Insolvency and Bankruptcy Board of India (IBBI)

The IBBI is the statutory regulatory body established under Section 188 of IBC, formally set up on October 1, 2016. It functions under the Ministry of Corporate Affairs and holds quasi-legislative, executive, and quasi-judicial powers (civil court powers under Section 196(3)). IBBI registers and regulates Insolvency Professionals (IPs), Insolvency Professional Agencies (IPAs), and Information Utilities (IUs), and sets procedural standards for the Corporate Insolvency Resolution Process (CIRP), liquidation, and individual insolvency.