India Inc’s debt problem may soon lead to a new career opportunity for bright young professionals entering the job market in India.
Insolvency regulator IBBI has taken an important step to create a new route for young professionals to take up the career of insolvency professionals.
Towards this end, the Insolvency and Bankruptcy Board of India (IBBI) has set up a working group on ‘Graduate Insolvency Programme’ (GIP). This working group has been tasked to recommend the content, structure and delivery mechanism for the GIP in three months.
Working group members
The working group comprises TV Mohandas Pai, Chairman, Manipal Global Education; PR Ramesh, Chairman, Deloitte India; Sumant Batra, President of the Society of Insolvency Practitioners of India; KV Subramanian, Professor, Indian School of Business; and Sameer Sharma, Director General of the Indian Institute of Corporate Affairs.
“We are looking to create a route for newly qualified young bright professionals (CA, CS, law graduates) to take up a career as insolvency professionals through the GIP,” MS Sahoo, Chairman, IBBI and convenor of this working group, told BusinessLine.
This will be besides the current route, where professionals such as chartered accountants, company secretaries, cost accountants or lawyers with 10 years’ experience can become insolvency professionals by taking up a limited insolvency examination and registering with one of the three insolvency professional agencies.
Currently, a management expert with 15 years’ experience can also take this route.
Currently, there is no special route for young professionals to become insolvency professionals and the graduate programme is expected to fill this gap, corporate observers said.