Consider the following statements about insolvency and Bankruptcy Board of India IBBI 1 nb...........

Economic Affairs Financial Markets

Consider the following statements about insolvency and Bankruptcy Board of India (IBBI)

1) It regulates the functioning of insolvency professionals, insolvency professional agencies and information utilities under the insolvency and Bankruptcy Code 2016.

2) The Board members include people from RBI, Ministry of Finance , Ministry of law and ministry of corporate Affairs.

Which of the following statements is / are incorrect?

1 only

2 only

Both of above

None of the above

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Explanation:

The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India. It was established on 1 October 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016. It covers Individuals, Companies, Limited Liability Partnerships and Partnership firms. The new code will speed up the resolution process for stressed assets in the country. It attempts to simplify the process of insolvency and bankruptcy proceedings.It handles the cases using two tribunals like NCLT(National company law tribunal) and Debt recovery tribunal.