IICA Signs MoU with Association of ARCs to Strengthen Insolvency Training and Industry Collaboration

The Indian Institute of Corporate Affairs (IICA), an autonomous institution under the Ministry of Corporate Affairs, has signed a Memorandum of Understanding (MoU) with the Association of ARCs in India to strengthen industry participation in its Post Graduate Insolvency Programme (PGIP).

The partnership aims to connect academic learning with practical industry experience and prepare professionals to handle insolvency proceedings, corporate restructuring and distressed-asset management. The agreement establishes a framework for collaboration in teaching, research, professional development and engagement with the asset reconstruction industry.

IICA’s Centre for Insolvency and Bankruptcy conducts the PGIP, which seeks to develop professionals specialising in insolvency resolution and corporate turnaround management. Through the new agreement, the institutions intend to make the programme more responsive to evolving industry requirements.

IICA and Association of ARCs Identify Three Areas of Cooperation

The MoU outlines three broad areas of collaboration designed to strengthen professional training and industry engagement.

1. Industry-Focused Curriculum and Expert Training

Professionals from Asset Reconstruction Companies (ARCs) are expected to contribute to teaching and faculty support. Their involvement will help IICA review and update PGIP course modules to reflect practical challenges, changing market conditions and the requirements of insolvency-related professions.

The initiative is intended to give participants greater exposure to real-world financial distress, debt restructuring and asset recovery scenarios.

2. Joint Research and Distressed-Asset Data Sharing

The two organisations plan to explore joint research on debt restructuring, stressed assets, financial markets and insolvency resolution. The agreement also provides for data sharing, subject to applicable legal, regulatory, confidentiality and access requirements.

Such cooperation could support evidence-based studies, improve understanding of distressed-asset markets and create research resources for professionals, academics and policymakers.

3. Internships, Placement Support and Joint Conferences

The collaboration will also explore internship opportunities, placement-related assistance and greater interaction between PGIP participants and industry professionals.

An annual joint conference is envisaged as a forum for discussing emerging challenges in insolvency and restructuring, exchanging professional knowledge and presenting research findings.

RBI Framework Supports ARCs’ Role in Insolvency Resolution

Asset Reconstruction Companies play a role in managing distressed financial assets acquired from banks and financial institutions. Their expertise in asset valuation, debt recovery and restructuring can be relevant to insolvency resolution and the revival of financially stressed businesses.

The Reserve Bank of India issued its revised regulatory framework for ARCs on October 11, 2022. The circular, titled Review of Regulatory Framework for Asset Reconstruction Companies (ARCs), permitted eligible ARCs to undertake activities as resolution applicants under the Insolvency and Bankruptcy Code, 2016, subject to specified conditions.

Non Banking Financial Companies(NBFCs)

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This regulatory development provides important context for the IICA–Association of ARCs collaboration. By bringing industry practitioners into professional training and encouraging applied research, the partnership aims to improve the practical preparedness of insolvency professionals and turnaround specialists.

Five-Year Agreement to Support Long-Term Collaboration

According to the announcement, the MoU will remain in effect for five years, establishing a framework for continued engagement between the two institutions.

The agreement was signed in the presence of Gyaneshwar Kumar Singh, Director General and CEO of IICA, by Amrinder Puri, Chief Administrative Officer at IICA, and Hari Hara Mishra, CEO of the Association of ARCs in India.

Mishra described the partnership as an opportunity to develop industry-relevant talent and research capabilities in the distressed-asset market. He stressed the importance of moving quickly towards an implementation plan, particularly to strengthen the academic and practical dimensions of the PGIP.

Singh highlighted the evolving role of ARCs in the insolvency ecosystem and the value of professional expertise in resolving stressed assets.

The institutions are also considering a joint conference in February 2027 around the milestones of IBC@10 and SARFAESI@25. The proposed event’s theme and programme are expected to be finalised jointly.

Col. Amandeep Singh Puri, who delivered the vote of thanks, emphasised that the partnership’s success would depend on effective implementation, active participation and measurable outcomes.

The agreement marks a proposed step towards closer coordination between professional education and the asset reconstruction industry. Its impact will depend on how the institutions translate the MoU into expert-led teaching, research outputs, practical training and opportunities for PGIP participants.