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 India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

. It was established on 1 October 2016 and given

statutory A statute is a formal written enactment of a legislative authority that governs the legal entities of a city, state, or country by way of consent. Typically, statutes command or prohibit something, or declare policy. Statutes are rules made by le ...

powers through the Insolvency and Bankruptcy Code, which was passed by

Lok Sabha The Lok Sabha, constitutionally the House of the People, is the lower house of India's bicameral Parliament, with the upper house being the Rajya Sabha. Members of the Lok Sabha are elected by an adult universal suffrage and a first-p ...

on 5 May 2016. It covers Individuals,

Companies A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared go ...

Limited Liability Partnerships A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not ...

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 (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, Law and corporate affairs, and the

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible f ...

.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

{{authority control Executive branch of the government of India Regulatory agencies of India Organisations based in Delhi

Government agencies established in 2016 Government agencies of India Economic history of India (1947–present) Insolvency Bankruptcy