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Source: The post is based on the article “Insolvency and Bankruptcy Board of India (IBBI) celebrates its Seventh Annual Day” published in “PIB” on 3rd October 2023.
What is the News?
The Insolvency and Bankruptcy Board of India(IBBI) has celebrated its Seventh Annual Day.
What is the Insolvency and Bankruptcy Board of India(IBBI)?
The Insolvency and Bankruptcy Board of India (IBBI) is a statutory body established on 1st October, 2016 in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016 (Code).
Purpose: The IBBI is one of the key pillars of the ecosystem responsible for implementation of the Code.
Functions: It is a unique regulator: regulates a profession as well as processes.
– It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies, Insolvency Professional Entities and Information Utilities.
– It writes and enforces rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code.
– It has also been designated as the ‘Authority’ under the Companies (Registered Valuers and Valuation Rules), 2017 for regulation and development of the profession of valuers in the country.
Governing Board: The affairs of the IBBI are governed by a Governing Board constituted by the Central Government.
– The Governing Board consists of (a) Chairperson; (b) three members from amongst the officers of the Central Government not below the rank of Joint Secretary or equivalent, one each representing the Ministry of Finance, Ministry of Corporate Affairs and Ministry of Law & Justice; (c) one member nominated by the Reserve Bank of India; (d) three whole-time members; and (e) two part-time members.
Headquarters: New Delhi.
