The Ministry of Skill Development and Entrepreneurship (MSDE) has announced the launch of a training programme for the new job role of ‘insolvency associates’, in partnership with Insolvency and Bankruptcy Board of India (IBBI).
The programme will provide the youth an opportunity to be a part of the growing insolvency management profession in the country.
This first-of-a-kind course, designed to provide the Indian youth with better career opportunities, will help them contribute 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.
“Today there is major worry regarding 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. We are constantly adapting to the industry requirement by introducing new-age skill development courses for blockchain technology, artificial intelligence, among others. We also plan to introduce many more programmes which are aspirational among the youth in our country and are happy to launch one such initiative from Delhi University, said Dharmendran Pradhan, minister for petroleum and natural gas and minister for skill development and entrepreneurship, government of 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 various institutions and reputed law and commerce colleges across the country. The cost of the course will be subsidised by MSDE under the Pradhan Mantri Kushal Vikas Yojana (PMKVY). The IBBI will also aid in placing successful candidates in insolvency professional agencies.