- 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?
- Till 31st July, 2022, the IBBI had received 6,231 such complaints and grievances, of which 6,172 have been disposed of after examination.