Government issues draft norms under bankruptcy code

Q.  As part of implementing the bankruptcy code, government of India has constituted the IBBI. What does IBBI stand for?
- Published on 12 Oct 16

a. Insolvency and Bankruptcy Board of India
b. International Bankruptcy Board of India
c. Insolvency and Banking Regulations Board of India
d. None of the above

ANSWER: Insolvency and Bankruptcy Board of India
 
Government issues draft norms under bankruptcy codeGovernment of India has come out with another set of draft rules including liquidation of insolvent corporate persons under the Insolvency and Bankruptcy code
  • As part of implementing the code, government of India has constituted the Insolvency and Bankruptcy Board of India
  • Draft norms will be finalised after taking the stakeholder views into account
  • Notified by the government in May, code seeks consolidation and amendment of laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a timely manner
  • Latest set of draft regulations relate to liquidation of insolvent corporate persons, insolvency resolution processes for corporate persons and application to the judicial authority
  • Ministry has also issued draft regulations for registration of insolvency professionals, agencies and model bye-laws
  • The IBBI chaired by MS Sahoo will have 10 members
  • Apart from the chairman currently there are 4 government nominated members and the rest will be appointed in the coming months.

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