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No, they are not eligible, read the actual guidelines, you'll need an experience certificate from the bar council along with a copy of a few judgements (in some states) and the 7 Year experience is with regards to litigation.
Does experience as a transactional lawyer count as experience at the bar? Higher judiciary exams usually require 7 years of experience at the bar. So, are corp lawyers eligible to write the exam after completing 7 years of experience?