India’s incipient battle against bankruptcy is spawning new ideas – and career options. After India enacted tougher laws to deal with sticky loans and the central bank stepped in accelerate the pace of recoveries, finance executives have stumbled upon a career-growth opportunity based, ironically, on insolvency.
Independent insolvency professionals (IPs), are becoming critical for the success of a Rs 8-lakh crore recovery initiative. The Insolvency and Banking Board of India (IBBI), set up last autumn and tasked with providing the framework for recovery proceedings, conducts exams that allow chartered accountants, company secretaries, cost accountants, and advocates to qualify as IPs.
Nagpur-based Arnab Basu, a cost accountant, want…
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