Insolvency and Bankruptcy Board of India
Why in the news?
The Insolvency and Bankruptcy Board of India (IBBI) recently celebrated its Eighth Annual Day, highlighting the transformative impact of the Insolvency and Bankruptcy Code (IBC).
- The Insolvency and Bankruptcy Board of India (IBBI) was established in October 2016 under the Insolvency and Bankruptcy Code (IBC), 2016.
- IBBI regulates and oversees insolvency proceedings in India.
- The board ensures effective implementation of the IBC and promotes a transparent and efficient insolvency system.
- Its primary goal is to protect the interests of stakeholders, including creditors, debtors, and other entities involved in insolvency processes.
- IBBI develops and enforces regulations for insolvency professionals, professional agencies, and information utilities.
- The board conducts research and analysis on insolvency law to support informed policy decisions and improve the insolvency framework.
- IBBI plays a crucial role in enhancing the Ease of Doing Business in India by providing a robust framework for corporate insolvency resolutions.
- It promotes awareness and education about insolvency processes among stakeholders through various initiatives and publications.
- The board collaborates with regulatory bodies and stakeholders to strengthen the insolvency ecosystem.
- IBBI has initiated capacity-building programs for insolvency professionals to ensure quality and consistency in services.
- The board regularly publishes annual reports and research studies to assess the effectiveness of the IBC and its impact on the economy.