Insolvency & Bankruptcy Board of India should steer market forces in right direction, and not be intrusive: Meghwal

New Delhi, Mar 30 (KNN) The Insolvency and Bankruptcy Board of India (IBBI) has created three separate wings, namely, Research and Regulation Wing, Registration and Monitoring Wing and Administrative Law Wing.

“IBBI is a unique regulator. It combines the role of a regulator of profession as well as of transactions. Unlike other professions where the regulator only develops and regulates the profession, the IBBI also writes rules of transactions undertaken by the professionals,” said Chairperson, IBBI, Dr. M. S. Sahoo.  

The Insolvency Bankruptcy Code, 2016 provides a market determined, time bound mechanism for orderly resolution of insolvency, wherever possible, and ease of exit, wherever required. The IBBI is a key element of the ecosystem that implements the Insolvency and Bankruptcy Code, 2016. It was established on 1st October, 2016. 

The Minister of State for Finance and Corporate Affairs, Arjun Ram Meghwal said that the Insolvency and Bankruptcy Code, 2016 is a key economic reform that will facilitate ease of doing business and promote economic growth.

He advised that this reform should be suitably disseminated at international fora. He emphasized that a regulator is duty bound to guide and steer the market forces in the right direction, and not be intrusive.

Meghwal was speaking after inaugurating the new premises of IBBI on Wednesday.

About 100 applications for corporate insolvency resolution have been filed with NCLT so far of which about 20 have been admitted.