INSOLVENCY AND BANKRUPTCY INTERNSHIP – AN OPPORTUNITY FOR STUDENTS

[Mr. M. GOVINDARAJAN]

Introduction

Insolvency and Bankruptcy Code, 2016 (‘Code’ for short) was enacted to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons in a time bound manner and for maximization of value of assets of such persons to promote entrepreneurship, availability of credit, balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India.

Internship

The Insolvency and Bankruptcy Board of India (‘Board’ for short) provides an opportunity of internship to students who wish to pursue a professional career in insolvency, liquidation, bankruptcy or any other related field..  This scheme will be effected from January, 2018 onwards.  In this regard the Board issued Insolvency and Bankruptcy Board of India Internship Guidelines, 2017.

Eligibility

A student who is pursuing the following are eligible to internship-

• Five year or three year degree in Law; or
• Post graduate in Economics, Commerce, Finance, Management or Law in any recognized School/College/Institute/University and

 has completed the penultimate year or stage of such degree course or post-graduate course; or

• A student pursuing M.Phil/Ph.D course in Economics, Commerce, Finance, Management or Law in any recognized school.

Duration

• The duration of internship is ordinarily one month beginning on the first working day and ending on the last working day of the month;
• The Board may, at its absolute discretion terminate internship of an intern at any time without giving any reason thereof or extend the internship of an intern for a period up to another one month;
• No leave will be granted during the internship;
• If the Board is convinced the absence of an intern is due to unavoidable circumstances, the period of internship will be extended by the period of absence without stipend.

Maximum number of interns

The number of interns in a month shall not ordinarily exceed four.  The maximum number of intern in a calendar year is 50.

Stipend

The Board will provide stipend of ₹ 10,000/- per month to each intern.

Procedure

• An eligible student interest to pursue internship may send an application in the annexed format;
• The application shall be recommended by the competent authority of the school;
• The application may be forward to the email id – [email protected]
• The application should reach the Board within 30 days before the commencement of internship;
• Incomplete applications and applications without recommendations of the school shall not be considered;
• An internal committee of officers shall scrutinize the applications and shortlist the applications and the most suitable students will be identified;
• The selected students would be offered internship 15 days before the schedule commencement date;
• An intern shallbring in his own laptop;
• The Board shall provide working space and internet connectivity;

Duties of intern

The following are the duties to be performed by an intern as per these guidelines-

• He shall submit a declaration of screcy in the prescribed format at the time of commencement of internship;
• He shall assist the Officer/Division to which he is assigned in carrying out the ongoing activities of the Board;
• He shall submit a dissertation on a topic, as mutually agreed upon between him and the Board, prepared under the guidelines of an officer of the Board and a Faculty of the school, which has to be ensured by the intern;
• He shall try to publish the dissertation in the form of an article in an appropriate journal;
• He shall observe the discipline of the office of the Board;
• He shall conduct himself in such manner that he does not any disrepute to the Board;
• He shall not represent anywhere as an employee of the Board.

Certificate

On completion of the internship, including dissertation, an intern shall be issued an internship completion certificate by the Board.

No employment

An intern shall have no right or claim for an employment with the Board by virtue of acquiring internship.

Power of the Board

The Chairperson of the Board may relax any of the provisions of these guidelines in respect of any deserving student.  The Board may review these guidelines from time to time.