IBBI conducted a three-day workshop for the Indian corporate law service. The ICLS department is under central government control. It takes care of the LLP act, companies act and a few other acts. The candidates who have cleared Group A service of UPSC civil will work for the Indian corporate law service. The candidates need to appear for the three levels of the examination. Preliminary, main examination and personal interviews are the three stages of the selection. Various posts offered to the officials are an officer in MCA headquarters, New Delhi, fraud investigating officer, work with company law board as regional director, work with registrar of companies as officer and function as liquidator in various cases for company law. The Indian Institute of corporate affairs conducts ten months of a training programs for the officers. The officers work as regional directors, managerial heads, official liquidators, and registrars of companies.
ICLS recruitment for 2022 shows the following vacancies: senior consultant, consultant, administrative officer, company secretary (trainee), graphic designer, and stenographer. For senior consultants, the requirement is 3 to 6 years of accountant experience or corporate law experience. The consultant role demands 1 to 3 years of experience with knowledge about corporate law and accounts. For administrative officers, one to four years of experience in HR functions with a graduate degree is mandatory. For the company secretary role, the executives need to pass the CS executive level examination. For the stenographer job, the applicant needs two years of work experience as a stenographer. For the role of graphic designer, one to three years of experience as a graphic designer is required. The blog talks about the workshop of IBBI and the skills of the ICSI officers.
ICLS trainees from the 2020 batch are called for a workshop from 11th to 13th of July, 2022. The training session was inaugurated by the whole time members: Mr Sudhaker Shukla and Mr Jayanti Prasad. The warm valedictory address was provided by the whole-time members towards the end of the training.
Topics covered in the training:
The training session educated the participants about the Insolvency and Bankruptcy code, 2016, insolvency services and the responsibilities of a regulator. The students are introduced to the case studies on the liquidation process, corporate insolvency resolution process, voluntary liquidation, individual insolvency, fast track resolution, and individual bankruptcy. The board’s mechanism of the grievance redressed and disciplinary actions are explained in detail to the trainees. The different operations of the IBC are explained with the jobs of adjudicating authority, insolvency professional agency, insolvency professional, financial creditors, information utility, operational creditors, financial service providers and registered valuers. The challenging and emerging topics are explained with appropriate examples. And the topics are as follows: cross-border insolvency, individual insolvency, and group insolvency. The environmental changes such as stressed asset market, emerging jurisprudence, socio-economic outcomes of code, and drafting and vetting of regulations are explained to the students.
Faculties of the training:
The faculties are from the senior positions of IBBI. The following are the group of faculties offered the workshop: Mr RateshKavdia, executive director, IBBI, Sandip Garg, Executive director, IBBI, Manish Kumar M. Chaudhari, chief general manager, IBBI, Mr.Rajesh Kumar Gupta, Chief General manager, Shiv Anant, chief general manager, IBBI, Mr C. Ramachandra Rao, General manager, IBBI, Rajesh Tiwari, GM, Rajesh Kumar, GM, Deepak Rao, Dr KokilaJayaram, deputy general manager, Nithish Saini, assistant general manager, Keshav Kumar giridhari, Deputy general manager, and Mayank Mehta, assistant general manager, IBBI.
Roles and responsibilities of ICLS trainee:
The syllabus for the UPSC CSE examination has three parts. The preliminary level has two subjects: general studies paper one and paper two. Under the General studies paper one, the subjects are the history of India, India national movement, Indian polity and governance, Indian constitution, political system, panchayat Raj, public policy, rights issues, etc., Indian and world geography – physical, economic, social and geography, sustainable development, inclusion, demographics, poverty, social sector initiatives, economic and social development, general issues on environmental ecology, and biodiversity. General studies paper two consists of the following topics: logical reasoning, communication skills, analytical ability, decision making, problem-solving, general mental ability, basic numeracy, data sufficiency, and data interpretation. The following points explain the roles and responsibilities of an ICLS trainee:
• ICLS look after the companies act, the LLP act and other acts that fall under the main act.
• ICLS officers frame the rules, policies, regulations and notifications for the registration and liquidation.
• The registrar of companies checks the registration process of companies and partnerships, checks the annual returns and file case against criminal and civil offences of the companies.
• ICLS officers work under the court order during liquidation. They take care of creditors, and debtors, settle creditors’ claims, sell assets, and recover debts.
• The regional directors check the work of the liquidators and registrars. In India, there are seven regional directorates.
Benefits of the training from IBBI:
In 2021, IBBI conducted an event in collaboration with FCDO to train the insolvency resolution process. It is for the development of an insolvency framework. IBBI had recently launched training for Indian corporate law service professionals. The advantage of this training is practical case studies, eminent professors and real-time exposure to corporate law.
Registration, liquidation, regulations, policies and guidelines are changing according to the economic operations. A chartered accountant and company secretary must update their knowledge on the amendments. ICLS junior-level administrative officer earns 15600 to 39100 salary. The knowledge and experience of Company secretaries and accountants help them to understand the job of ICLS officers. Company secretaries and accountants have scope after gaining experience in corporate law.