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Now, as far as real-life accuracy is concerned, and this is speaking from my extensive experience of almost using it daily - it gives you a very solid base for any topic. And if you continue asking it in a structured manner it will respond with sources and even take quotes from govt. PDFs. Structuring example - "Tell me everything about crimes against women in India. Give me an introduction, issues involved, reasons, 3-5 important statistics, reports and their findings, way forward, successful interventions by state & central govt and global interventions and some experimental innovative ways which can help in reducing the crimes, also show 3-5 research papers and their findings into and give a conclusion & some good quotes which I can put in my answer."
However, sometimes it hallucinates. Meaning, it will just lie or give incorrect information. So, be a bit cautious.
For e.g. - Summarise all the 2023 updates in the IBC rules and also mention important related cases. Categorise them according to functional area.
Also, for any doubts, directly thinking of it as an assistant ask it queries. For e.g. - can you tell me the best guide in 2023 to understand all aspects of IBC?
But the point to remember is - ask GPT4 in Bing. It is the new version and connected to Internet.
I asked this and the reply was - Sure, I can help you with that. There are some books that you can read to quickly understand all aspects of the insolvency and bankruptcy code in India. Here are some of them:
- INSOLVENCY AND BANKRUPTCY CODE 2023 EDITION IN 2 VOLUMES by SHWETA BHARTI¹. This book contains the updated text of the IBC with rules, regulations and guidelines. It also covers the jurisprudence on the IBC and provides case studies and practical insights.
- Taxmann's Insolvency and Bankruptcy Code with Rules and Regulations by Taxmann². This book contains the amended, updated and annotated text of the IBC with 15+ rules and regulations, notifications, RBI directions, etc. It also provides a short commentary on the IBC and the Insolvency and Bankruptcy Code (Amendment) Act, 2021.
- Taxmann's Insolvency and Bankruptcy Law Manual by Taxmann³. This book contains the amended, updated and annotated text of the IBC along with 28+ relevant rules and regulations, 85+ guidelines, notifications, circulars, etc. It also provides a comprehensive guide to the IBC and its related laws and procedures.
- E-Book - Ministry Of Corporate Affairs⁴. This is an online resource that provides the official text of the IBC and its amendments, ordinances and rules. It also provides the latest notifications and circulars issued by the Ministry of Corporate Affairs.
I hope this helps you. If you have any other questions, please feel free to ask me. 😊
Source: Conversation with Bing, 12/6/2023
I intend to intern with such a place dealing with Insolvency and Restructuring and want to prepare for the same. Would really appreciate some suggestions.