Lovely Professional University (LPU) organized a one-day awareness programme on ‘Insolvency Profession’ for its students and staff members, at the Conference Hall of the university. Amid celebrations of ‘Azadi Ka Amrit Mahotsav (AKAM) going on countrywide; the programme was held in association with Insolvency and Bankruptcy Board of India (IBBI), and Indian Institute of Insolvency Professionals of ICAI (IIIPI), under the guidance of Ministry of Corporate Affairs, Government of India.
Chief resource person at the event, Insolvency Professional (IP) CA Mahesh Bansal awakened nearly 150 participants about ‘Insolvency Profession (IP)’, with special reference to GIP (Graduate Insolvency Programme). Mr Bansal inspired LPU students and all other young Indians in the nation building process through insolvency legislation.
CA Bansal shared: “Institutions are the foundations of a well-functioning market economy. Their influence in the making of society and the economy has been growing over the years. In this regard, professionalization to a large extent determines the competitive edge of nations and sustainability of prosperity.
The country needs professionals with high ethical standards, and who are aware of the moral obligations and potential impact of their thinking, decisions, and actions. LPU has, indeed, been a wonderful platform for learning and training students to become men of values.”
This futuristic programme was also to make participants conscious of the key reforms being unleashed by the government of India. One of such reforms is about managing the insolvency space with speed and agility.
The purpose of the programme was to create awareness about remedies being made available in dealing with insolvencies, particularly in respect of reorganization of distressed assets of MSMEs, in general.
It was forwarded that an IP (Insolvency Professional) conducts resolution, liquidation and bankruptcy processes of companies, limited liability partnerships, partnership firms, proprietorship firms and individuals. An IP is indeed a hope for a person in financial distress.
Presently, an individual with 10-15 years of professional experience is eligible for seeking registration as an IP. However, IBBI has recognized the Graduate Insolvency Programme (GIP) for all aspirants eager to take up the discipline of IP as a career, or seeking to take up other roles in the value chain, in India and in foreign jurisdictions.
A student who completes GIP is also eligible for registration as an IP, without having to wait to acquire 10-15 years’ of working experience. IBBI has approved GIP, being offered by the Indian Institute of Corporate Affairs.
Worth mentioning, the Insolvency and Bankruptcy Board of India (IBBI) is responsible for development and regulation of the profession of IP with support from Insolvency Professional Agencies (IPAs) like IIIPI, which act as front-line regulators of IPs.
Prior to this, Assistant Prof Anoop Mohanty at LPU’s Mittal School of Business briefed about the objective of the programme while covering the topic on ‘Insolvency and Bankruptcy Code 2016’. Dean, Division of Student Welfare at LPU, Dr Sorabh Lakhanpal honoured the elite resource person.
This is one of the deepest economic reforms in the insolvency space, in the context of resolution of the distressed assets. During concluding hours of the programme, certificates of participation by the Bankruptcy Board of India (IBBI) were also issued to LPU students and staff members.