Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments in the liquidation process under the Insolvency and Bankruptcy Code (IBC) in order to bring transparency and to address the difficulties faced by stakeholders, meet evolving requirements and to achieve the objectives of the Code.

New amendments were proposed to further strengthen the regulatory framework of the liquidation process with respect to accountability of liquidator towards stakeholders. Discussion also proposed to provide that if the secured creditors with 60 per cent of the value in secured debt, decide to realise the security interest, this decision will be binding on the other so as to treat all charge holders at same level.

The Insolvency and Bankruptcy Board of India was established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016 (Code). It is a key pillar 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. It has been tasked to promote the development of, and regulate, the working and practices of, insolvency professional agencies and information utilities.

Insolvency and Bankruptcy Code provides IBBI statutory powers. The code was passed by Lok Sabha in May 2016. Present whole-time members of the IBBI include Dr. Navrang Saini, Dr. Ms. Mukulita Vijayawargiya and Sh. Sudhakar Shukla.