The Insolvency and Bankruptcy Board of India (IBBI) was established in the year
2016
The question asks about the establishment year of the Insolvency and Bankruptcy Board of India (IBBI). The IBBI is a key institution responsible for implementing the Insolvency and Bankruptcy Code, 2016 in India.
Understanding the Insolvency and Bankruptcy Board of India (IBBI)
The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for overseeing insolvency proceedings in India. It was established under the Insolvency and Bankruptcy Code, 2016 (IBC). The IBBI plays a crucial role in regulating insolvency professionals, insolvency professional agencies, information utilities, and resolution applicants, thereby promoting the development of the insolvency resolution and bankruptcy framework in the country.
Establishment Year of IBBI
Let's look at the options provided:
- 2014
- 2015
- 2016
- 2017
The Insolvency and Bankruptcy Code (IBC), which led to the formation of the IBBI, was enacted in 2016. Consequently, the Insolvency and Bankruptcy Board of India (IBBI) was officially established on October 1, 2016.
Therefore, the correct year for the establishment of the IBBI is 2016.
Key Functions of IBBI
The IBBI performs several important functions, including:
- Registering and regulating insolvency professionals.
- Registering and regulating insolvency professional agencies.
- Registering and regulating information utilities.
- Making regulations for insolvency resolution processes for corporate persons, partnership firms, and individuals.
- Promoting the development of the insolvency framework in India.
Revision Table: IBBI Establishment
| Institution | Establishment Year | Governing Act |
|---|---|---|
| Insolvency and Bankruptcy Board of India (IBBI) | 2016 | Insolvency and Bankruptcy Code, 2016 (IBC) |
Additional Information: The Insolvency and Bankruptcy Code, 2016
The Insolvency and Bankruptcy Code, 2016 is a comprehensive legislation that consolidates and amends the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of government dues and to establish an Insolvency and Bankruptcy Board of India for the purposes of the Code and for matters connected therewith or incidental thereto.
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