ICAI Initiatives to strengthen Insolvency Professionals

Thursday, May 24, 2018

The Indian Institute of Insolvency Professionals of ICAI (IIIPI) is a Section 8 company established by the Institute of Chartered Accountants of India (ICAI). As an Insolvency Professional Agency (IPA) it is required to enrol, monitor and facilitate the professional development of its members in terms of the Insolvency and Bankruptcy Code (2016). IIIPI completed the first year of its existence around the end of 2017.

IIIPI has captured the pole position with a share of over 60% of all Insolvency Professionals (IPs) in the country. IIIPI has now engaged itself in expanding its developmental activities with the following initiatives:

I. Knowledge Partnership with the Institute of Chartered Accountants of England and Wales (ICAEW)

The Institute of Chartered Accountants of England and Wales (ICAEW) is the largest regulator of Insolvency Professionals in the UK. With over 30 years of extensive experience, they promote, develop and support more than 1.47 lakh members worldwide.

IIIPI’s exclusive arrangement with ICAEW for knowledge partnership provides member IPs access to their online Insolvency and Restructuring Group (IRG) at heavily discounted rates. They are provided exposure to live and pre-recorded webinars, E-newsletters, Help sheets for Insolvency Professionals on specialised areas of insolvency practice, Access to online specialist insolvency community, concessional rates for ICAEW’s Annual Insolvency Conference, etc. Initial enrolments have commenced for IPs in India.

2. IIIPI-World Bank Group : Select Training Program for IPs

IIIPI and IFC from the World Bank Group (WBG) have commenced their training series for IPs in India. The 1st of such 3 days training programs in India for Insolvency Professionals was held in Mumbai in Jan, 2018. Other programs in the series will be conducted at different centres in coming months.

The training held under the aegis of the Insolvency and Bankruptcy Board of India (IBBI), was conducted by a faculty of global experts and domestic practitioners who shared their knowledge and experiences covering the Corporate Insolvency Resolution Process, supported by an incisive Case Study.

3. Roundtable to review the Insolvency and Bankruptcy Code

IIIPI conducted 3 Roundtables to review the Insolvency and Bankruptcy Code for submission of recommendations to the Insolvency Law Committee (ILC). The submissions were taken into consideration at the deliberations of ILC and are expected to contribute to the final report of the Committee.

4. Insolvency Professional Study Group

IIIPI successfully launched its interactive forum “Knowledge Quest”, where the keynote address was delivered by Mr. S Raghunathan, the ED of National e-Governance Services Ltd (NeSL), the country’s 1st Information Utility (IU).

A scheme for setting up “linked” Study Groups of IIIPI is under finalization, even as IIIPI continues to participate in various interactions of Study Groups of Insolvency Professionals to address issues and concerns.

5. New Initiatives

The following initiatives are planned in the near term:
i. Launch of “The Resolution Professional” – a quarterly Journal of IIIPI.
ii. National Conference on Insolvency and Bankruptcy.
iii. Establishment of “Knowledge SBU”.
iv. Foundation course for newly enrolled IPs, etc.
v. Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO)

CA. Naveen N.D. Gupta, President, ICAI said “The Institute has great expectations from the company established by it for the development of Insolvency Practitioners and the new profession. With the strengthening of its resources and infrastructure, IIIPI is well set to play its role as the premier IPA.”

In a world where opportunities are in a state of constant flux, a career in insolvency practice offers significant potential for growth, even as Artificial Intelligence (AI) was emerging as a threat to conventional professions service area.