CS Professional · June 2025 · Paper 6
CS Professional Corporate Restructuring, Valuation and Insolvency June 2025: paper analysis
Our own analysis of the official paper, as of 12 October 2026. The questions and answers belong to ICSI; read them on ICSI's website.
Chapter-wise marks
Where the marks were in this paper (out of 100; internal-choice alternatives not double counted).
What each question tested
In our words, by question number. Open the official paper for the full question.
| Q | Marks | Tests | Chapter |
|---|---|---|---|
| 1(a) | 5 | Takeover Code process and timelines for informal joint acquirers seeking control of a listed company | Acquisition of Company or Business |
| 1(b) | 5 | Whether a passive increase in voting rights from a buyback triggers open offer obligations | Acquisition of Company or Business |
| 1(c) | 5 | Cash deals versus stock deals in acquisitions: advantages and selection considerations | Acquisition of Company or Business |
| 1(d) | 5 | Aligning differing organisational cultures and structures during pre-merger due diligence | Process of M&A Transactions |
| 2(a) | 5 | Classifying well-known acquisitions as horizontal, vertical, congeneric or conglomerate mergers | Types of Corporate Restructuring |
| 2(b) | 5 | Purchase consideration, fair value of net assets and goodwill or capital reserve under purchase method | Accounting in Corporate Restructuring: Concept and Accounting Treatment |
| 2(c) | 5 | Takeover Code offer price methodology and computation for frequently traded shares | Acquisition of Company or Business |
| 2(d) | 5 | Key documents to be filed for a scheme of amalgamation | Documentation - Merger and Amalgamation |
| 2A(i) | 5 | Treatment of excess net assets on transfer of an undertaking: capital reserve versus general reserve, with case law | Accounting in Corporate Restructuring: Concept and Accounting Treatment |
| 2A(ii) | 5 | Voluntary amalgamation of banking companies under Section 44A of the Banking Regulation Act | Regulatory Approvals of Scheme |
| 2A(iii) | 5 | Cost of acquisition and holding period of shares after a tax-neutral demerger | Taxation and Stamp Duty Aspects of Corporate Restructuring |
| 2A(iv) | 5 | Outbound merger of an Indian company into its foreign holding company and recent amendments | Cross Border Mergers |
| 3(a) | 5 | Valuation using market comparable price-earnings multiples | Valuation of Business and Assets for Corporate Restructuring |
| 3(b) | 5 | Return on equity investment with dividends, and valuation report identification number under IBBI circular | Valuation of Business and Assets for Corporate Restructuring |
| 4(a) | 5 | Ineligibility of a partnership firm to act as registered valuer under the valuation rules | Valuation of Business and Assets for Corporate Restructuring |
| 4(b) | 5 | Transfer of a business division for lump sum consideration: nature, rationale and process | Acquisition of Company or Business |
| 5(a) | 5 | Stock exchange regulatory action and penalty recovery against a company under moratorium | Application for Corporate Insolvency Resolution Process |
| 5(b) | 5 | Powers of an interim resolution professional to run the corporate debtor as a going concern | Role, Functions and Duties of IP, IRP and RP |
| 5(c) | 5 | Corporate person versus corporate debtor: insolvency against a corporate guarantor of a non-corporate borrower | Insolvency |
| 5(d) | 5 | Withdrawal under Section 12A after CoC approval of resolution plan and appeal merits | Preparation and Approval of Resolution Plan |
| 6(a) | 5 | Right of suspended directors to receive resolution plans and confidential documents for CoC meetings | Convening and Conduct of Meetings of Committee of Creditors |
| 6(b) | 5 | Obligations of information utilities under Section 214 | Insolvency |
| 6(c) | 5 | Removal of a company liquidator for conflict of interest and forum for such petition | Winding-up by Tribunal under the Companies Act, 2013 |
| 6(d) | 5 | Service of CoC meeting notices by electronic means and duty to update email addresses | Convening and Conduct of Meetings of Committee of Creditors |
| 6A(i) | 5 | Electronic forms for voluntary liquidation: advantages, documentation and timelines under recent IBBI circular | Voluntary Liquidation |
| 6A(ii) | 5 | Management of the corporate debtor during pre-packaged insolvency and when it vests in the resolution professional | Pre-Packaged Insolvency Resolution Process |
| 6A(iii) | 5 | Bar on voluntary strike off where prosecution is pending after investigation | Strike Off and Restoration of Name of the Company and LLP |
| 6A(iv) | 5 | Contents and timeline of the liquidator preliminary report in voluntary liquidation | Voluntary Liquidation |
What stood out
- The paper was split into restructuring (40 marks), valuation (20 marks) and insolvency (40 marks), with alternatives offered for Q2 and Q6.
- Acquisition of Company or Business led with 25 marks, driven by a 20-mark takeover-code case covering open offer process, creeping acquisition via buyback, cash versus stock deals and cultural integration.
- The paper was strongly applied: 100 of 140 listed marks are practical problem situations, often requiring a decided case to support the conclusion.
- Recent IBBI circulars were examined directly, on valuation report identification numbers and on electronic forms for voluntary liquidation.
- Insolvency marks were spread thinly across nine chapters with no chapter exceeding 10 marks, rewarding broad coverage of the Code over deep study of one area.
Practise the chapters that carried the marks
Acquisition of Company or Business, Valuation of Business and Assets for Corporate Restructuring, Accounting in Corporate Restructuring: Concept and Accounting Treatment: study guides and practice questions in the CS Professional format.