Insolvency and Bankruptcy Board of India (IBBI) is a unique regulator i.e. it regulates both professions and transactions. It is a part of the Insolvency and Bankruptcy Act, of 2016.
Facts related to Insolvency and Bankruptcy Board of India (IBBI)
IBBI has regulatory oversight over Insolvency Professionals (IPs), IP Agencies (IPA) and Information Utilities (IU). It writes and enforces rules of corporate insolvency, corporate liquidation, individual insolvency and individual bankruptcy under IBC.
IBBI is responsible to implement the IBC and amend laws for insolvency resolution of Corporate persons, partnership firms and individuals in a time-bound manner for maximization of valuation of assets of such person.
To promote entrepreneurship, credit availability and balancing the interest of all stakeholders.
So far, IBBI has produced 3 sets of regulations: IPs; IPA and bye-laws and Governing board for IPAs.
IBBI has set up U K Sinha Panel to go into the concept of ‘Group Insolvency'.