CS Professional · June 2026 · Paper 6
CS Professional Corporate Restructuring, Valuation and Insolvency June 2026: 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 | Sector-specific merger synergies and non-financial due diligence areas in a healthcare acquisition | Planning and Strategy |
| 1(b) | 5 | Pros and cons of a stock component in acquisition consideration and factors for fixing the swap ratio | Planning and Strategy |
| 1(c) | 5 | Regulators whose approval an amalgamation needs and a likely legal challenge with mitigation | Regulatory Approvals of Scheme |
| 1(d) | 5 | Cultural integration risks after a merger and strategies to manage employee and customer transition | Process of M&A Transactions |
| 2(a) | 5 | Eligibility of different company pairs for fast track merger after the 2025 amendment to the compromise rules | Fast Track Mergers |
| 2(b) | 5 | Fixing the minority squeeze-out price under section 236 using the valuation rule for minority shares | Acquisition of Company or Business |
| 2(c) | 5 | Types of due diligence carried out during an M&A transaction | Process of M&A Transactions |
| 2(d) | 5 | Examples of technology-driven corporate restructuring by Indian companies | Types of Corporate Restructuring |
| 2A(i) | 5 | Identifying a takeover defence that sells key assets and loads debt, with its risks | Acquisition of Company or Business |
| 2A(ii) | 5 | Maximum buy-back amount and number of shares under section 68 from given reserves and debt | Acquisition of Company or Business |
| 2A(iii) | 5 | Reverse acquisition versus IPO as a listing route and the risks for both sides | Types of Corporate Restructuring |
| 2A(iv) | 5 | Appointed date versus effective date in a merger and which entity accounts for interim profits | Accounting in Corporate Restructuring: Concept and Accounting Treatment |
| 3(a) | 5 | End-to-end valuation process using DCF and comparables to arrive at a defensible swap ratio | Valuation of Business and Assets for Corporate Restructuring |
| 3(b) | 5 | Eligibility of a company to register as a registered valuer entity under the valuation rules | Overview of Business Valuation |
| 4(a) | 5 | Slump sale: adjusted net asset value and minimum consideration | Valuation of Business and Assets for Corporate Restructuring |
| 4(b) | 5 | Share exchange ratio based on net asset value and earnings per share | Valuation of Business and Assets for Corporate Restructuring |
| 5(a) | 5 | Use of the Insolvency and Bankruptcy Fund by a contributing company during CIRP and its sources | Insolvency |
| 5(b) | 5 | Tribunal powers to arrest an absconding contributory during winding up under section 301 | Winding-up by Tribunal under the Companies Act, 2013 |
| 5(c) | 5 | Limits on concurrent assignments an insolvency professional may accept | Role, Functions and Duties of IP, IRP and RP |
| 5(d) | 5 | Limits on adjudicating authority powers to revisit a CoC-approved resolution plan, based on case law | Preparation and Approval of Resolution Plan |
| 6(a) | 5 | Impact of the IBC on corporate governance and control shift, with reference to a leading judgment | Insolvency |
| 6(b) | 5 | Compromise or arrangement during liquidation under the CIRP regulations | Liquidation on or after Failing of Resolution Plan |
| 6(c) | 5 | Centre of main interests and recognition of foreign insolvency proceedings | Cross Border Insolvency |
| 6(d) | 5 | World Bank principles for effective insolvency and creditor rights systems | Insolvency |
| 6A(i) | 5 | Coordinating main and non-main proceedings in a multinational group insolvency | Cross Border Insolvency |
| 6A(ii) | 5 | Stakeholders consultation committee in liquidation: timeline, composition and advisory role | Liquidation on or after Failing of Resolution Plan |
| 6A(iii) | 5 | IBBI forms for monitoring voluntary liquidation: purpose, coverage and timelines | Voluntary Liquidation |
| 6A(iv) | 5 | Section 32A immunity for a corporate debtor under new management from pre-CIRP offences | Preparation and Approval of Resolution Plan |
What stood out
- The paper was split into three parts: restructuring (40 marks), valuation (20 marks) and insolvency (40 marks), so insolvency and restructuring were equally weighted.
- Question 1 was a single 20 mark healthcare merger case focused on strategy, synergies, approvals and integration rather than computation.
- Numerical work was concentrated in valuation and buy-back style items: swap ratios, slump sale value, squeeze-out pricing and buy-back limits.
- Recent changes were tested directly, including the 2025 widening of fast track merger eligibility and an IBBI circular on voluntary liquidation forms.
- Case-law based reasoning on IBC (CoC primacy, section 32A immunity, cross-border coordination) featured repeatedly in Part III.
Practise the chapters that carried the marks
Acquisition of Company or Business, Valuation of Business and Assets for Corporate Restructuring, Insolvency: study guides and practice questions in the CS Professional format.