The government will soon start a short-term programme to train individuals as insolvency and bankruptcy associates who can help with work during a resolution process, officials said.
The proposal for launching the programme under the Pradhan Mantri Kaushal Vikas Yojana also comes at a time when a large number of cases have been admitted for resolution under the Insolvency and Bankruptcy Code (IBC).
Officials said the programme, which is likely to be launched this month, would cover various aspects related to the Code, procedural responsibilities and Companies Act, among others.
Graduates as well as those who have cleared the intermediate level of chartered accountant, cost accountant or company secretary courses would be eligible to apply for the programme. It would be for around 250 hours, they added.
After completion of the programme, the associates would assist insolvency resolution professionals in their cases.
The plan is to offer the course through state-of-the-art educational, skilling and corporate training institutes with part funding from the Ministry of Skill Development and Entrepreneurship, officials said.
The Insolvency and Bankruptcy Board of India (IBBI) would help with placement of the associates through the network of insolvency resolution professionals and insolvency professional agencies.
According to the officials, the process of taking an insolvency plea to its resolution involves a lot of work that are mainly procedural and time consuming. After clearing the course, the associates can extend their assistance during the insolvency process.
The programme for insolvency and bankruptcy associates would be launched under the aegis of Ministry of Skill Development and Entrepreneurship.
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