CAs, bankers in a rush to pass insolvency exam

Test on lines of IIT-JEE

With the Reserve Bank of India (RBI) asking banks to take defaulters through the insolvency process, the role of insolvency professionals has assumed importance and people are rushing to clear the qualifying examination.

Sources said bankers last week met to decide on the appointment such professionals, considering the number of cases that would pile up and the acute shortage of insolvency professionals in the country.

However, the gap was expected to close fast as many had queued up to qualify as insolvency professionals, said Khushroo Panthaky, director at Grant Thornton Advisory.  

Earlier, the hierarchy of preference for claims in