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With the increase in bankruptcy and bad loans in India, companies are overburdened with fraud loans and the risk of insolvency. Industries also spend most of their time and effort in fixing macroeconomic risks. To resolve and restructure failing businesses, the Government introduced the Insolvency and Bankruptcy Code, 2016. The introduction of the law has given rise to insolvency professionals across the country, thus also generating employment for experienced professionals. The rise in awareness of bankruptcy and insolvency in the banking and finance industry has increased the demand for insolvency courses. Students are rushing for training programmes such as Chartered Accountants, Company Secretaries, Cost Accountants, advocates, etc.
While some students are opting for post-graduation degree in major subjects such as economics, commerce, finance, and management. The entire process gained trust after the government set up a system in place with (IBC), the Insolvency and Bankruptcy code which mainly specifies the requirement for Insolvency professionals. RPs play a vital role after a company is admitted to the (NCLT) National Company Law Tribunal as part of the process.
If the bankruptcy process functions as it’s meant to, thousands of insolvency specialists will be required to supervise the process and run troubled assets as a fragment of asset-sale programmes. The Indian Institute of Corporate Affairs has emerged with a two-year training programme (GIP) Graduate Insolvency Programme as a centre for Insolvency and Bankruptcy. The certificate received from this programme is approved by the (IBBI) Insolvency and Bankruptcy Board of India.
A (GIP) Graduate Insolvency Programme student is eligible for registration as an insolvency professional. You don’t need to acquire 10-years of experience in the field of the subject as needed by the code earlier. GIP’s advisory board consists of regulators, practitioners, judiciary, and other distinguished personalities who administer the overall development of the curriculum. The aim behind bringing forwards such a course is to create an opportunity for deserving individuals. This program helps to offer a competitive route to become an Insolvency Practitioner.
More institutes to start the course
As for now, only IICA offers the GIP course, however, more institutes are likely to start a similar course this year. IBBI has accepted the request from institutes to continue courses with more career options. At the initial period, IICA would serve as a model and gradually more institutes might start the course.
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