The Lovely Professional University (LPU) organized a one-day awareness program on the “insolvency profession” for its students and staff, in the lecture hall of the university. Amid ‘Azadi Ka Amrit Mahotsav (AKAM) celebrations taking place across the country; The program was organized in association with the Board of Insolvency and Bankruptcy of India (IBBI) and the Indian Institute of Insolvency Professionals of ICAI (IIIPI), under the leadership of the Ministry of Corporate Affairs of the Indian government.
Key resource person at the event, Insolvency Professional (IP) CA Mahesh Bansal educated nearly 150 attendees on the “Insolvency (IP) Profession”, with particular reference to GIP (Graduate Insolvency Program). Mr. Bansal inspired the students of LPU and all other young Indians in the process of nation building through insolvency legislation.
CA Bansal said: “Institutions are the foundations of a well-functioning market economy. Their influence in shaping society and the economy has grown over the years. In this regard, professionalization largely determines the competitive advantage of nations and the sustainability of prosperity.
The country needs professionals with high ethical standards who are aware of the moral obligations and the 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 program was also meant to educate participants about the major reforms launched by the Indian government. One of these reforms concerns the management of the insolvency space with speed and agility.
The objective of the program was to raise awareness of the remedies available in the event of insolvency, in particular with regard to the reorganization of the distressed assets of MSMEs, in general.
It has been conveyed that an IP (Insolvency Practitioner) conducts resolution, liquidation, and bankruptcy processes for businesses, LLCs, partnerships, sole proprietorships, and individuals. An IP is indeed a hope for a person in financial difficulty.
Currently, a person with 10 to 15 years of professional experience is eligible to apply for registration as a PI. However, IBBI has recognized the Graduate Insolvency Program (GIP) for all aspirants wishing to pursue a career in the discipline of IP or seeking to take on other roles in the value chain, in India and overseas jurisdictions.
A student who completes the GIP can also register as an IP, without having to wait to acquire 10 to 15 years of professional experience. IBBI has endorsed GIP, offered by the Indian Institute of Corporate Affairs.
It is worth mentioning that the Insolvency and Bankruptcy Board of India (IBBI) is responsible for the development and regulation of the IP profession with the support of Professional Insolvency Agencies (IPAs) like the IIIPI, which act as first-line regulators of IPs.
Previously, Assistant Professor Anoop Mohanty from LPU’s Mittal School of Business briefed on the purpose of the program while covering the topic “Insolvency and Bankruptcy Code 2016”. Dean, Division of Student Welfare at LPU, Dr. Sorabh Lakhanpal paid tribute to the elite resource person.
This is one of the most profound economic reforms in the area of insolvency, in the context of the resolution of troubled assets. During the final hours of the program, certificates of attendance issued by the Bankruptcy Board of India (IBBI) were also issued to students and staff members of LPU.