New Delhi: Indian Institute of Corporate Affairs (IICA) has announced a graduate insolvency programme (GIP) to meet the increasing demand for insolvency professionals. The two-year programme, accepted by the Insolvency and Bankruptcy Board of India (IBBI), offers a course for those individuals seeking to enter the insolvency profession or those requiring other roles in the value chain in India and in foreign jurisdictions.

"An insolvency professional is a key institution of the insolvency regime. The graduates of the GIP will add immense value to the insolvency ecosystem and contribute to its further development," IBBI chairperson MS Sahoo said.

The ministry of corporate affairs set up the IICA as a think tank that assists the Ministry's initiatives on all matters relating to corporate affairs.

Growing demand for insolvency professionals

Sahoo said that there is a growing demand for insolvency professionals. There are 2,500 insolvency professional exists when only corporate insolvency resolution process is presently there, he said.

"An insolvency professional is a key institution of the insolvency regime. The graduates of the GIP will add immense value to the insolvency ecosystem and contribute to its further development,"

"A bigger segment which is waiting to come is individual insolvency resolution and individual bankruptcy and when it comes, the demand for such insolvency professionals will increase," Sahoo said.

The course provides firsthand experience in building domain expertise over two years – including one year of residential classroom and another year of internship – cultivating soft skills for the dynamic socio-cultural milieu as well as dealing with real-time situations.