Insolvency and Bankruptcy Board of India (IBBI)
Web portal of Insolvency and Bankruptcy Board of India (IBBI) has started functioning. MCA has constituted IBBI vide Notification dt. 1 Oct. 2016 and has appointed Sh. Madhu Sudan Sahoo as the Chairperson of the Board, as under:
Constitution of IBBI w.e.f. 1 Oct. 2016
S.O. 3110(E)-In exercise of the powers conferred by sub-section (1) and (3) of section 188 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints 01st October, 2016 as the date of establishment of Insolvency and Bankruptcy Board of India. The head office of the Insolvency and Bankruptcy Board of India shall be at New Delhi.
Appointment of Chairperson of IBBI
S.O. 3111(E).—In exercise of the powers conferred by section 189 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints Sh. Madhu Sudan Sahoo, as Chairperson of the Insolvency and Bankruptcy Board of India with effect from 1st October, 2016 i.e. date of assumption of the charge for a period of five years or upto sixty-five years of age or until further orders, whichever is the earlier.
Press Release of IBBI on New Regulations/ Bye Laws
IBBI has released a press release dt. 21 Nov. 2016 about the two new regulatins notified in exercise of it’s powers conferred under section 240 of the Insolvency and Bankruptcy Code, 2016, as under:
These two regulations inter-alia contains the provisions relating to eligibility norms to be a Professional Member of an Insolvency Professional Agency and also for eligibility norms to be registered with the IBBI as an Insolvency Professional Agency.
A company registered u/s 8 of the Companies Act, 2013 having net worth of Rs. 10 crore or more is eligible to be an Insolvency Professional Agency. More than half of the directors of its Board shall be independent directors and not more than one fourth of the directors shall be insolvency professionals. It shall have Membership Committee(s), Monitoring Committee, Grievance Redressal Committee(s), and Disciplinary Committee(s) for regulation and oversight of professional members. IBBI Portal
It may be noted that earlier earlier on 7th Oct 2016 the MCA had issued exposure drafts inviting comments from the stakeholders latest by 28 Oct. 2016, as under: