Insolvency and Bankruptcy Board of India

Insolvency and Bankruptcy Board of India
भारतीय दिवाला और शोधन अक्षमता बोर्ड
Regulatory agency overview
Formed	1 October 2016
Jurisdiction	Government of India
Headquarters	Mayur Bhawan, Shankar Market, Connaught Circus, New Delhi
Regulatory agency executive	Ravi Mittal, Chairperson;
Parent department	Ministry of Corporate Affairs
Key document	Insolvency and Bankruptcy Code;
Website	www.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.Central Govt. appointed Jayanti Prasad as a whole-time Member of the IBBI

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