About National Law Institute University, Bhopal (NLIU)
The National Law Institute University, Bhopal (NLIU), was established by the Rashtriya Vidhi Sansthan Vishwavidyalaya Adhiniyam, Act No. 41 of 1997,(substituted by Act No. 06 of 2018) enacted by the Madhya Pradesh State Legislature. NLIU is recognized by the University Grants Commission and the Bar Council of India. NLIU is the Second National Law University that was established after NLSIU, Bangalore.
The Vision of NLIU is to become one of the best centres of legal education, training and research in the world.
The Mission of NLIU is to develop and nurture the intellect for the betterment of the nation and humanity through Law and Justice.
Objectives of the NLIU inter alia, are to contribute to the national development by instilling a sense of responsibility among the students, while simultaneously cultivating in their spirit of intellectual freedom, qualities of leadership, imaginative power and clarity.
NLIU has been designing and delivering courses with a view to enhancing the mental ability and intellectual capacity of the students. Our focus is to train the students in the art and science of avoiding and resolving problems within the framework of the law.
About The Insolvency and Bankruptcy Board of India (IBBI)
The Insolvency and Bankruptcy Board of India was established on 1st October 2016 under the Insolvency and Bankruptcy Code, 2016 (Code). It is a key pillar of the ecosystem responsible for the implementation of the Code that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.
It is a unique regulator: regulates a profession as well as processes. It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies, Insolvency Professional Entities and Information Utilities. It writes and enforces rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code. It has recently been tasked to promote the development of, and regulate, the working and practices of, insolvency professionals, insolvency professional agencies and information utilities and other institutions, in furtherance of the purposes of the Code. It has also been designated as the ‘Authority' under the Companies (Registered Valuers and Valuation Rules), 2017 for regulation and development of the profession of valuers in the country.
About the Graduate Insolvency Program
Regulation 5 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (IP Regulations) provides as under:
"5. Subject to the other provisions of these regulations, an individual shall be eligible for registration, if he –
(a) has passed the Limited Insolvency Examination within twelve months before the date of his application for enrolment with the insolvency professional agency;
(b) has completed a pre-registration educational course, as may be required by the Board, from an insolvency professional agency after his enrolment as a professional member; and
(i) successfully completed the National Insolvency Program, as may be approved by the Board;
(ii) successfully completed the Graduate Insolvency Program, as may be approved by the Board;
(iii) fifteen years of experience in management, after receiving a Bachelor’s degree from a university established or recognized by law; or
(iv) ten years of experience as –
chartered accountant registered as a member of the Institute of Chartered Accountants of India,
company secretary registered as a member of the Institute of Company Secretaries of India,
cost accountant registered as a member of the Institute of Cost Accountants of India, or
advocate enrolled with the Bar Council."
In furtherance to the aforementioned Regulation IBBI has approved that the National Law Institute University, Bhopal shall offer a two-year GIP for young and bright minds having the prescribed qualification in relevant disciplines to become Insolvency Professionals (IP). A GIP graduate will be eligible for registration as IP after qualifying for the Limited Insolvency Examination. Otherwise, for taking the Limited Insolvency Examination a person is required to have at least ten years experience as CA, CS, Cost Accountant, and/or Advocate or 15 years' experience in management. A GIP graduate, therefore, saves 10 or 15 years to become IP. The Graduate Insolvency Program is the first of its kind for those aspiring to take up the insolvency profession as a career in India and abroad and will benefit at entry-level and in career growth. GIP would also provide opportunities to serve as in-house counsels or advisors to stakeholders in insolvency, liquidation, bankruptcy or turnaround processes. GIP will be of great value to those who opt to become teachers or researchers or work in media houses.
Duration of Program The GIP is a 24 months program, comprising of the following:
(a) An intensive residential classroom program of 12 months; and
(b) A hands-on internship program at the cutting edge of the practice for 12 months.