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<ul><li>There is a job role that will thrive during bad times — that of <keyword id="6397536" type="UNKNOWN" weightage="20" keywordseo="resolution-professionals">resolution professionals</keyword> (RPs). </li><li><keyword id="4057332" type="PERSON" weightage="20" keywordseo="Insolvency-professionals">Insolvency professionals</keyword> (IPs) as they are also called help distressed and bankrupt companies liquidate assets. </li><li>Watch an interview with India’s bankruptcy board chairman where he talks about insolvency laws and the need to hire resolution professionals. </li></ul>Economic slowdown leads to job losses, but it there is a job that will thrive during bad times — that of resolution professionals (RPs). A large number of companies are being sucked into bankruptcy as they are unable to pay loans, but the number of RPs in India are few and far between. Insolvency professionals (IPs) as they are also called help distressed and bankrupt companies liquidate assets. Two years ago, India introduced a new <keyword id="6375770" type="UNKNOWN" weightage="20" keywordseo="bankruptcy-law">bankruptcy law</keyword> — the Insolvency and Bankruptcy Code (IBC) — to assist banks to resolve bad debt. “India had as many as had around 700 insolvency professionals, as of 2017,” said Mamta Binani, former president of the Institute of Company Secretaries of India. In the last two years, the number of cases landing into bankruptcy court has increased by leaps and bounds. “We have about 2,500 cases, 10,000 matters or so who are people applied, filed an application with the adjudicating authority, and before admission those are withdrawn,” MS Sahoo, the Chairman of the Insolvency and Bankruptcy Board of India<a href="https://www.businessinsider.in/policy/economy/news/exclusive-interview-with-ms-sahoo-the-insolvency-and-bankruptcy-board-chairman/articleshow/72069548.cms"> told </a>Business Insider India. Added to that, India also needs resolution professionals to wade through the complexity of new laws that are still taking shape in India. So far, there have been two corrections to the evolving code. “It made two course corrections earlier and this is the third round. The law now says that the process has to be completed in 330 days mandatorily including the time spent on liquidation,” Sahoo added. The success of a good liquidation plan lies in the time taken to resolve it. As time passes, the value of assets also decrease leading to loss of value. As India plans to navigate through tough regulations, it also needed professionals who can ease the transition, and quickly. The country has tried to <a href="https://www.businessinsider.in/india-badly-needs-bankruptcy-experts-and-this-course-could-be-your-ticket-to-a-hot-new-career/articleshow/67553029.cms">groom insolvency professionals</a> with its various training programmes for insolvency associates. The Insolvency and Banking Board of India (IBBI) created ways that allow Chartered Accountants, Company Secretaries and Advocates to become IPs. However, it may be a challenging career to take on. For one, a resolution professional has to deal with a multitude of issues, aspects, audits and even legal wrangles that are common. Recently, a case where <keyword id="47654" type="COMPANY" weightage="20" keywordseo="ArcelorMittal">ArcelorMittal</keyword> tried to <a href="https://www.businessinsider.in/policy/news/essar-steel-case-bankruptcy-board-chairman-ms-sahoo-exclusive-interview/articleshow/72068971.cms">take over Essar Steel</a> which was facing bankruptcy ended in the Supreme Court. Yet, the salaries of Interim Resolution Professionals and Resolution Professionals are also attractive. The actual compensation varies as per the complexity of cases and ranges from ₹ ₹50,000 to over ₹1.5 lakh a month. Watch an interview with India’s bankruptcy board chairman where he talks about insolvency laws and the need to hire resolution professionals. 
 
 
 
 <div type="Video" msid="72073026" hostid="261" title="“Nowhere in the world do bankruptcy cases have a 330-day deadline,” says bankruptcy board chief MS Sahoo" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=72073026"></div>

​Resolution professionals can make as much as ₹1.5 lakh a month and are in demand

<table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">West Bengal </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Leads - 42/42 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;">TMC </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">24 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;">BJP </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">17 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;">INC </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">1 </td></tr></tbody></table> The <keyword id="399454" type="PERSON" weightage="20" keywordseo="All-India-Trinamool-Congress">All India Trinamool Congress</keyword> (TMC) was ahead of the BJP in early trends in West Bengal with nine seats, according to Election Commission. The <keyword id="58687" type="ORGANIZATION" weightage="20" keywordseo="Bharatiya-Janata-Party">Bharatiya Janata Party</keyword> leading on 17 seats. The Times Now Exit Poll Predictions had said Mamta Banerjee’s Trinamool Congress might not do as well as it did in 2014 elections. The projections forecast TMC winning from 28 out of 42 seats in West Bengal. Though the vote share of TMC might remain the same in 2019 <keyword id="6355187" type="COMPANY" weightage="20" keywordseo="lok-sabha">Lok Sabha</keyword> election result as it was in 2014, the predictions presuppose that the TMC’s seats might be down by about 6 this time. In 2014 Lok Sabha elections, the TMC got 34 seats out of 42. The remaining 8 seats were distributed among the other contesting parties at the rate of 2 for BJP, 4 for the Congress party and 2 for the left front led by the CPI (M). If the Times Now Predictions match with the actual turnout after the results are announced, the BJP might be winning 11 seats from West Bengal in 2019 Lok Sabha elections, while the party could get only 2 seats during 2014 general elections from this state. The TMC contested from all the 42 constituencies in West Bengal. While choosing the candidates to represent the party in 2019 elections from this state, Mamta Banerjee had decided to drop 10 sitting MPs and getting in 18 new candidates. Besides the 42 seats in West Bengal, TMC contested from 3 seats in Jharkhand, 2 seats in Odisha, 2 seats in Bihar, and 1 seat in Andamans. TMC has also decided to let its candidates try their luck from 10 assembly constituencies in Odisha as the state of Odisha is going for assembly and Lok Sabha 2019 polls simultaneously. The Party’s sitting MP Abhishek Banerjee, the nephew of Mamta Banerjee, the TMC chief faced the elections once more from Diamond Harbor, his winning constituency. The celebrity candidate of TMV Mimi Chakraborty contested from Jadavpur. Yet another star candidate of TMC Nusrat Jahan fought from Basirhat Lok Sabha constituency.

TMC lok Sabha Election result 2019: BJP is putting up a tough fight in West Bengal

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Resolution professionals can make as much as ₹1.5 lakh a month and are in demand

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​Resolution professionals can make as much as ₹1.5 lakh a month and are in demand

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Resolution professionals can make as much as ₹1.5 lakh a month and are in demand