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Q88 (CDS-II/2022) Polity & Governance › Constitutional & Statutory Bodies › Regulatory statutory bodies Answer Verified

The Insolvency and Bankruptcy Board of India (IBBI) was established in the year

Result
Your answer: —  Â·  Correct: C
Explanation

The Insolvency and Bankruptcy Board of India (IBBI) was established on October 1, 2016. It is a statutory body constituted under the provisions of the Insolvency and Bankruptcy Code (IBC), 2016, which was enacted by the Indian Parliament in May 2016 to consolidate and simplify the laws relating to insolvency resolution [3]. The IBBI serves as a key pillar of the insolvency ecosystem, acting as the regulator for overseeing insolvency proceedings and entities such as Insolvency Professionals (IPs), Insolvency Professional Agencies (IPAs), and Information Utilities (IUs). It has regulatory oversight over both the profession and the processes involved in the resolution of corporate persons, partnership firms, and individuals. The establishment of this regulator was a critical reform aimed at improving the credit market and the ease of doing business in India [1].

Sources

  1. [1] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 3: Money and Banking - Part II > 3.10 Insolvency and Bankruptcy Code 2016 > p. 139
  2. [3] https://ibbi.gov.in/uploads/publication/f3bbc84057f6bfc3d332c8971f0c19f5.pdf
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