Mumbai: The government, in the coming weeks, is set to announce a Graduate Insolvency Programme — an academic course which will globally be the first of its kind — with an aim to produce a pool of 45 bankruptcy professionals each year to deal with soured loans. The bespoke programme is said to resemble courses taken by those graduating from the Indian Institute of Management or Indian Institute of Technology institutes with top honours.

By February first week, the Insolvency and Bankruptcy Board of India (IBBI) would be launched, as preparations for the course have reached an advanced stage, a senior executive said.

As Indian banks' soured loans reach close to Rs 10 lakh crore last year, the 27-month course looks headed to set a benchmark around the world for insolvency professionals. The broad contours of the programme such as the course fees, study modules, admission dates etc., has already been finalised by a six-member working panel.

"IBBI has conceptualised the Graduate Insolvency Programme, one of its kind in the world, to groom world-class insolvency professionals and intends to launch it from the coming academic year," said IBBI chairperson MS Sahoo.

By February first week, the Insolvency and Bankruptcy Board of India (IBBI) would be launched, as preparations for the course have reached an advanced stage, a senior executive said.

IBBI was set up in October 2016 to supervise the Insolvency and Bankruptcy Code, which aims to move cases of company failure into a single forum, under which company promoters, banks as well as creditors will all be able to initiate competing proceedings in different courts, regions and tribunals.