Ministry of Skill Development and Entrepreneurship launches training programme for ‘Insolvency Associate’

New Delhi, July 14, 2018: The Ministry of Skill Development and Entrepreneurship (MSDE) on July 11 announced the launch of training programme for the new job role of ‘Insolvency Associates’, in partnership with Insolvency and Bankruptcy Board of India (IBBI).

The programme will provide youth with an opportunity to be a part of the growing insolvency management profession in our country.

 This first-of-a-kind course, designed to provide the Indian youth with better career opportunities, will help them build a dynamic and unique career for themselves, while contributing 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 according to reports published in indiatoday.in

 INSOLVENCY ASSOCIATES

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.

“However the Insolvency and Bankruptcy Code 2016 is a major reform towards resolving insolvency cases in a definite time frame. Five years back we didn’t know that a course like Insolvency Associate could generate employment and self-employment opportunities for the youth”, he added.

INTRODUCTION OF THE INSOLVENCY CODE

“The reforms introduced by the Insolvency Code have defined turnaround times for such cases. This, in turn, has led to a need for certain tasks, which are highly specialized, to be completed correctly within a set time period,” said MS Sahoo, Chairperson, Insolvency and Bankruptcy Board of India.

“We are glad that MSDE has seen this sectoral growth as an opportunity to generate employment and meet the career aspirations of the youth”, he added.

DETAILS ABOUT THE PROGRAMME:

  • 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 best-in-class institutions and reputed law & commerce colleges across the country
  • The cost of the course will be subsidized by MSDE under the Pradhan Mantri Kushal Vikas Yojana (PMKVY)
  • The IBBI will also aid in placing successful candidates in Insolvency Professional Agencies
  • Graduates in commerce, management, economics and law, along with intermediaries of Chartered Accountant, Cost Accountant or Company Secretary would be eligible to apply for the programme
  • After completion of the programme, the associates will assist insolvency resolution professionals in their respective cases

ABOUT MINISTRY OF SKILL DEVELOPMENT AND ENTREPRENEURSHIP (MSDE)

MSDE is making constant efforts to map new job roles in order to meet existing and future market demand. Various courses are in the process of being introduced to train the youth to contribute to crucial sectors which are critical to nation-building.

True to the motto of ‘Saaf Niyat, Sahi Vikas’, these initiatives will not only achieve the vision of the ‘Skill India’ initiatives, but will also contribute substantially to the holistic growth of the country.

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