• The Insolvency and Bankruptcy Board of India (IBBI) celebrated its Seventh Annual Day recently.
• Success story
  • Creditors have recovered around Rs 3 lakh crore through the Insolvency and Bankruptcy Code (IBC) and the recoveries stood at more than Rs 51,000 crore last year, when the number of resolutions rose 80 per cent to 180.
  • Till August this year, 135 resolutions have happened and the number is likely to touch 300 by year-end.

ABOUT INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI)

• Established on 1st October 2016 under the Insolvency and Bankruptcy Code (IBC), 2016.
• It is responsible for the implementation of the IBC.
• The IBC amends and consolidates the laws relating to insolvency resolution of individuals, partnership firms and corporate persons in a time-bound manner.
• Functions-
  • The IBBI regulates professionals as well as processes.
  • It has regulatory oversight over the insolvency professional agencies, insolvency professional entities, insolvency professionals and information utilities.
  • It enforces rules for processes of corporate insolvency resolution, individual insolvency resolution, corporate liquidation and individual bankruptcy under the IBC.
  • It specifies the minimum eligibility requirements for registration of insolvency professional agencies, insolvency professionals and information utilities and curriculum for the qualifying examination of the , insolvency professionals for their enrolment.
  • It collects and maintains records relating to insolvency and bankruptcy cases and disseminate information relating to such cases.
• Constitution
  • A Chairperson.
  • Three members from Central Government equivalent or not below the rank of a Joint Secretary representing the Ministry of Finance, Ministry of Corporate Affairs and Ministry of Law, ex -officio.
  • One member nominated by the RBI (Reserve Bank of India), ex-officio.
  • Five other members nominated by the Central Government, out of which at least three should be whole-time members.
• The term of office of the Chairperson and members (other than ex-officio members) is five years or until they attain sixty-five years, whichever is earlier, and they are eligible for re-appointment.