Introduction
The Insolvency and Bankruptcy Code, 2016 (IBC) has transformed India's insolvency framework by introducing a structured and time-bound mechanism for resolving financial distress. One of its significant contributions has been the creation of the profession of Insolvency Professionals (IPs), bringing together professionals from diverse backgrounds such as Chartered Accountants, Company Secretaries, Cost Accountants, Advocates and experienced management professionals.
Over the years, the number of registered Insolvency Professionals has steadily increased, reflecting growing interest in this specialised field. Alongside this growth, however, a practical issue is often discussed within professional circles. Many registered Insolvency Professionals continue to maintain their registration, fulfil continuing professional education requirements, comply with regulatory obligations and remain professionally prepared, yet receive relatively few or no assignments for considerable periods.
This article does not seek to analyse the reasons behind such situations or comment upon the existing framework. Instead, it aims to discuss how professionals can utilise this period constructively to build expertise, enhance visibility and create long-term professional value within the broader insolvency ecosystem.
Understanding the Nature of the Profession
Unlike many traditional professional practices where assignments may arise directly from clients, the insolvency profession functions within a specialised ecosystem involving multiple stakeholders. Consequently, professional growth depends not only on technical qualifications but also on practical exposure, continuous learning, professional credibility, ethical conduct and sustained participation in the profession.
Receiving fewer assignments at any stage of one's career should therefore not be viewed merely as inactivity. It may instead be regarded as an opportunity to invest in professional development and capacity building.
Areas for Professional Development
1. Continuous Learning Should Remain the First Priority
The insolvency framework continues to evolve with changing business practices and judicial developments. Professionals who regularly update their knowledge remain better prepared whenever opportunities arise.
In addition to insolvency practice, developing an understanding of banking, finance, accounting, valuation, restructuring, corporate governance and business management strengthens overall professional competence.
Learning is one investment that always delivers long-term returns.
2. Practical Experience Adds Lasting Value
Academic knowledge forms the foundation, but practical exposure develops confidence.
Professionals may consider working with experienced Insolvency Professionals or multidisciplinary firms engaged in insolvency-related assignments. Exposure to documentation, stakeholder coordination, claims management, compliance, reporting and process management provides valuable practical insights.
Such experience gradually builds the confidence required for handling independent responsibilities in future.
3. Develop Expertise in Complementary Areas
The insolvency profession requires a multidisciplinary approach.
Professionals may strengthen their capabilities in areas such as:
- Financial analysis
- Business restructuring
- Corporate governance
- Due diligence
- Documentation and drafting
- Valuation concepts
- Project management
- Negotiation and communication
Broader expertise enhances professional versatility and creates opportunities across related practice areas.
4. Contribute to Professional Knowledge
Writing articles and participating in knowledge-sharing initiatives help strengthen both the profession and individual credibility.
Professionals may publish articles, participate in webinars, deliver lectures, contribute to journals and share practical experiences on professional platforms.
Knowledge shared responsibly contributes to informed discussions and encourages continuous learning within the profession.
5. Build Professional Relationships
Every profession grows through collaboration.
Meaningful interaction with bankers, advocates, Chartered Accountants, Company Secretaries, Cost Accountants, valuers, consultants and academicians promotes mutual learning and creates opportunities for collaborative work.
Professional networking should always be viewed as a process of building trust, exchanging knowledge and contributing to the profession rather than merely seeking assignments.
6. Explore Opportunities Beyond Formal Insolvency Assignments
The insolvency ecosystem extends well beyond formal CIRP assignments.
Professionals can contribute through advisory services relating to financial restructuring, corporate compliance, due diligence, governance, documentation, research, training and education.
Such engagements not only broaden professional experience but also strengthen one's understanding of business and financial challenges.
7. Build a Responsible Digital Presence
Technology has become an essential component of modern professional practice.
Maintaining a professional website, publishing blogs, sharing educational videos, participating in webinars and contributing on professional networking platforms can significantly enhance visibility.
A consistent digital presence reflects commitment towards professional development and knowledge sharing.
8. Participate in Research and Academic Discussions
Every evolving profession benefits from constructive academic contributions.
Professionals may undertake research, write discussion papers, participate in seminars and contribute to policy discussions in an objective and balanced manner.
Such efforts strengthen the profession while encouraging informed debate and continuous improvement.
Practical Suggestions for Professionals
Professionals may consider the following practical initiatives:
- Prepare an annual professional learning plan.
- Attend regular training programmes and seminars.
- Publish educational articles on professional subjects.
- Build multidisciplinary professional networks.
- Improve communication and presentation skills.
- Develop complementary technical expertise.
- Participate in academic and research activities.
- Maintain a professional digital profile.
- Collaborate with experienced professionals whenever opportunities arise.
- Continue building knowledge with patience and consistency.
A Message to Fellow Professionals
Every profession has its own learning curve.
Periods of limited assignments need not become periods of professional stagnation. Instead, they can become opportunities for acquiring knowledge, expanding experience, strengthening relationships and enhancing professional visibility.
Professional credibility is built over years through competence, integrity, continuous learning and consistent contribution to the profession.
Assignments may come with time, but preparedness should begin today.
Conclusion
The Insolvency and Bankruptcy Code has created a specialised and evolving professional ecosystem that offers significant opportunities for dedicated professionals. While assignments may vary depending upon numerous practical factors, every Insolvency Professional has the opportunity to remain professionally active through continuous learning, collaboration, research, knowledge sharing and skill development.
Ultimately, sustainable professional success is built not only on the number of assignments handled but also on the quality of knowledge, ethical standards, professional competence and the value contributed to the profession. By investing in these foundations, professionals strengthen both their individual careers and the insolvency ecosystem as a whole.
Disclaimer: This article is intended solely for educational awareness and professional discussion. The views expressed are general in nature and are intended to encourage learning, professional development and constructive dialogue within the insolvency ecosystem. The article does not examine or comment upon any specific legal provision, regulatory framework, authority or stakeholder. Readers should refer to the applicable provisions of law, regulations and official guidelines and seek appropriate professional advice before taking any decision or action.
The author, Ashok Kakkar, M.Com., LL.B., LL.M., CAIIB, is an Advocate, Insolvency Professional, and Former Banker with extensive experience in banking, finance, insolvency, and recovery laws. He regularly writes on legal, banking, and insolvency-related topics with the objective of promoting professional awareness and simplifying complex concepts for professionals and the general public.
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