IBBI Seeks Public Comments on Simplifying Enrolment Process for Ease of Entry in Insolvency Profession
- Blog|News|Insolvency and Bankruptcy Code|
- < 1 minute
- By Taxmann
- |
- Last Updated on 9 June, 2023
Latest from Taxmann
IBBI discussion paper 2, Dated 07.06.2023
The IBBI with an objective to ease the entry in the Insolvency Profession has floated discussion papers on simplifying the enrolment and registration process. The key proposals include Simplification of Enrolment of membership and registration process, modification in exam and Pre-Registration Educational Course (PREC) requirements, streamline the exit process.
The purpose of PREC (50-hour course) is to impart multi-disciplinary skills, including theoretical and practical knowledge on the Code and allied subjects, which are expected to be possessed by the IP.
As these skills could not be tested adequately through insolvency examination, the provision for PREC was introduced.
Further, it has been proposed that the applicant enrolled with the IPA will successfully complete PREC which will include a course assessment exam at the end of the course. The PREC will be conducted by specialised institution.
The curriculum of PREC will be decided by the Board with due emphasis on the practical training aspects. The registration should be obtained within 12 months from successful completion of PREC.
Now, it is proposed to introduce a straight-through approach for both enrolment and registration to the IPA. The IPA may accept or reject the application.
Various other proposals were notified in the present discussion papers. The Comments may be submitted electronically by 28th June 2023.
Click Here To Read The Full Updates
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
