IBBI Full Form | About IBBI
IBBI Full Form – Insolvency and Bankruptcy Board of India or IBBI is a governing board which helps the companies which have gone bankrupt i.e. they can’t repay the loans they have borrowed from banks and other sources. It is a regulator for overseeing insolvency proceedings and entities. Some of these entities are the Insolvency Professional Agencies or IPA, the Insolvency Professionals or IP, Information Utilities or IU, etc. It is under the jurisdiction of the Government of India with the Ministry of Law and Justice as its Parent Department. It was established on 1 October, 2016 in New Delhi. IBBI got its statutory powers through the Insolvency and Bankruptcy Code, which was passed by Lok Sabha on 5 May, 2016. IBBI has total members, most of them are those who represent different departments. These representatives are from the Ministry of Finance, Law and Corporate Affairs, the Reserve Bank of India, etc.
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