The Insolvency and Bankruptcy Code, 2016 (IBC), in my opinion is the second biggest reform in our Country after the proposed GST regime.
I am writing this article because I have received numerous calls specially from youngsters seeking guidance as to whether it offers professional opportunities for them or not.
My views are as follows:
For registered Insolvency Professionals (IP), they have an additional qualification of acting as an IP but quite they would need assistance of people who have knowledge of the Code;
All professionals including young and freshly qualified professionals are eligible to engage in advisory opportunities to their clients for which there is a huge requirement as default in payment of debt of Rs 1 lac (in case of defaulting corporate) and Rs 1,000/- (in case of defaulting Individual/Partnership firm) is quite common;
All professionals including young and freshly qualified professionals are eligible to appear for the limited insolvency examination;
IBC offers opportunities of professional practice to all professionals whether experienced or freshers;
Only experienced professionals as specified in the Code are eligible to get themselves registered as an IP after passing the limited insolvency examination;
For engaging in any advisory role pertaining to IBC, passing the limited insolvency examination is not mandatory but recommendatory as it would make one aware about the provisions of the Code; and
Practicing Professionals of all ages can also practice in NCLT and DRT which are the adjudicating authorities for Corporate and Individual Insolvency and this too has opened doors for more opportunities for professionals.
Trust you shall find the above information useful. In case of any clarification, please feel free to mail/call me.
Note: The above are my personal views and should not be construed as that of any institute or statutory body. It is solely intended for creating related awareness among my professional peers.
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