- IBBI has been tasked to regulate functioning of insolvency professionals, insolvency professional agencies and information utilities under Insolvency and Bankruptcy Code 2016.
- The Code was notified by the Union Government in May 2016 replacing existing bankruptcy laws.
- It seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, individuals and partnership firms in a time-bound manner.
- Under this new law, employees, creditors and shareholders will have powers to initiate winding up process at first sign of financial stress such as serious default in repayment of bank loan
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It is a 4 member board under Ministry of Corporate Affairs