On 1st October IBBI to Celebrate Its 8th Annual Day

The Insolvency and Bankruptcy Board of India (IBBI) celebrates its Eighth Annual Day on 1st October 2024. Senior officers of the Government and regulatory bodies will grace the occasion. Over the past eight years, the IBC has significantly accelerated the resolution of insolvency cases.

About Event

• Mr Ramalingam Sudhakar, the  President of the National Company Law Tribunal, will be the Chief Guest and will deliver a keynote address.
• Mr. Amitabh Kant, India’s G20 Sherpa and Former CEO of NITI Aayog will deliver the Annual Day lecture.
• Dr. V. Anantha Nageswaran, Chief Economic Advisor, Ministry of Finance, Ms. Deepti Gaur Mukerjee, Secretary, Ministry of Corporate Affairs and Mr. Ravi Mittal, Chairperson IBBI will also address on the occasion.
• The Annual Day Lecture Series and a host of other activities will also be a part of the celebrations.
• To mark the occasion, an annual publication, “IBC के आठवर्ष: शोध एवं विश्लेषण” will be released.
• Further, the winners of the 5th National Online Quiz on IBC (Insolvency and Bankruptcy Code) will be awarded a merit certificate, medal, and cash prize.

About IBBI

• It was established on 1st October 2016 under the Insolvency and Bankruptcy Code (IBC), 2016.
• It is responsible for the implementation of the IBC.
• The IBC amends and consolidates the laws relating to insolvency resolution of individuals, partnership firms and corporate persons in a time-bound manner.

Functions

• The IBBI regulates professionals as well as processes.
• It has regulatory oversight over the insolvency professional agencies, insolvency professional entities, insolvency professionals and information utilities.
• It enforces rules for processes of corporate insolvency resolution, individual insolvency resolution, corporate liquidation and individual bankruptcy under the IBC.
• It specifies the minimum eligibility requirements for registration of insolvency professional agencies, insolvency professionals and information utilities  and curriculum for the qualifying examination of the insolvency professionals for their enrolment.
• It collects and maintains records relating to insolvency and bankruptcy cases and disseminate information relating to such cases.

Constitution

The Board consists of the following members who are appointed by the Central Government,

• A Chairperson.
• Three members from among the officers of the Central Government equivalent or not below the rank of a Joint Secretary. Out of the three members, each will represent the Ministry of Finance, Ministry of Corporate Affairs and Ministry of Law, ex -officio.
• One member nominated by the RBI (Reserve Bank of India), ex-officio.
• Five other members nominated by the Central Government, out of which at least three should be whole-time members.
• The term of office of the Chairperson and members (other than ex-officio members) is five years or until they attain sixty-five years, whichever is earlier, and they are eligible for re-appointment.

Summary/Static	Details
Why in the news	The Insolvency and Bankruptcy Board of India (IBBI) celebrates its Eighth Annual Day on 1st October 2024
Key Activities	Annual Day Lecture Series Release of publication “IBC के आठवर्ष: शोध एवं विश्लेषण” 5th National Online Quiz on IBC award ceremony (merit certificate, medal, cash prize)
About IBBI	Established on 1st October 2016 under the Insolvency and Bankruptcy Code (IBC) 2016
Functions of IBBI	Regulates insolvency professionals and processes Oversees insolvency professional agencies, professionals, and information utilities Enforces rules for corporate insolvency resolution, individual insolvency, corporate liquidation, and individual bankruptcy Maintains records and disseminates information on insolvency cases
Constitution of IBBI	Chairperson appointed by the Central Government Three members from Ministry of Finance, Corporate Affairs, and Law (ex-officio) One member nominated by RBI (ex-officio) Five other members appointed by the Central Government, with at least three whole-time members
Term of Office	Five years or until the age of 65, whichever is earlier; eligible for re-appointment