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 established after NLSIU, Bangalore.
VISION of NLIU is to become one of the best centers of legal education, training and research in the world.
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 them spirit of intellectual freedom, qualities of leadership, imaginative power and clarity.
NLIU has been designing and delivering courses with a view to enhance 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 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 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 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 –
(a) chartered accountant registered as a member of the Institute of Chartered Accountants of India,
(b) company secretary registered as a member of the Institute of Company Secretaries of India,
(c) cost accountant registered as a member of the Institute of Cost Accountants of India, or
(d) advocate enrolled with the Bar Council.
In furtherance to the aforementioned Regulation IBBI has approved that the National Law Institute University, Bhopal shall offer 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 the Limited Insolvency Examination. Otherwise, for taking 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 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.
Residential Classroom Program
(a)The GIP is a 24 months program consisting of an intensive residential classroom component of 12 months (720 credits; 720 classroom hours) and a hands-on internship component at the cutting edge of the practice for 12 months (200 credits; 1920 work hours).
(b)The residential component of 720 class hours comprises of 120 class hours on personal development modules, 200 class hours on preparatory modules and 400 class hours on the specialization modules. The program should be so designed that each class hour requires an additional three hours of outside classroom study by the student.
(c)The classroom component (720 class hours) will be delivered in three terms of 240 hours each. The preparatory modules will be delivered entirely during Term 1, as they would then form the base for the imparting of the specialization modules during Terms 2 and 3. Term 2 shall focus on the legal framework, the insolvency regime across the world, and introduction to the Code. In Term 3, the GIP students shall be exposed corporate and individual insolvency resolution and liquidation / bankruptcy. As the personality of students requires time to develop, personal development modules will be spread over each of the three terms (40 classroom class hours in each term).
(d)A student is assessed on credits. Each credit at the classroom component has 40% weightage for continuous learning, 40% for term-end examination and 20% for assessment by Mentors. Innovative assessment techniques, including assessment in groups and open book examination are to be adopted. An assessment framework for assessing the performance of students as intern is to be mutually worked out by the institute with the host institution.
The 48-week Internship Program shall be conducted in two phases – with two different IPs. It covers the following:
(i) Multiple aspects of the insolvency and bankruptcy related activities
(ii) Training with multiple agencies -attachment to legal firms, banks/FIs, IBBI, NCLT, NCLAT;
(iii) Multi-tasking within a time bound manner and produce deliverables to the mentor/internship guide;
(iv) Credit points for deliverables submitted; and
(v) Minimum level of consistency in the quality of deliverables would be expected from the student throughout the internship.
(i) Application shall be submitted online only, please visit www.nliu.ac.infor submitting the online Application.
(ii) Application Fee payable is Rs. 3000/-. It is non-refundable. Application Fee shall be paid only through online mode by following the process prescribed at www.nliu.ac.in: Admission-2021: “process to deposit fee online”.
(iii) Candidates may submit their preference of test centre in three cities.
Pattern of Entrance Test and Selection Process
Entrance Question Paper shall have both multiple-choice questions and descriptive questions.
(i) The test will be consisting of a question paper comprising of two sections. Section-I consisting of 50 multiple choice objective type questions (Four options with single correct answer) in English. It would carry one mark for each correct answer. Section-II consisting of 5 subjective type questions requiring written answers.
(ii) Graduate Insolvency Program Common Entrance 2021 (GIPCET) will have questions from eight areas – Knowledge in the domain of Insolvency and bankruptcy, Current Affairs including General Knowledge, Legal Aptitude, Financial Aptitude, Logical Reasoning, GeneralEnglish, Numerical Ability and Ethics.
(iii) The maximum time allotted shall be 90 minutes for GIPCET – 2021
(iv) Based on the merit in the GIPCET, a Group Discussion shall be held under the oversight of observers who are experts in subject and members of faculty.
(v) Based on the merit in the GIPCETand performance in the Group Discussion shortlisted candidates will be invited for Personal Interview.
Maximum Number Seats and Seat Distribution according to Reservation Rules
Number of seats are as approved by the IBBI and reservation of seats as per the Reservation Rules notified by the Government of India.
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