Insolvency and Bankruptcy Board of India


insolvency and bankruptcy board of india

The Insolvency and Bankruptcy Board of India was set up on 1st October 2016 under the Insolvency and Bankruptcy Code, 2016 (Code). It is a major pillar of the ecosystem responsible for implementation of the Code that consolidates and amends the laws concerning to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons, to encourage entrepreneurship, availability of credit and balance the interests of all the stakeholders. It is a unique regulator: regulates a profession as well as processes.

It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies, Insolvency Professional Entities, and Information Utilities. It writes and enforces guidelines for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code. It has recently been tasked to encourage the development of, and regulate, the working and practices of, insolvency professionals, insolvency professional agencies and information utilities and other institutions, in furtherance of the purposes of the Code. It has also been designated as the ‘Authority’ under the Companies (Registered Valuers and Valuation Rules), 2017 for regulation and development of the profession of values in the country.

The Board shall, subject to the general direction of the Central Government, conduct all or any of the following functions namely:

(a) Register insolvency professional agencies, insolvency professionals and information utilities and renew, withdraw, suspend or cancel such entries.

(aa) encourage the development of, and regulate, the working and practices of, insolvency professionals, insolvency professional agencies and information utilities and other institutions, in furtherance of the purposes of this Code.

(b) Specify the minimum eligibility need for registration of insolvency professional agencies, insolvency professionals and information utilities.

(c) Levy fee or other charges for carrying out the reason of this Code, covering fee for registration and renewal of insolvency professional agencies, insolvency professionals and information utilities.

(d) Speaks by regulations standards for the functioning of insolvency professional agencies, insolvency professionals and information utilities.

(e) Lay down by regulations the minimum curriculum for the examination of the insolvency professionals for their enrolment as members of the insolvency professional agencies.

(f) Carry out ss and investigations on insolvency professional agencies, insolvency professionals and information utilities and pass such orders as may be needed for compliance of the provisions of this Code and the regulations issued hereunder.

(g) Study the performance of insolvency professional agencies, insolvency professionals and information utilities and pass any directions as may be required for compliance of the provisions of this Code and the regulations issued hereunder.

(h) Call for any information and records from the insolvency professional agencies, insolvency professionals and information utilities.

(i) Issue such information, data, research studies, and other information as may be specified by regulations.

(j) Specify by regulations the manner of collecting and storing data by the information utilities and for giving access to such data.

(k) Gather and maintain records relating to insolvency and bankruptcy cases and disseminate information relating to such cases.

(l) Constitute such committees as may be needed is covered in particular the committees laid down in section 197.

(m) Encourage transparency and best practices in its governance.

(n) Maintain websites and such other universally accessible repositories of electronic information as may be needed.

(o) Enter into a memorandum of understanding with any other statutory authorities

(p) Publish necessary guidelines to the insolvency professional agencies, insolvency professionals and information utilities.

(q) Specify mechanism for redressal of grievances against insolvency professionals, insolvency professional agencies and information utilities and pass orders concerning to complaints filed against the aforesaid for compliance of the provisions of this Code and the regulations issued hereunder.

(r) Organize periodic study, research and audit the functioning and performance of to the insolvency professional agencies, insolvency professionals and information utilities at such intervals as may be specified by the Board.

(s) Specify mechanisms for issuing regulations, enveloping the conduct of public consultation processes before notification of any regulations.

(t) Make regulations and guidelines on issues concerning insolvency and bankruptcy as may be required under this Code, covering mechanism for time-bound disposal of the assets of the corporate debtor or debtor.

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