{"id":20439,"date":"2024-02-13T01:00:56","date_gmt":"2024-02-12T19:30:56","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=20439"},"modified":"2025-04-06T01:20:20","modified_gmt":"2025-04-05T19:50:20","slug":"ibbi","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/ibbi\/","title":{"rendered":"What is the Insolvency and Bankruptcy Board of India (IBBI)?"},"content":{"rendered":"<h2>About Insolvency and Bankruptcy Board of India (IBBI)<\/h2>\n<ul>\n<li>The IBBI was\u00a0established on October 1,\u00a02016 in accordance with the provisions of the\u00a0\u2018Insolvency and Bankruptcy Code, 2016\u2019.<\/li>\n<li>It is responsible\u00a0for the implementation of the IBC. The IBC amends and consolidates the laws relating to the insolvency resolution of individuals, partnership firms, and corporate persons in a time-bound manner.\u00a0\n<ul>\n<li>The IBBI\u00a0regulates professionals as well as processes.<\/li>\n<li>It has\u00a0regulatory oversight over the\u00a0insolvency professional agencies,\u00a0insolvency professional entities,\u00a0insolvency professionals, and\u00a0information utilities.<\/li>\n<li>It\u00a0enforces rules for processes of corporate\u00a0insolvency resolution, individual insolvency resolution, corporate liquidation, and individual bankruptcy under the IBC.<\/li>\n<\/ul>\n<\/li>\n<li>It has also\u00a0been designated as the \u2018Authority\u2019 under the Companies (Registered Valuers and Valuation Rules), 2017\u00a0for the regulation and development of the profession of valuers in the country.<\/li>\n<li>Constitution of the Board: The Board consists of the following members who are appointed by the Central Government:\u00a0\n<ul>\n<li>A\u00a0Chairperson.\u00a0<\/li>\n<li>Three members\u00a0from among the\u00a0officers of the Central Government equivalent or not below the rank of a Joint Secretary. Out of the three members,\u00a0each will represent the Ministry of Finance, the\u00a0Ministry of Corporate Affairs, and the\u00a0Ministry of Law, ex -officio.\u00a0<\/li>\n<li>One member nominated by the RBI (Reserve Bank of India), ex-officio.\u00a0<\/li>\n<li>Five other members\u00a0nominated by the Central Government, out of which at least\u00a0three should be whole-time members.\u00a0<\/li>\n<li>The term\u00a0of office of the Chairperson and members (other than ex-officio members)\u00a0is five years or until they attain sixty-five years, whichever is earlier, and they are\u00a0eligible for re-appointment.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1) What is Insolvency and Bankruptcy?<\/h3>\n<p>Insolvency is a financial state where a person cannot meet debt payments on time. Bankruptcy is a legal process that happens when the individual declares he or she can no longer pay back his or her debts to creditors.<\/p>\n<p><strong>Source:<\/strong> <a href=\"https:\/\/www.thehindubusinessline.com\/economy\/personal-guarantors-insolvency-ibbi-mandates-resolution-professionals-to-provide-reports-to-both-debtor-and-creditor-for-enhanced-transparency\/article67839526.ece\" target=\"_blank\" rel=\"nofollow noopener\"><u>Equal access. Personal guarantors\u2019 insolvency: IBBI mandates Resolution Professionals to provide reports to both debtor and creditor for enhanced transparency<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Insolvency and Bankruptcy Board of India (IBBI) was established on October 1, 2016 in accordance with the provisions of the \u2018Insolvency and Bankruptcy Code, 2016\u2019. <\/p>\n","protected":false},"author":5,"featured_media":20440,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-20439","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/20439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=20439"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/20439\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/20440"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=20439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=20439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=20439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}