Taking cognizance of the prevailing uncertainties, especially from the Omicron variant, the Insolvency regulator IBBI has now pro-actively allowed online educational course and professional development sessions on Insolvency and Bankruptcy Code (IBC) to continue till March 31 next year.
IBBI has now extended the validity of its 2020 issued guidelines on online delivery of educational courses and continuing professional education for Resolution Professionals (RPs) till March 31, 2022.
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The latest IBBI move will benefit thousands of insolvency professionals (IPs) as well as those IPs and valuation professionals who have to undertake continuing professional education from Insolvency Professional Agencies (IPAs) and Registered Valuers Organizations (RVOs).
It may be recalled that the validity of these guidelines was due to end on December 31 this year, but has now been extended till March 31 next year, official sources said. This was previously extended from end September 2021 to December 31 this year.
In July last year, IBBI had come up with guidelines to ensure that online delivery of educational course and continuing professional education is as effective as classroom delivery of education. The guidelines govern the online delivery of education by IPAs and RVOs.
The guidelines issued last year had also stipulated that only the licensed version of a software can be used for the courses.
The IPA/RVO should provide a compliance report to the IBBI in respect of each course within seven days of the conclusion of the course. Also, records of every course should be maintained for at least three years, the guidelines issued last year in July had said.
Experts’ take
Ashish Chhawchharia, Partner & National Head – Restructuring Services at Grant Thornton Bharat, said that this extension of date allowed by IBBI is well timed and much required, given the new threat of this contagious variant of Covid-19.
“We have all adapted better to technology in the last two years and learnings should never stop. I would in fact encourage that a hybrid model is adopted going forward, even after the present circumstances improve”, he said.
Aseem Chawla, Managing Partner, ASC Legal, said this is a helpful update which extends the validity of online medium of education till March 31, 2022. “This is in recognition of the prevalent on ground challenges in conducting physical class room course and therefore would alleviate the same. This would assist in continuity of course curriculum as well”, he said .
Aditya Nayyar, Partner, Ortis Law Offices, said this move once again highlights the IBBI’s foresight, vigilance, and proactiveness in embracing technology to remain one step ahead of the prevailing circumstances and also ensure seamless continuation of education to its members. He highlighted that this move has come in the wake of discovery of the new Covid strain ‘Omicron’ that has surfaced in various cities in the country, and is increasing at a rapid pace.