The Government is all set to launch a Graduate Insolvency Programme, to groom bankruptcy professionals. This is a tailored academic course and first of its kind in the entire world. This course is estimated to craft nearly 45 bankruptcy professionals every year.
This course is equivalent to any other honours course offered at IIMs i.e.[the Indian Institute of Management] or IIT i.e. [Indian Institute of Technology].
The Graduate Insolvency is a 27-month course and is expected to help India to recover loans as the country is facing difficult to regain Rs. 10 lakh crore in soured loans. Also, this loan is going to set international standards for insolvency professionals.
A senior official at the Insolvency and Bankruptcy Board of India said that by the next month we will launch all the preparations at an advanced stage.
The outline of this course is designed by a six-member working group including admission dates, course fees, study modules and more.
MS Sahoo, Chairperson Insolvency and Bankruptcy Board of India [IBBI] said that we have designed the concept of Graduate Insolvency Programme which is first of its kind in the world to groom dynamic professionals. We are looking forward to introduce this course from the coming academic year.
The commerce students with minimum passing percentage, chartered accountants, cost accountants, company secretaries, law graduates, post graduates in economics, finance and management can sit for the Elimination Test to admission in Graduate Insolvency Programme. This entrance exam is similar to the Common Admission Test [CAT] and thus the competition level is high.
Here, foreign nationals can also try their luck as five seats are kept reserved in this course.
This course study will be outsourced to the institution who will fit in the eligibility criteria. The insolvency regulator sent already sought EoI [Expression of Interest] for the same.
Indians who are, commerce with a minimum percentage of marks can sit for the elimination exam to qualify for the course.
The individual can opt to become insolvency professional, who is responsible to carry out daily business of a company while undergoing insolvency proceedings within a said period else can take up the job of advisor to other stakeholders. Both these careers options are open to enter after obtaining the degree.
The course syllabus is designed to have nearly three to five segments that include on-campus classroom training apart from domestic and foreign internships.
A fee to undergo Graduate Insolvency Programme is likely to range between Rs 7-10 lakh per year. However, the course fee is yet to be finalized.