IICA launches graduate programme for insolvency professionals

The Indian Institute of Corporate Affairs (IICA) has launched the Graduate Insolvency Programme (GIP) for individuals aspiring to join the insolvency profession in India and abroad.

This is among the first such courses in the world for professionals dealing with insolvent companies and helping them achieve debt resolution.

Approved by the Insolvency and Bankruptcy Board of India (IBBI) and curated by a group comprising economists, insolvency, financial and legal experts, the GIP aims to create trained professionals in the insolvency resolution practice for the near future.

The two-year programme comprises of one year of residential classroom and another year of internship.

M S Sahoo, Chairperson, IBBI said, "An insolvency professional is a key institution of the insolvency regime. 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 management experience after completion of their graduation.

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.

The Insolvency and Bankruptcy Code (IBC), was introduced in 2016 to help financially-troubled corporations achieve debt resolution, following which there has been a jump in the demand for professionals in the field.