KOLKATA | MUMBAI: As banks try and resolve the bad loans that have burdened the industry, insolvency professionals stand to get a big career boost cost accountants and company secretaries are said to be rushing to get themselves qualified in hundreds—and this is just the beginning. If the bankruptcy process unfolds as it’s meant to, thousands of insolvency professionals will be needed to oversee the process and run distressed assets as part of asset-sale programmes, experts said.The Institute of Chartered Accountants of India (ICAI) alone has enrolled more than 700 practising chartered accountants (CAs) as insolvency professionals, according to the latest official data. “There are three insolvency professional agencies promoted by three statutory regulators of professions, namely, ICAI, ICSI (Institute of Company Secretaries of India) and ICWAI (Institute of Cost Accountants of India),” said MS Sahoo, chairman of the Insolvency and Bankruptcy Board of India (IBBI). A three-fourths majority of a committee of creditors will entrust insolvency professionals with the job of either drawing up a defaulting company’s revival plan or liquidating it within nine months.IBBI, tasked with providing the framework for recovery proceedings, conducts exams that allow the chartered accountants, cost accountants, company secretaries and even advocates to qualify as insolvency professionals. “Cost accountants were earlier neglected with little options to grow in their career.

Source: Economic Times July 16, 2017 20:03 UTC