What is Insolvency and Bankruptcy Board of India (IBBI)?
- Blog|Insolvency and Bankruptcy Code|
- 2 Min Read
- By Taxmann
- Last Updated on 25 June, 2021
Power and Functions of IBBI:
IBBI is entrusted to administer the insolvency and bankruptcy regime in the country. It perform tasks like registration of insolvency professional’s agencies, and certify and monitor insolvency resolution professionals. IBBI is also responsible to create information utilities and renew them as and when the case be. IBBI forms rules for minimum eligibility requirements for agencies to register themselves as insolvency professional agencies or professionals to get certified as insolvency resolution professionals. It also levy fee or other charges from these agencies and professionals. It specifies the regulations for their functioning in proper and law abided manner.
Structure of IBBI:
IBBI is constituted by ten-member committee which includes one chairman, three members from Central Government who cannot be below the rank of Joint Secretary or equivalent, One member is nominated by RBI (Reserve Bank of India) in this committee, and rest five members are nominated by Central Government of which three should function as full time members.
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