Corporate Restructuring Valuation & Insolvency (CRVI) | CRACKER

Corporate Restructuring, Valuation & Insolvency – CRACKER is a fully solved, examination-oriented question bank for the CS-Professional Group 2, Paper 6, prepared under the new ICSI syllabus and engineered for the final, decisive phase of preparation. It does not re-teach the subject from first principles; instead it reconstructs the paper exactly as ICSI sets it—reproducing past questions, sequencing them topic-wise within each chapter, and answering each one in the precise form the examiner rewards.

What distinguishes the book is the depth of its answers. A valuation problem is not merely defined—it is worked through step by step (Discounted Cash Flow, Net Asset Value, comparable-company and brand-valuation approaches), with the governing rule cited. An insolvency answer is anchored to the relevant section of the Insolvency and Bankruptcy Code 2016, the IBBI regulations, and the deciding case law. A restructuring answer carries the applicable provisions of the Companies Act 2013, the Competition Act 2002, the SEBI Takeover Regulations, and the Income-tax Act 1961. The result is a single source that simultaneously builds recall, answer-writing discipline, and statutory accuracy—the three things that separate a pass from a high score on this paper.

The Present Publication is the 5th Edition | June 2026, authored by CS N.S. Zad and CS Divya Bajpai, with the following noteworthy features:

• [Fully Solved Questions] From previous exams, answered to the latest examination pattern, so practice replicates real paper conditions
• [Topic-Wise Arrangement] Past questions arranged within each chapter, folded into the chapter bodies through the December 2025 session, letting a candidate drill a single concept across multiple years in one place
• [Latest Solved Paper (June 2026)] The June 2026 paper reproduced in full as a separate, fully solved paper with suggested answers (the most recent at the time of publication), and additionally mapped chapter-wise in the trend analysis
• [Fully Updated Answers] Revised to the provisions, amendments, and judicial precedents currently in force, with section references, leading case law (e.g., S.K. Gupta v. K.P. Jain), and the latest regulator circulars (such as the IBBI's VRIN circular) embedded directly in the answers
• [Worked Solutions & Process Maps] Step-by-step worked solutions for valuation and computation questions, and ready document checklists with stage-wise process maps in the procedural chapters (e.g., the document set and the Stage 1–8 NCLT route for a scheme of amalgamation)
• [Marks Distribution & Trend Analysis] Chapter-wise, covering past exams from June 2022 to June 2026, with each question classified as practical or descriptive
• [Comparison with the ICSI Study Material] Chapter-wise, mapping each chapter to its source module for completeness
• [Dedicated Case-Study Chapter] A concluding chapter of integrated case-study questions built specifically for the 20-mark application component of the current paper

The syllabus is covered across the paper's three domains:

• Corporate Restructuring
• Types of restructuring (mergers, demergers, reverse mergers, takeovers, slump sale, joint ventures); acquisition of company/business; planning and strategy; the process of merger and amalgamation transactions; documentation; accounting; taxation and stamp-duty aspects (including set-off and carry-forward of accumulated losses and unabsorbed depreciation under section 72A and amortization under section 35D of the Income-tax Act 1961); regulation of combinations under competition law; regulatory approvals of schemes; fast-track mergers; and cross-border mergers
• Valuation
• Valuation of business and assets across two dedicated chapters, covering the principal methodologies (Discounted Cash Flow, Net Asset Value, comparable-company multiples, premium-price brand valuation), equity-share valuation considerations (size of block, liquidity, dividend record), valuation documentation, and the regulatory framework for valuers—the Companies (Registered Valuers and Valuation) Rules 2017, SEBI valuation requirements, and recent IBBI measures such as the Valuation Report Identification Number (VRIN)
• Insolvency, Liquidation & Winding-up
• The IBC framework and the evolution of insolvency law in India, the UK, and the USA; the role and constitution of the IBBI and the IPA/IP/IU intermediaries; application for the CIRP; the role, functions, and duties of the IP/IRP/RP; resolution strategies; conduct of Committee of Creditors meetings; preparation and approval of the resolution plan; the pre-packaged insolvency resolution process; cross-border insolvency; liquidation on or after failure of the resolution plan; voluntary liquidation; debt recovery and SARFAESI; winding-up by the Tribunal under the Companies Act 2013; and strike-off and restoration of the name of a company and LLP
• Integrated Case Studies
• A separate chapter of long-form, multi-part business scenarios that require candidates to apply restructuring, valuation, and insolvency law together within a single fact pattern

The structure of the book is as follows:

• Three-Part Architecture — The book is organised into 27 chapters across three Parts
• Part I: Corporate Restructuring (Chapters 1–11)
• Part II: Valuation (Chapters 12–13)
• Part III: Insolvency, Liquidation & Winding-up (Chapters 14–26)
• It is followed by a standalone, concluding Case Study Based Questions chapter (Chapter 27) and the Solved June 2026 paper with suggested answers.
• Topic-Wise Sequencing
• Within every chapter, questions are sequenced topic-wise and tagged with the exam session and marks, so the candidate can move through a concept continuously and gauge how it has historically been weighted and framed
• Examiner-Style Answers
• Each question is paired with a complete, self-contained answer presented in the examiner's expected structure: narrative answers in prose, computation answers worked through stepwise, and procedural answers laid out as checklists and stage tables
• Coverage Through December 2025, Plus a Standalone June 2026 Paper
• The chapter bodies carry past questions through the December 2025 session; the June 2026 paper is presented separately as a fully solved paper and is additionally mapped, question by question, against the chapters in the Trend Analysis
• One-to-One ICSI Mapping
• The 26-chapter spine maps one-to-one to the ICSI Study Material, while Chapter 27 supplies the integrated-question format that the official material does not isolate