We provide comprehensive training solutions to enhance the skills of your employees and managers in the following areas:
- US GAAP
- US FEDERAL TAX
- INSOLVENCY TRAINING
Our training programs can also be customized to specific needs of your organization.
These programs have added immense value to many organizations by improving the efficacy and satisfaction levels of its employees and managers.
What is insolvency and bankruptcy code (ibc), 2016?
- Insolvency and Bankruptcy Code (IBC) is a path breaking legislation aimed at addressing the issue of nonperforming assets with bank and financial sector in India.
- IBC brings a paradigm shift in the way in which the issue of corporate insolvency is defined and resolved. The newly enacted code gives wide power to the unpaid creditors including the operational as well as unsecured creditors.
- The key implications of triggering an insolvency process are as under;
- As per the Insolvency and Bankruptcy Code 2016, a default in payment of debts / dues is sufficient to trigger an insolvency process. (sec 7, 8, 10)
- The control of the business and assets of the debtor company now shift from the debtor to the creditor. (sec 17 to 23)
- The powers of the directors and promoters of the debtor company stand suspended during the insolvency resolution period. (Sec 17 to 23)
- A resolution professional is appointed by the committee of creditors to manage the business and take custody and control of all the assets of the debtor company. All managers and employees of the debtor company report to the said resolution professional. (Sec 17 to 23)
- In case the insolvency is not resolved in a period of 180 days, the process of liquidating the debtor company is triggered and the said resolution professional becomes its liquidator. (Sec 33 and 34)
Why Banks and Corporate need to equip themselves with the knowledge of IBC
- The bankers have to understand the thrust of RBI and Government in implementation of IBC
- The bankers need to know how to leverage the provisions of the code judiciously to resolve and deter borrower default
- It s equally pertinent for the CFOs and commercial managers to understand how IBC can help in recoveries from debtors
- The borrower CFO cannot afford to be ignorant on the huge risk emanating from insolvency process that can be triggered by lenders and vendors on basis of a single default.
- All stakeholders in corporate finance need to understand the role of five pillars of the insolvency eco system (Insolvency Professionals, Insolvency Professional Agencies, Information Utility, Insolvency and Bankruptcy Board of India, National Company Law Tribunal)
Corporate Training on IBC
- The corporate training will be conducted by qualified insolvency professionals who can provide the right insight to all stakeholders.
- Concorde provides variety of program tailored to the needs of the participant depending on their work profile
- Concorde promises a valuable learning experience for the following participants
- Board and senior management of public sector, private sector and co-operative banks
- Bank mangers with special responsible to handle delinquent accounts
- Any person associated with sanctioning of credit facilities
- Board and senior management of corporate
- Business owners and professionals like chartered accountants, management consultants, etc