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.
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