IICA and ARC India Partner to Boost Insolvency Education

Q: 1. What is the full form of IICA, and under which ministry does it operate?

IICA stands for the Indian Institute of Corporate Affairs. It operates as an autonomous body under the Ministry of Corporate Affairs.

Q: 2. What is the primary focus of the Post Graduate Insolvency Programme (PGIP)?

PGIP trains specialized Insolvency Professionals and Turnaround Specialists to resolve corporate financial distress under the Insolvency and Bankruptcy Code (IBC).

Q: 3. Which RBI committee recommended allowing ARCs to become resolution applicants under the IBC?

The Sudarshan Sen Committee recommended allowing eligible ARCs to participate as resolution applicants under the IBC, leading to the RBI's October 2022 regulatory framework.

Q: 4. What is the statutory basis for Asset Reconstruction Companies in India?

ARCs are registered and regulated under the SARFAESI Act, 2002 (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act).

Q: 5. What are the key pillars of the IICA–ARC India MoU?

The MoU focuses on industry-oriented curriculum development, joint evidence-based research on stressed assets, and student placement and internship programs.

Updated: 23 Oct 2026

2 Min Read

IICA and ARC India Partner to Boost Insolvency Education

Indian Institute of Corporate Affairs (IICA) has signed a Memorandum of Understanding (MoU) with the Association of Asset Reconstruction Companies (ARCs) in India. This strategic partnership strengthens industry integration and elevates professional training within the insolvency sector. The agreement directly supports IICA’s flagship Post Graduate Insolvency Programme (PGIP).

IICA functions as an autonomous research institution under the Ministry of Corporate Affairs (MCA). The Association of ARCs in India represents Asset Reconstruction Companies registered with the Reserve Bank of India (RBI).

Core Pillars of the Partnership

The five-year agreement establishes a structured collaborative framework across three fundamental pillars:

Industry-Oriented Curriculum & Faculty Support: ARC veterans will deliver guest lectures, design practical case studies, and mentor PGIP candidates.
Joint Research & Data Sharing: Both organizations will pursue empirical studies on stressed assets, corporate debt restructuring, and market recovery trends.
Internships & Career Opportunities: The partnership expands industry access, offering internships, placement drives, and annual networking conventions.

Key Statutory Concepts:

Asset Reconstruction Companies (ARCs): Specialized financial institutions registered with the RBI under Section 3 of the SARFAESI Act, 2002. They purchase non-performing assets (NPAs) from commercial banks to clean up financial balance sheets.
Sudarshan Sen Committee Recommendations: The RBI constituted a committee in 2021 to review ARC operations. Acting on its findings, the RBI issued a revised framework on October 11, 2022. This regulatory change allowed eligible ARCs to act as Resolution Applicants under the Insolvency and Bankruptcy Code (IBC), 2016.
IBC@10 & SARFAESI@25 Milestones: Both institutions discussed hosting a national conference in February 2027. The summit will commemorate a decade of the IBC (enacted in 2016) and 25 years of the SARFAESI Act (enacted in 2002).

Strategic Significance for Financial Governance

This partnership bridges academic instruction with real-world insolvency resolution. By combining academic rigor with industry expertise, the initiative trains skilled Insolvency Professionals capable of navigating complex corporate restructurings.

Quick Revision Fact Sheet

Parameter / Metric	Official Details
MoU Duration	5 Years
Nodal Ministry	Ministry of Corporate Affairs (MCA)
Flagship Academic Course	Post Graduate Insolvency Programme (PGIP)
Key RBI Expert Committee	Sudarshan Sen Committee (2021)
Proposed Joint Event	National Conference in February 2027 (IBC@10 & SARFAESI@25)

About the author

Girish Kumar

Current Affairs Content Writer

Girish Kumar is a current affairs content writer at Utkarsh Classes, with a decade of experience covering diverse contemporary issues. He develops high-quality study material for various competitive examinations, including UPSC, PSC, Bank PO etc.