Celebrating ‘Azadi Ka Amrit Mahotsav’, the Insolvency and Bankruptcy Board of India (IBBI) in association with Insolvency Professional Agencies (IPAs) has organized ‘Awareness Programme about Insolvency Profession with special reference to Graduate Insolvency Programme (GIP)’ at LPU campus to stimulate the youth of India to contribute to the nation building process and be cognizant of key reforms being unleashed by Government of India including the one about managing the insolvency space with speed and agility. The Chief Guest of the programme was Dr. Sorabh Lakhanpal, Head, Student Welfare Wing, LPU. CA Mahesh Bansal, Insolvency Professional, delivered on Inspiring Young Indians in Nation Building Process through Insolvency Legislation.
Mr Anoop Mohanty, Assistant Professor, Mittal School of Business, LPU, delivered The Insolvency and Bankruptcy Code, 2016 (Code), which ushered in one of the deepest economic reforms in the insolvency space. Insolvency Professionals (IP) play a key role in meeting the objectives of the Code especially in the context of resolution of distressed assets. An IP conducts resolution, liquidation and bankruptcy processes of companies, limited liability partnerships, partnership firms, proprietorship firms and individuals. IP is the beacon of hope for the corporate person in financial distress and its stakeholders. The Code, therefore, rightfully recognizes IP as a key pillar.
The Insolvency and Bankruptcy Board of India (IBBI) is a principal regulator under Code, responsible for development and regulation of the profession of IP with support from Insolvency Professional Agencies (IPAs) like IIIPI , who act as front-line regulators of IPs.
Presently, an individual with 10-15 years of professional experience is eligible for seeking registration as an IP. IBBI has however also recognized the Graduate Insolvency Programme (GIP) for those aspiring to take up the discipline of IP as a career or seeking to take up other roles in the value chain, in India and in foreign jurisdictions. A student who completes GIP is also eligible for registration as an IP, without having to wait to acquire 10-15 years’ of working experience. IBBI has approved GIP, being offered by the Indian Institute of Corporate Affairs. IBBI has also granted approval to National Law Institute University, Bhopal to offer GIP.
Institutions are the foundations of a well-functioning market economy. Professions have emerged as important institutions. Their influence in the making of the society and the economy has been growing over the years and professionalization to a large extent determines the competitive edge of nations and sustainability of prosperity. The country needs professionals with high ethical standards and who are aware of the moral obligations and potential impact of their thinking, decisions, and actions.
Lovely Professional University has been a wonderful platform for learning and training students to become a man of value.