The first initiative from India of recognition of distinguished leadership, public service and contribution in the field of insolvency.
Developed by a group of distinguished academics, judges, economists and practitioners from around the world.
- To recognise distinguished persons for their leadership, public service and contributions in the field of insolvency, restructuring, turnaround and related areas.
- Employ the talents, resources and good will of Fellows to improve approaches to national and international practice, promote professional excellence, collegiality and scholarship.
- United by their demonstrated excellence, collegiality, and creativity the Fellows from different countries and backgrounds.
- To encourage leadership by opening the Fellowship programme for youngsters structurally’, so that the market sees ILA not only as a ‘very well distinguished’ organisation but also as a vibrant institution.
- The prestigious Fellowship is reserved for the most distinguished persons in all the categories. Not more than 15 Fellowships shall be awarded in a single year, in the first three years.
- The total number of Fellows, at any given time, shall not exceed more than 50 in number (after excluding the Fellow Emeritus).
- The cap may be reviewed by ILA, in consultation with Global Advisory Board, after 3 years.
Fellow Emeritus
- A distinguished lawyer, policy maker, public servant, judge or professional who has attained the age of at least sixty (60) years; has a proven statement of minimum twenty-five years of experience; and has provided extra-ordinary leadership; and made invaluable contribution to insolvency law or practice or in any related field.
Fellow
- A lawyer, academic or other professional who has a proven statement of minimum fifteen years of experience; and has made outstanding service or valuable contribution to insolvency law or practice or in any related field.
Junior Fellow
- A lawyer, academic or other professional who has a proven statement of minimum five years of experience which highlights his/her potential to make contribution and provide leadership in insolvency law or practice or in any related field. A Junior Fellow can be invited as ILA Fellow after five years.
- The highest standard of professionalism, ethics, character, integrity, professional expertise and leadership in contributing to the enhancement of insolvency, restructuring, turnaround and processes.
- Sustained evidence of scholarship, teaching, lecturing or writing on bankruptcy or insolvency.
- Commitment to elevate knowledge and understanding of the profession and public respect for the practice.
- The Fellowship shall be on an invitation only basis.
- A Fellow shall be selected by the ILA Global Advisory Board (GAB) from amongst the candidates recommended by the Nomination Committee (NC), in accordance with prescribed selection process. The election must be by a two-thirds (2/3) vote of the GAB in attendance or by proxy. The vote may be cast by email.
- A member of the GAB shall not vote or participate in the nomination for election of a partner, business or professional associate, or relative of that member.
- A Fellow Emeritus shall be selected by GAB at its own discretion without there being need for nomination by NC.
- The NC shall shall comprise of a maximum of five professionals who have distinguished themselves in their practice and in their contribution to the insolvency and related field. Out of five members, at least three shall be ILA Fellows. The term of NC shall be two (2) years.
- The NC may nominate not more than 5 candidates in good standing for election as ILA Fellow in each calendar year. All proposals of a candidate to NC must be by written application by two Fellows as nominator and be seconded by at least two other Fellow sponsors. This condition will however, be applicable from the year 2024.
The ILA Fellowship Programme is a certification honouring the candidate with the designation ILA Emeritus Fellow, ILA Fellow or ILA Junior Fellow, as the case may be.
The name of designated Fellows will be listed on ILA website.
Designated Fellow will be able to use the title in all their professional publicity.
Fellows will receive preference in ILA leadership roles and opportunities, in leading ILA projects and programmes. ILA shall benefit from their knowledge and experience, and Junior Fellows will get mentored by Fellows.
Fellows will receive a 25% discount on paid events for a set period of five years. A Fellow may waive this benefit at his/her own volition. Emeritus Fellow shall not be charged any fees for attending any paid ILA event.
The certificates shall be awarded at Induction Ceremony to take place at a special event.
Press release of Induction shall be sent to insolvency magazines and professional organisations and Insolvency and Bankruptcy Board of India.
- The President of ILA shall, on behalf of GAB, extend an invitation to become a Fellow to each nominee who is elected by the GAB.
- Unless the GAB shall otherwise determine, the elected Fellow must accept the invitation in writing within 30 days of receipt of such invitation and must be present in person to be inducted into Fellowship at the time and place designated for such induction.
- There will be a one time admission fees of Rupees Twenty Five Thousand only to meet the cost of induction ceremony. Moreover, Fellows will put the fact that they are ILA Fellows in their CV and earn commercial benefit. This is exempted for Fellow Emeritus.
- Induction of new Fellows shall be at such time and place as the President may determine.
- GAB, by vote of two-thirds of those present and entitled to vote-may expel from membership, call for the resignation of, or otherwise discipline or censure any Fellow for reasonable cause on its own motion or upon the request in writing of three (3) Fellows.
- A Fellow charged with such misconduct shall be given written notice of the charges, mailed to the address of the Fellow appearing on the membership register, and provided an opportunity for hearing at a time and place designated in the notice, not less than thirty (30) days from the date of the mailing.
- The GAB may establish a Standing Committee, independent of GAB, to conduct such a hearing, and make investigation in the matter, and to report its conclusions to GAB which may act upon the report without further notice or hearing.
- A Fellow whose license or right to practice his/her profession has been revoked pursuant to disciplinary procedures of any court, bar association, professional organization, or regulatory body shall cease automatically to be a Fellow of ILA. Such Fellow may be reinstated at the discretion of the GAB if the suspension is lifted and the license or right to practice is reinstated.
