Insolvency and Bankruptcy Board of India
भारतीय दिवाला और शोधन अक्षमता बोर्ड
Regulatory agency overview
Formed1 October 2016; 5 years ago (2016-10-01)
JurisdictionGovernment of India
HeadquartersMayur Bhawan, Shankar Market, Connaught Circus, New Delhi[1]
Regulatory agency executive
  • Ravi Mittal, Chairperson
Parent departmentMinistry of Corporate Affairs
Key document
Websitewww.ibbi.gov.in

The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India. It was established on 1 October 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016. It covers Individuals, Companies, Limited Liability Partnerships and Partnership firms. The new code will speed up the resolution process for stressed assets in the country. It attempts to simplify the process of insolvency and bankruptcy proceedings. It handles the cases using two tribunals like NCLT (National company law tribunal) and Debt recovery tribunal.

Dr. Navrang Saini, Dr. Ms. Mukulita Vijayawargiya and Sh. Sudhaker Shukla are currently the Whole Time Members of IBBI.

IBBI Governing Board

IBBI will have 10 members, including representatives from the Ministries of Finance, Law and corporate affairs, and the Reserve Bank of India.As per the statements on their official website, IBBI regulates a process as well as a profession. IBBI has regulatory oversight on Insolvency Professionals , Insolvency Professional Agencies, Insolvency Professional Entities and Information Utilities.[2] Currently it has 130 Insolvency Professional Entities listed on its website.[3]

The Governing Board

Sl. No. Position Name and Designation
1. Chairperson (2022–Present) Sh. Ravi Mital, Chairperson, Insolvency and Bankruptcy Board of India
2. Chairperson (2016–2021) Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India
3. Whole Time Member Sh. Sudhaker Shukla, Whole Time Member, Insolvency and Bankruptcy Board of India.
4. Whole Time Member Dr. Navrang Saini, Whole Time Member, Insolvency and Bankruptcy Board of India.
5. Whole Time Member Dr. Ms. Mukulita Vijayawargiya, Whole Time Member, Insolvency and Bankruptcy Board of India.
6. Ex-officio Member Dr. Shashank Saksena, Senior Economic Adviser, Department of Economic Affairs, Ministry of Finance
7. Ex-officio Member Dr. Anuradha Guru, Economic Adviser, Ministry of Corporate Affairs
8. Ex-officio Member Dr. Rajiv Mani, Joint Secretary and Legal Adviser, Department of Legal Affairs, Ministry of Law & Justice.
9. Ex-officio Member Sh. Unnikrishnan A, Legal Adviser, Reserve Bank of India
10. Part Time Member Dr. Krishnamurthy Subramanian, Former Chief Economic Advisor, Government of India
11. Part Time Member Sh. B. Sriram, Former Managing Director & CEO of IDBI Bank Ltd.

References

  1. ^ "Contact". Insolvency and Bankruptcy Board of India. Retrieved 20 February 2018.
  2. ^ "Insolvency and Bankruptcy Board of India".
  3. ^ "Insolvency and Bankruptcy Board of India".

Official website