About IBBI

• The Insolvency and Bankruptcy Board of India (IBBI) was established in 2016 under the Insolvency and Bankruptcy Code (IBC), 2016.
• The Code aims for reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.
• IBBI has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies, Insolvency Professional Entities and Information Utilities. 
• It writes and enforces rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under IBC. 

Why in News?

• The Insolvency & Bankruptcy Board of India is set to celebrate its 5th Annual Day on 1st October, 2021. 

Reference:

1. https://pib.gov.in/PressReleasePage.aspx?PRID=1759190