New Delhi 93197 33599 l Ahmedabad 73035 33599
  • The Insolvency and Bankruptcy Board of India was established on 1st October 2016 under the Insolvency and Bankruptcy Code, 2016.
  • It is a unique regulator as it 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 rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code.
  • It has recently been tasked to promote 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 valuers in the country.
  • Structure of IBBI:
    • IBBI is constituted by ten-member committee which includes
      • one chairman,
      • three members from Central Government who cannot be below the rank of Joint Secretary or equivalent,
      • One member is nominated by RBI (Reserve Bank of India) in this committee, and
      • rest five members are nominated by Central Government of which three should function as full time members.

POWERS AND FUNCTIONS OF THE BOARD 

  • Register insolvency professional agencies, insolvency professionals and information utilities and renew, withdraw, suspend or cancel such registrations.
  • Promote 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.
  • Specify the minimum eligibility requirements for registration of insolvency professional agencies, insolvency professionals and information utilities.
  • Levy fee or other charges for carrying out the purposes of this Code, including fee for registration and renewal of insolvency professional agencies, insolvency professionals and information utilities.
  • Lay down by regulations the minimum curriculum for the examination of the insolvency professionals for their enrolment as members of the insolvency professional agencies.
  • Carry out inspections and investigations on insolvency professional agencies, insolvency professionals and information utilities and pass such orders as may be required for compliance of the provisions of this Code and the regulations issued hereunder.
  • Monitor 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.
  • Call for any information and records from the insolvency professional agencies, insolvency professionals and information utilities.
  • Publish such information, data, research studies and other information as may be specified by regulations.
  • Specify by regulations the manner of collecting and storing data by the information utilities and for providing access to such data.
  • Collect and maintain records relating to insolvency and bankruptcy cases and disseminate information relating to such cases.
  • Constitute such committees as may be required including in particular the committees laid down in section 197.
  • Promote transparency and best practices in its governance.
  • Issue necessary guidelines to the insolvency professional agencies, insolvency professionals and information utilities.
  • Specify mechanism for redressal of grievances against insolvency professionals, insolvency professional agencies and information utilities and pass orders relating to complaints filed against the aforesaid for compliance of the provisions of this Code and the regulations issued hereunder.
  • Specify mechanisms for issuing regulations, including the conduct of public consultation processes before notification of any regulations.
  • Make regulations and guidelines on matters relating to insolvency and bankruptcy as may be required under this Code, including mechanism for time bound disposal of the assets of the corporate debtor or debtor.
  • Perform such other functions as may be prescribed.
  • Notwithstanding anything contained in any other law for the time being in force, while exercising the powers under this Code, the Board shall have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908, while trying a suit, in respect of the following matters, namely: —
  1. The discovery and production of books of account and other documents, at such place and such time as may be specified by the Board.
  2. Summoning and enforcing the attendance of persons and examining them on oath.
  3. Inspection of any books, registers and other documents of any person at any place.
  4. Issuing of commissions for the examination of witnesses or documents.

Reference

https://ibbi.gov.in/about-ibbi.html