Insolvency and Bankruptcy code Bill passed
Insolvency and Bankruptcy code Bill passed
Dear Banking Aspirants,
We all heard a topic Insolvency and Bankruptcy Board of India (IBBI). The person who is preparing for Bank exam should know very well about IBBI. Because it writes and enforces rules for transactions. Lets briefly discuss about Insolvency and Bankruptcy Board of India.
Chairperson-Dr. M. S. Sahoo
Headquarters- New Delhi
Insolvency and Bankruptcy Board of India was set up on 1st October 2016 under the Insolvency and Bankruptcy Code, 2016 (Code).
About IBBI:
It is a unique regulator: regulates a profession as well as transactions. It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies and Information Utilities.
It writes and enforces rules for transactions, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code.
It is a key pillar of the ecosystem responsible for implementation of the Code that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.
The Insolvency and Bankruptcy Board of India (IBBI) has notified the IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017 in the Gazette of India on 7th December, 2017. The Regulations enable a Stakeholder, namely, debtor, creditor, claimant, service provider, resolution applicant or any other person having an interest in an insolvency resolution, liquidation, voluntary liquidation or bankruptcy transaction under the Insolvency and Bankruptcy Code, 2016 (Code), to file a grievance or a complaint against a Service provider, namely, insolvency professional agency, insolvency professional, insolvency professional entity or information utility. The Regulations provide for an objective and transparent procedure for disposal of grievances and complaints by the IBBI,that does not spare a mischievous service provider, but does not harass an innocent service provider.
A Stakeholder may file a complaint in the Specified Form along with a fee of Rupees Two Thousand and Five Hundred (Rs.2,500). If the complaint is not frivolous or malicious, the fee will be refunded.
The Regulations are effective from 7th December, 2017.
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