In today’s time where the world has become so competitive with respect to each and every aspect of life it becomes quiet difficult to take decisions . There are different factors which influence one’s action or process of deciding something or resolving their questions. Out of all age-groups STUDENTS fall into such a category where decision making in regards to their career proves to be a crucial milestone in their lives.
What is the scope of this degree? , what are the advantages if I enrol into this course? , Whether I will be able to find a Job post completing my education? How much Money or earnings would I be able to make out of this field? are the few real-time questions which each and every student has to deal in with.
LAW & ORDER is such a branch which affects the people at large . By mentioning this specific the intention is to establish a practical and an affirmative connection between the two elements – career prospects & Law.
When the government passes any new law for their people there is a substantial consequence hanging in with it. In 2016 a similar situation occurred when the government of India introduced INSOLVENCY AND BANKRUPTCY CODE.
Since a long time back insolvency and bankruptcy laws existed in all its different forms but there was no strict law for the same. The Government implemented the Insolvency and Bankruptcy Code (IBC) to consolidate all laws related to insolvency and bankruptcy and to tackle Non-Performing Assets (NPA), a problem that has been pulling the Indian economy down for years. Also IBC is a vast improvement on the two earlier laws legislated for the recovery of bad loans —the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) and the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDB).
Once back then before the establishment of this code, resolution process used to take an average of 4-6 years but post enactment of IBC, it came down to 317 days. That’s an indeed sheer speedy resolution! Also, Recovery Rate has increased to 43% after the IBC, against 22% before it.
Due to the foundation of IBC, we have seen that many business enterprises are paying up front before being declared insolvent. The triumph of the Act lies in the fact that many cases have been resolved even before it was referred to NCLT. Some studies also show a steady increase in the number of admitted corporate insolvency resolution process (CIRP) cases.
Hence it can be said that INSOLVENCY AND BANKRUPTCY CODE, 2016 has unlocked many new doors in the insolvency and bankruptcy sector. The Insolvency Professional (IP) has been given tremendous powers under the code and hence this profession is emerging like no other with the continuous increase of demand.
Where one side students are suffering to decide what to opt for their future in regards to their career, this phenomenal field is like a boon to the students stucked in with their complex issues about career prospects and salary.
The Economic Times study clearly showed that due to its high demand the insolvency regime has saved nearly four lakhs jobs in India. Had it not been for the new law being enforced in December 2016, these jobs would have disappeared in the tepid business environment and ballooning debt of corporate India. Insolvency alone created more than 1,00,000 jobs. Professionals say they can earn upto INR 40 Lakhs, depending on the size of business and debts of cases.