IBBI stands for 'Insolvency and Bankruptcy _______ of India'.
Board
Understanding the IBBI Abbreviation
The question asks for the word that completes the full form of IBBI, specifically the second 'B' in 'Insolvency and Bankruptcy _______ of India'. Understanding the full form of this important regulatory body is key to answering this question correctly.
What IBBI Stands For
IBBI is a regulatory body established under the Insolvency and Bankruptcy Code, 2016 (IBC). Its purpose is to oversee insolvency proceedings and processes in India. The full form of IBBI is:
Insolvency and Bankruptcy Board of India
Looking at the options provided:
- Bank
- By-laws
- Bench
- Board
Comparing these options with the correct full form, it is clear that 'Board' is the missing word.
Role of the Insolvency and Bankruptcy Board of India (IBBI)
The IBBI is the main authority responsible for implementing the Insolvency and Bankruptcy Code, 2016. Its key functions include:
- Registering and regulating insolvency professionals, insolvency professional agencies, and information utilities.
- Creating and enforcing rules and regulations for the corporate insolvency resolution process, individual insolvency, and liquidation.
- Developing standards for the efficient implementation of the Insolvency and Bankruptcy Code.
The IBBI plays a crucial role in strengthening the insolvency and bankruptcy framework in India, helping businesses and individuals deal with financial distress in a time-bound manner.
| Part of IBBI | Stands for |
|---|---|
| I | Insolvency |
| B | Bankruptcy |
| B | Board |
| I | India |
Revision Table: Analysing Options for IBBI
| Option | Fits in IBBI Full Form? | Explanation |
|---|---|---|
| Bank | No | While banks are involved in insolvency, the regulatory body is not called the 'Insolvency and Bankruptcy Bank'. |
| By-laws | No | By-laws are rules, but not the name of the regulatory body. |
| Bench | No | A bench is a court body (like NCLT or DRT) that hears insolvency cases, but not the regulatory body's name. |
| Board | Yes | This correctly completes the full form: Insolvency and Bankruptcy Board of India. |
Additional Information on Insolvency and Bankruptcy Framework
The Insolvency and Bankruptcy Code, 2016 (IBC) was a significant reform in India's economic landscape. It consolidated various laws related to insolvency and bankruptcy. The primary goals of the IBC are:
- To provide a time-bound process for resolving insolvency.
- To maximise the value of assets of the debtor.
- To promote entrepreneurship and availability of credit.
- To balance the interests of all stakeholders, including creditors and employees.
The IBBI is central to achieving these goals by setting the standards and regulating the professionals who carry out the insolvency resolution process.
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