The Insolvency and Bankruptcy Board of India (IBBI) is the
regulator for overseeing insolvency ''proceedings'' and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in
India. It was established on 1 October 2016 and given
statutory powers through the
Insolvency and Bankruptcy Code
The Insolvency and Bankruptcy Code, 2016 (IBC) is an Indian law which creates a consolidated framework that governs insolvency and bankruptcy proceedings for companies, partnership firms, and individuals.
Background
Prior to the IBC, the ...
, which was passed by
Lok Sabha on 5 May 2016. It covers Individuals,
Companies,
Limited Liability Partnerships and
Partnership firms. The new code will speed up the resolution process for stressed assets in the country. It attempts to simplify the process of insolvency and bankruptcy proceedings. It handles the cases using two tribunals like
NCLT
The National Company Law Tribunal is a quasi-judicial body in India that adjudicates issues relating to Indian companies. The tribunal was established under the Companies Act 2013 and was constituted on 1 June 2016 by the government of India an ...
(National company law tribunal) and Debt recovery tribunal.
Sh. Sudhaker Shukla and Sh. Jayanti Prasad are currently the Whole Time Members of IBBI.
IBBI Governing Board
IBBI will have 10 members, including representatives from the
Ministries of Finance A ministry of finance is a part of the government in most countries that is responsible for matters related to the finance.
Lists of current ministries of finance
Named "Ministry"
* Ministry of Finance (Afghanistan)
* Ministry of Finance and Eco ...
, Law and corporate affairs, and the
Reserve Bank of India.As per the statements on their official website, IBBI regulates a process as well as a profession. IBBI has regulatory oversight on Insolvency Professionals , Insolvency Professional Agencies, Insolvency Professional Entities and Information Utilities. Currently it has 130 Insolvency Professional Entities listed on its website.
The Governing Board
References
External links
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Executive branch of the government of India
Regulatory agencies of India
Organisations based in Delhi
India
Government agencies established in 2016
Government agencies of India
Economic history of India (1947–present)
Insolvency
Bankruptcy