What is the purpose of the Insolvency and Bankruptcy Board of India (IBBI)

The Insolvency and Bankruptcy Board of India (IBBI) is a regulatory body established under the Insolvency and Bankruptcy Code, 2016. Its objective is to facilitate and regulate a smooth and efficient insolvency resolution and bankruptcy process in India. The role of the IBBI can be summarized as follows:

• Regulation: The IBBI regulates various professionals, such as insolvency professionals, insolvency professional agencies, and information utilities involved in the insolvency and bankruptcy process.
• Insolvency Professional Standards: It sets out standards of professional conduct and a code of ethics for insolvency professionals and regulates their activities.
• Information Utility: The IBBI develops and regulates the functioning of information utilities, which are entities that store and disseminate financial and credit information of individuals and corporates undergoing insolvency or bankruptcy proceedings.
• Educational Programs: The IBBI organizes educational and awareness programs to enhance knowledge and skills in the field of insolvency and bankruptcy.
• Insolvency and Bankruptcy Data: The IBBI collects, maintains, and publishes data related to insolvency and bankruptcy proceedings in India, promoting transparency and providing valuable information to stakeholders.

Through its various initiatives, the IBBI aims to create a robust and efficient system for insolvency resolution and bankruptcy in India, ensuring the protection of the interests of all stakeholders involved.

The Insolvency and Bankruptcy Board of India (IBBI) was established under the Insolvency and Bankruptcy Code, 2016, with the objective of consolidating and streamlining the insolvency and bankruptcy framework in India. The fundamental role and objectives of the IBBI are as follows:

• Regulation: The IBBI regulates insolvency professionals, insolvency professional agencies, and information utilities to ensure adherence to prescribed norms and standards.
• Adjudication: The IBBI exercises control over the functioning of the insolvency resolution professionals and handles disciplinary matters related to their conduct.
• Insolvency Resolution Processes: The IBBI is responsible for developing and implementing regulations for the resolution of corporate insolvency, individual insolvency, and fresh start processes.
• Education and Awareness: The IBBI undertakes initiatives to promote educational programs and create awareness about insolvency and bankruptcy laws among stakeholders, including professionals, creditors, and debtors.
• Research and Development: The IBBI conducts research to enhance the understanding of insolvency and bankruptcy matters and facilitates the development of a robust and efficient institutional framework.

Overall, the IBBI plays a crucial role in ensuring a fair and transparent insolvency and bankruptcy process that protects the interests of all stakeholders involved.