The code came into existence back in 2016 and with it came a central regulatory body to control and regulate the matters of insolvency and bankruptcy. This code, the IBC produced this singular body so that every matter involving corporate insolvency can be solved within one roof. Throughout this article, we are going to look into the responsibilities of this regulatory body.
The primary function of IBBI (Insolvency and Bankruptcy Board of India) is to be the overseer over the matters concerned with insolvency and bankruptcy. These matters take the form of agencies, professionals, and processes. Let us take a closer look:
The board has 10 governing members, each of these members are the representatives of either one of the following bodies
This regulatory body covers the following entities:
The advantages of this regulatory body can be counted among as their very function:
The penultimate feature of the Insolvency and Bankruptcy Code, the IBBI is instrumental in creating a single playground on which the matters of insolvency resolution can be resolved.