New Delhi: The Ministry of Skill Development and Entrepreneurship (MSDE) today announced the launch of training program for the new job role of ‘Insolvency Associates’, in partnership with Insolvency and Bankruptcy Board of India (IBBI). The program will provide youth an opportunity to be a part of the growing insolvency management profession in our country.
This first-of-a-kind course, designed to provide the Indian youth with a better career opportunities, will help them build a dynamic and unique career for themselves, while contributing to the overall growth and development of the economy. Once a plea for insolvency has been admitted, the plea has to be resolved within a time bound period of 180 days and is extendable by maximum 90 days. Insolvency Associates will assist Chartered Accountants, Company Secretaries and other insolvency professionals, licensed by the IBBI, in the smooth functioning of the Insolvency & Bankruptcy Code (IBC) 2016.
Sharing his views on the launch of this unique program, Shri Dharmendran Pradhan, Minister for Petroleum & Natural Gas and Minister for Skill Development & Entrepreneurship, Government of India, said, “I am thankful to Insolvency and Bankruptcy Board of India for collaborating with Ministry of Skill Development & Entrepreneurship for the launch of Insolvency Associate program. Today there is a major worry regarding the fraudulent cases specially when it comes to money. However the Insolvency and Bankruptcy Code 2016 is a major reform towards resolving insolvency cases in a definite time frame. Five years back we didn’t know that a course like Insolvency Associate could generate employment and self-employment opportunities for the youth. We are constantly adapting to the industry requirement by introducing new age skill development courses for blockchain technology, artificial intelligence among others. To strengthen the overall skill ecosystem, we are facilitating international employment opportunities through collaboration with Japan, UAE etc. We also plan to introduce many more programs which are aspirational among the youth in our country and are happy to launch one such initiative from the prestigious Delhi University.”
Sharing his views on the launch of this unique program, M.S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India, said, “The reforms introduced by The Insolvency Code have defined turnaround times for such cases. This in turn has led to a need for certain tasks, which are highly specialized, to be completed correctly within a set time period. We are glad that MSDE has seen this sectoral growth as an opportunity to generate employment and meet the career aspirations of the youth. We are confident that youth trained under this program will be an assets to the economic growth of our country and will contribute significantly towards building of New India.”
The 250-hour course will cover various aspects related to the Insolvency Code, Companies Act, accounting, valuation and secretarial practice. The course is expected to begin from July 15 and is being launched through best-in-class institutions and reputed law & commerce colleges across the country. The cost of the course will be subsidized by MSDE under the Pradhan Mantri Kushal Vikas Yojana (PMKVY). The IBBI will also aid in placing successful candidates in Insolvency Professional Agencies.
Graduates in commerce, management, economics and law, along with intermediaries of Chartered Accountant, Cost Accountant or Company Secretary would be eligible to apply for the program. After completion of the program, the associates will assist insolvency resolution professionals in their respective cases.
MSDE is making constant efforts to map new job roles in order to meet existing and future market demand. Various courses are in the process of being introduced to train the youth to contribute to crucial sectors which are critical to nation-building.
True to the motto of ‘Saaf Niyat, Sahi Vikas’, these initiatives will not only achieve the vision of the ‘Skill India’ initiatives, but will also contribute substantially to the holistic growth of the country.