are made where warranted.
Q. Can I share questions with my study group?
A. No. The questions, answers and explanations are protected by copyright and are for your personal practice only. Copying, photographing, recording or sharing them in any form is prohibited, and access may be withdrawn without refund. See the Terms of Use.
Contact
Email: support@prepmaterial.in (or pkpandya.ebook@gmail.com) · Phone: +91 95949 82134
Chamber of Prakash K. Pandya, 16, 1st Floor, Star Trade Centre, Sodawala Lane, Borivali West, Mumbai – 400 092
Last updated: 19 October 2026