IICA Launches Sixth Batch of Post Graduate Insolvency Programme

The Post Graduate Insolvency Programme, started in 2019, is a joint effort by IBBI and IICA to cultivate skilled professionals in corporate insolvency and bankruptcy.

The Indian Institute of Corporate Affairs (IICA), under the Ministry of Corporate Affairs, inaugurated the sixth batch of its flagship Post Graduate Insolvency Programme (PGIP) in Manesar on 8th July 2024. The event was attended by notable figures such as Hon’ble Justice S. Ravindra Bhat, Retired Judge of the Supreme Court of India, Dr. Ajay Bhushan Prasad Pandey, Director General and CEO of IICA & Chairperson of National Financial Reporting Authority, Dr. Alok Srivastava, Former Technical Member of NCLAT, Shri Sudhaker Shukla, Whole Time Member of IBBI, and Dr. K.L Dhingra, Head of the Centre for Insolvency and Bankruptcy at IICA.

Key Highlights of the Inaugural Event:

Chief Guest Address: Hon'ble Justice S. Ravindra Bhat, in his inaugural address, emphasized the evolution of the Insolvency and Bankruptcy Code (IBC) over the past eight years. He compared the IBC, 2016 with earlier laws like the RDB Act 1993 and SARFEASI Act 2002, pointing out their fragmented nature. Justice Bhat highlighted the crucial roles of the NCLT, NCLAT, and Corporate Insolvency Resolution Process (CIRP), underscoring the importance of an efficient resolution process over liquidation. He also addressed the challenges faced by IBC, including timely resolution and infrastructure issues, and emphasized the essential skill sets for Insolvency Professionals (IPs).

Insights from Dr. Alok Srivastava: Dr. Alok Srivastava shared his extensive experience with IBC matters, discussing the pivotal role of IPs in the resolution process. He covered topics such as the ease of doing business, the law of limitation, and related party transactions within the IBC framework, highlighting the IBC model's roots in the UK Common Law system.

Remarks by Mr. Sudhaker Shukla: Mr. Sudhaker Shukla, WTM of IBBI, reflected on the Prime Minister's recent remarks during the RBI's 90th Anniversary, focusing on the ‘strategy of recognition, resolution, and recapitalisation’. He noted that the twin balance sheet problem is now a thing of the past and pointed to the success of IBC, evidenced by nearly 1000 resolutions this year and a resolution rate of 131% over liquidations. He praised the creation of IBBI and the PGIP as innovative steps in the insolvency space.

Address by Dr. K.L Dhingra: Dr. K.L Dhingra discussed the success stories of PGIP alumni and the program's contribution to the insolvency and bankruptcy field. He also stressed the importance of ethics in the resolution process.

Welcome Address by Dr. Ajay Bhushan Prasad Pandey: Dr. Ajay Bhushan Prasad Pandey, DG and CEO of IICA, highlighted the robust insolvency framework provided by the IBC and its role in maintaining a healthy credit culture. He emphasized the importance of insolvency resolution in unlocking productive assets and preventing value destruction, and praised IPs for maintaining public trust in the financial system. He also noted that the IBC aims to strengthen the national economy beyond merely resolving NPAs.

Program Overview:

The Post Graduate Insolvency Programme, started in 2019, is a joint effort by IBBI and IICA to cultivate skilled professionals in corporate insolvency and bankruptcy. The program aims to equip participants with advanced skills and insights necessary for navigating corporate restructuring and insolvency proceedings.

The inauguration of the sixth batch of PGIP at IICA marks a significant step towards enhancing expertise in insolvency and bankruptcy. The program has received widespread acclaim from various stakeholders in India and is poised to continue producing professionals capable of leading the field of insolvency and bankruptcy with excellence and integrity.

Dr. Pyla Narayana Rao, Associate Professor at IICA, concluded the event with a vote of thanks.