Question
Which of the following is the regulatory and supervisory
body under the IBC?Solution
The Insolvency and Bankruptcy Board of India is the regulatory and supervisory body established under the Insolvency and Bankruptcy Code of 2016. Its primary role is to oversee and regulate the insolvency resolution processes, bankruptcy proceedings, and other matters related to the insolvency and bankruptcy framework in India. It sets out regulations, guidelines, and standards for insolvency professionals, insolvency professional agencies, information utilities, and other participants in the insolvency and bankruptcy ecosystem. It also maintains a database of various aspects of corporate insolvency and individual bankruptcy cases. The IBBI contributes to the overall transparency, efficiency, and effectiveness of the insolvency and bankruptcy processes in India.
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