Mohali : Under the aegis of the Insolvency and Bankruptcy Board of India (IBBI) in association with IIIPICAI (INDIAN INSTITUTE OF INSOLVENSY PROFESHONALS OF INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA), an Awareness Programme about Insolvency Profession with special reference to Graduate Insolvency Programme (GIP) was conducted at Army Institute of Law, Sector 68, Mohali, today. The programme was joined by students and faculty of law from the institute. This programme was part of ‘Azadi Ka Amrit Mahotsav’ which is celebrating 75 years of independence of our country.
The Insolvency and Bankruptcy Code, 2016 was a great step by the Central Government for reorganisation of distressed assets of Micro and Small- Scale Enterprises (MSMEs). The key speaker CA Arvind Kumar, Advocate Sumer Brar, Advocate Nitin Kant Setia and Advocate Arjan Bir Singh Likhari had elaborated at length about the Insolvency and Bankruptcy Code, 2016, role of IPs, benefits of the Graduate Insolvency Programme. As stated by CA Arvind Kumar, Insolvency Professional this is an upcoming profession for the budding advocates & other professional and the Graduate Insolvency Programme (GIP) is a welcoming step for the younger generation to step into this profession.
The Graduate Insolvency Programme (GIP) is the first of its kind programme for those aspiring to take up the discipline of Insolvency Pofessional as a career or seeking to take up other roles in the value chain, in India and in foreign jurisdiction. The GIP which is having a duration of 24 months covers intensive residential classroom programme of 12 months and hands on internship programme at the cutting edge of the practice for 12 months.
A student who completes the GIP will be eligible for registration as Insolvency Professional under the code, without having to wait to acquire the 10/15 years’ experience as required by the code at present.
