As per a news report, the National Company Law Tribunal (NCLT) has sanctioned 45 resolution plans under the Insolvency and Bankruptcy Code (IBC). In addition, the NCLT has ordered for the liquidation of 19 companies which were initiated in December, 2016.
As of November 2017, over 4,300 applications under the corporate insolvency resolution process (CIRP) were filed in the various benches of NCLT, according to the Financial Stability Report (FSR) released by the RBI in March 2018. The Insolvency and Bankruptcy Code has been a huge step. It has changed the economic maths in India. It is expected to make the Indian economy efficient, and keep creditors in check.
A simple money recovery suit takes a lot of a time in a civil court. But IBC changed the game. If your claim is over one lakh, you now have the option to take any company to NCLT for insolvency for failing to make payment on due date. The cost is cut down for recovery as it only takes weeks to recover the said claim, instead of prolonged years as in a civil suit.
So all in all, IBC has changed the face of the game. The Insolvency and Bankruptcy Code came into existence with the enactment of the Insolvency and Bankruptcy Code (IBC) in May 2016, when it replaced the Company Law Board process.
The RBI had asked the banks to refer the 12 largest dead accounts totalling 2.5 trillion, i.e., about 25 percent of gross NPA of the banking system. Of them 11 are due before NCLT.
Who is impacted the most by IBC?
Has it brought in change of career opportunities for the professionals like lawyers, accountants, bankers?
With this in mind, we at LawSikho have launched Executive Certificate Programme in Insolvency and Bankruptcy Code. This course helps you learn the basics and practical aspects of the insolvency and bankruptcy code. You learn how to draft the notices, applications, petitions along with procedural aspects of IBC.
What is the career potential for lawyers after doing this course?
The best time to be an expert is something is when the law is in the nascent stages. With most people unaware or ill-informed of the changed laws, legal experts in IBC are sought after by the banks, financial institutions, NBFCs, real estate, insurance, etc. They need litigation lawyers and strategists who are well-equipped with IBC.
Law firms are also looking into IBC as a separate practice area and are hiring people with IBC expertise in their teams. This is an area where only a few can claim expertise since it is in its nascent stages. So you don’t need to showcase a long career graph in this are of law, just sound practical and theoretical knowledge of the domain!
You may want to start reading the IBC, but you need more than mere provisions of the statute to stand apart from the crowd. You’ll need to know the regulatory developments, judicial pronouncements, commercial insights in order to successfully resolve insolvency disputes. Most importantly you need to understand the commercial aspects of the legal process, so that corporations and banks want to hire you!
What is unique about this course?
Generally when we start learning, especially in online courses people start and end with reading the study materials. This course is not about learning the provisions of the statute and case laws.
This course is intensive and not just theoretical, it has hands on practical lessons, where your drafting skills are honed. You learn what lawyers and professionals do practically on a regular basis.
You need to spend 4-6 hours per week on this course. This course will provide you feedback, coaching from trainer to help you improve the work you produce. You will be writing an article per month under expert guidance which will publish on iPleaders blog or other publications. You will get a free course on professional networking, CV writing and interview skills so that you can easily find jobs.
Students who perform well in class get recommendation to top law firms for jobs and internships.
This course enable you to perform insolvency working with ease and deal with the insolvency aspects of corporate transactions in banking, finance, law firms, corporate litigation etc.
Who should take this course:
Lawyers working in bankruptcy practice, debt heavy sectors like manufacturing, real estate, e-commerce, technology companies need to take up this course.
Lawyers working in banks, NBFCs in recovery roles and those looking to work with law firms in commercial litigation, corporate litigation practice may take up this course.
Law students interested in working with the corporate litigation, commercial litigation and sectors like banking, manufacturing, real estate , e-commerce, technology, etc.
You get access to the study material through the digital learning management system, available on Android and iOS applications.The hard copy of the study materials is couriered to your address. You get live video sessions held after regular work hours along with 2 practical weekly exercises followed by written feedback. You get to ask questions, clear your doubts in the live session or the online forums. You get to learn conveniently on the go!
What will you learn?
You will learn how to handle entire process from serving a notice of default till the approval or rejection of a resolution plan by NCLT. You will learn how to strategize the commercial aspects of IBC and develop strategic thinking. You will learn how to draft various memos, notices, applications, petitions, etc.
Here is a glimpse of what topics will be taught under the course:
MODULE I- OVERVIEW OF INSOLVENCY LAWS IN INDIA
- Why was the Insolvency and Bankruptcy Code (IBC) introduced?
- Bird’s eye view of the IBC for a novice
MODULE II- INITIATION OF INSOLVENCY AS A FINANCIAL CREDITOR
- Initiation of insolvency by financial creditors
- How to draft an application to initiate insolvency (by financial creditor)
MODULE III- INITIATION OF INSOLVENCY AS AN OPERATIONAL CREDITOR
- Initiation of insolvency by operational creditors
- How to draft a demand notice and application to initiate insolvency by operational creditors
MODULE IV- INITIATION OF INSOLVENCY BY CORPORATE DEBTOR
- Initiation of insolvency by corporate debtor itself
- How to draft an application to initiate insolvency by a corporate debtor?
MODULE V- AFTERMATH OF FILING AN APPLICATION FOR INITIATION OF INSOLVENCY
- Role of National Company Law Tribunals in Insolvency Cases
- Consequences of admission of an application to initiate insolvency
MODULE VI- CONSTITUTION OF COMMITTEE OF CREDITORS AND FILING OF CLAIMS
- Constitution of Committee of Creditors (COC)
- How to file claims with the COC
MODULE VII- ADMISSION/REJECTION OF A CLAIM
- How are claims admitted or rejected by the Insolvency Resolution Professional (IRP)
MODULE VIII- MEETINGS OF COC AND THEIR DUTIES
- How does the COC work and decide matters?
MODULE IX- ROLE AND DUTIES OF THE RP
- What are the roles and duties of the Resolution Professional?
MODULE X- INVITING PROSPECTIVE RESOLUTION APPLICANTS
- How to invite resolution plans from prospective resolution applicants
MODULE XI- APPROVAL/REJECTION OF RESOLUTION PLAN BY COC
- Approval or rejection of resolution plan
MODULE XII- APPROVAL/REJECTION OF RESOLUTION PLAN BY NCLT
- Proceedings and NCLT
- Appeals and Revisions from various orders during the insolvency process
We inculcate the habit of practical learning in our students through assignments, articles and exercises. Here is a taste of the exercises that we give to our students:
- Decide a suitable forum and advise lenders for recovery of specific debts through a memo
- Draft a notice of default to a debtor as well as guarantor
- Draft an application on behalf of a financial creditor to initiate insolvency of a company
- Draft a demand notice under the IBC
- Draft an application under section 10 of the Code
Last Date of Enrollment: 31st October, 2018
Batch Commencement Date: 1st November, 2018
Duration: 3 months
Course: INR 10,000/- (including GST)
To enroll for this course, click here.
For any of queries, please email us at firstname.lastname@example.org or schedule a career counselling session by calling 011-39595032.
Learn on the go! Get immediate access on the Web, Android, and iOS on enrolment.