The Insolvency and Bankruptcy Board of India (IBBI) signed an MoU with the Reserve Bank of India (RBI). The MoU was signed by Sudarshan Sen, Executive Director of the RBI and Dr. Mamta Suri, Executive Director of the IBBI during the 4th meeting of the Insolvency Law Committee (ILC) at New Delhi.
Under the MoU, the RBI and the IBBI will work in partnership for the effective implementation of the Insolvency and Bankruptcy Code, 2016 and its allied rules and regulations. The MoU provides for sharing of information between the RBI and the IBBI, subject to the limitations imposed by the applicable laws.
Source- The Financial Express
Static/Current Takeaways Important for Exams-
- Insolvency and Bankruptcy Board of India Chairman- Dr. M S Sahoo.
- It was set up on 1st October 2016 under the Insolvency and Bankruptcy Code, 2016 (Code).