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

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.