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[1] |
| Regulatory agency executive |
|
| Parent department | Ministry of Corporate Affairs |
| Key document | |
| Website | www |
Dr. Navrang Saini, Dr. Ms. Mukulita Vijayawargiya and Sh. Sudhaker Shukla are currently the Whole Time Members of IBBI.Central Govt. appointed Jayanti Prasad as a whole-time Member of the IBBI
IBBI Governing Board
editIBBI 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.[2] Currently it has 130 Insolvency Professional Entities listed on its website.[3]
The Governing Board
edit| Sl. No. | Position | Name and Designation |
|---|---|---|
| 1. | Chairperson (2022–Present) | Sh. Ravi Mital, Chairperson, Insolvency and Bankruptcy Board of India |
| 2. | Chairperson (2016–2021) | Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India |
| 3. | Whole Time Member | Sh. Sudhaker Shukla, Whole Time Member, Insolvency and Bankruptcy Board of India. |
| 4. | Whole Time Member | Dr. Navrang Saini, Whole Time Member, Insolvency and Bankruptcy Board of India. |
| 5. | Whole Time Member | Dr. Ms. Mukulita Vijayawargiya, Whole Time Member, Insolvency and Bankruptcy Board of India. |
| 6. | Ex-officio Member | Dr. Shashank Saksena, Senior Economic Adviser, Department of Economic Affairs, Ministry of Finance |
| 7. | Ex-officio Member | Dr. Anuradha Guru, Economic Adviser, Ministry of Corporate Affairs |
| 8. | Ex-officio Member | Dr. Rajiv Mani, Joint Secretary and Legal Adviser, Department of Legal Affairs, Ministry of Law & Justice. |
| 9. | Ex-officio Member | Sh. Unnikrishnan A, Legal Adviser, Reserve Bank of India |
| 10. | Part Time Member | Dr. Krishnamurthy Subramanian, Former Chief Economic Advisor, Government of India |
| 11. | Part Time Member | Sh. B. Sriram, Former Managing Director & CEO of IDBI Bank Ltd. |
See also
editReferences
edit- ^ "Contact". Insolvency and Bankruptcy Board of India. Retrieved 20 February 2018.
- ^ "Insolvency and Bankruptcy Board of India".
- ^ "Insolvency and Bankruptcy Board of India".