The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies, Insolvency Professionals and Information Utilities in India. In which year IBBI was founded?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	2014
B	2017
C	2010
D	2016

Explanation:

Detailed explanation-1: -It is responsible for professionalising insolvency services through regulation and development of service providers, namely, insolvency professionals, insolvency professional agencies, insolvency professional entities, information utilities, registered valuers, and registered valuers’ organisations.

Detailed explanation-2: -The said provision is as under: “207. Registration of insolvency professionals (1) Every insolvency professional shall, after obtaining the membership of any insolvency professional agency, register himself with the Board within such time, in such manner and on payment of such fee, as may be specified by regulations.

Detailed explanation-3: -2022: Disciplinary Committee 1: Shri Ravi Mital, Chairperson. Disciplinary Committee 2: Shri Sudhaker Shukla, Whole-time Member. Disciplinary Committee 3: Shri Jayanti Prasad, Whole-time Member.

Detailed explanation-4: -Section 196. (1) The Board shall, subject to the general direction of the Central Government, perform all or any of the following functions namely: (a) Register insolvency professional agencies, insolvency professionals and information utilities and renew, withdraw, suspend or cancel such registrations.

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