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, 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 (National company law tribunal) and Debt recovery tribunal.
| भारतीय दिवाला और शोधन अक्षमता बोर्ड | |
| Regulatory agency overview | |
|---|---|
| Formed | 1 October 2016 |
| Jurisdiction | Government of India |
| Headquarters | Mayur Bhawan, Shankar Market, Connaught Circus, New Delhi |
| Regulatory agency executive |
|
| Parent department | Ministry of Corporate Affairs |
| Key document |
|
| Website | www |
Mr. Jayanti Prasad, Mr. Sandip Garg and Dr. Bhushan Kumar Sinha 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.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 175 Insolvency Professional Entities listed on its website.
The Governing Board
| Sl. No. | Position | Name and Designation |
|---|---|---|
| 1. | Chairperson (2022–Present) | Sh. Ravi Mital, Chairperson, Insolvency and Bankruptcy Board of India |
| 2. | Whole Time Member | Sh. Jayanti Prasad, Whole Time Member, Insolvency and Bankruptcy Board of India. |
| 3. | Whole Time Member | Mr. Sandip Garg, Whole Time Member, Insolvency and Bankruptcy Board of India. |
| 4. | Whole Time Member | Dr. Bhushan Kumar Sinha, Whole Time Member, Insolvency and Bankruptcy Board of India. |
| 5. | Ex-officio Member | Ms. Reetu Jain, Economic Adviser, Department of Economic Affairs, Ministry of Finance |
| 6. | Ex-officio Member | Smt. Anita Shah Akella, Joint Secretary, Ministry of Corporate Affairs |
| 7. | Ex-officio Member | Dr. Anju Rathi Rana, Secretary , Ministry of Law and Justice |
| 8. | Ex-officio Member | Mr. Vaibhav Chaturvedi, Chief General Manager, Reserve Bank of India |
| 9. | Part Time Member | Shri M. P. Ram Mohan, Professor, Indian Institute of Management Ahmedabad |
| 10. | Part Time Member | Shri L. V. Prabhakar, Former MD & CEO, Canara Bank |
See also
wikipedia, wiki, encyclopedia, book, library, article, read, free download, Information about Insolvency and Bankruptcy Board of India, What is Insolvency and Bankruptcy Board of India? What does Insolvency and Bankruptcy Board of India mean?