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The Insolvency and Bankruptcy Board of India (IBBI) has organised a three-day training programme for Indian Corporate Law Service (ICLS) trainee officers, the Ministry of Corporate Affairs said on Thursday.
The training programme was conducted from 11th to 13th July. The training sessions covered an overview of the Insolvency and Bankruptcy Code, 2016 (Code), a broad overview of professionalisation of insolvency services, and the role of the regulator. It also covered the concepts, duly supplemented by way of practical case studies related to various processes under the Code, namely, Corporate Insolvency Resolution Process, Liquidation Process, voluntary liquidation, fast track resolution process, individual insolvency, and individual bankruptcy. The working of grievance redressal and disciplinary mechanism of Board was explained to trainees, according to a statement released by the Ministry of Corporate Affairs. The participants were introduced to various components of IBC ecosystem, namely, Adjudicating Authority, Insolvency Professional, Insolvency professional Agencies, Information Utility, Financial Creditors, Operational Creditors, Registered Valuers and Financial Service Providers. The drafting and vetting of regulations, emerging jurisprudence, impact on stressed asset market and socio-economic outcomes of Code was also covered in the same. The frontier areas of insolvency regimes like group insolvency, cross-border insolvency and individual insolvency were also covered in the sessions, the ministry said. (ANI)
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