Mumbai: Indian Institute of Corporate Affairs (IICA) launched the Graduate Insolvency Programme (GIP), the first of its kind around the world, for individuals aspiring to join the insolvency profession or seeking other roles in the value chain, in India and in foreign jurisdictions. Approved by the Insolvency and Bankruptcy Board of India (IBBI) and curated by a group comprising eminent economists, insolvency, financial and legal experts, the GIP aims to create leaders in the insolvency practice for tomorrow. It imparts wholesome learning: provides hand-on experience of real-time situations, cultivates soft skills for the dynamic socio-cultural milieu, imbibes ethics, and builds multi-disciplinary domain expertise, over2 years comprising one year of residential classroom and another year of internship.
Dr. Sameer Sharma, Director General, IICA said, “IICA is established by the Ministry of Corporate Affairs as a think tank that supports initiatives of the Ministry on all matters relating to corporate affairs. It has a specialized School of Corporate Law and a dedicated Centre for insolvency research, teaching and training”.
Speaking on the launch of the GIP, Dr. M.S. Sahoo, Chairperson, IBBI said, “An insolvency professional is a key institution of the insolvency regime. He is the beacon of hope for the person in financial distress and its stakeholders.” He added: “The graduates of the GIP will add immense value to the insolvency ecosystem and contribute to its further development.”
An individual is eligible for registration as an insolvency professional if he has ten years of post-membership experience as a Chartered Accountant, Company Secretary, Cost Accountant, or Advocate, or 15 years of experience in management after bachelor’s degree. However, an individual, who has completed the GIP approved by the Insolvency and Bankruptcy Board of India and does not have any experience, is also eligible for registration as an insolvency professional.