IBBI: Insolvency and Bankruptcy Board of India

The Insolvency Code got its own regulator, five months after it became law. That regulator just got a whole new chapter to enforce.

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Indian Economy · IndEco0230

IBBI

Insolvency and Bankruptcy Board of India

28 May 2016

The Insolvency and Bankruptcy Code receives Presidential assent.

1 Oct 2016

IBBI is established, as the Code’s regulator.

6 Apr 2026

IBC (Amendment) Act, 2026 assented; adds creditor-led CIIRP route.

May-Jun 2026

IBBI notifies regulations, to implement the 2026 reforms.

The Regulator Got a New Chapter to Enforce

The IBC (Amendment) Act, 2026 hands creditors a faster, less court-heavy route (CIIRP), plus a new framework for resolving related companies together. IBBI is now writing the regulations that will make both work.

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Timeline

• 28 May 2016: The Insolvency and Bankruptcy Code (IBC) receives Presidential assent.
• 1 October 2016: IBBI is established, as the Code’s regulator.
• 6 April 2026: The IBC (Amendment) Act, 2026 gets Presidential assent, adding a creditor-led resolution route.
• May-June 2026: IBBI notifies a string of regulations, to implement the new reforms.

Must Know

• IBBI stands for the Insolvency and Bankruptcy Board of India.
• It was established on 1 October 2016, as the regulator under the Insolvency and Bankruptcy Code, 2016.
• IBBI regulates insolvency professionals, insolvency professional agencies, and information utilities.
• It frames regulations for corporate and individual insolvency, and liquidation processes, under the IBC.
• IBBI is headquartered in New Delhi.

Good to Know

• The IBC itself received Presidential assent on 28 May 2016, months before IBBI was set up.
• IBBI’s Governing Board has 10 members, including the Chairperson.
• Three members are ex-officio representatives, from the Finance, Law, and Corporate Affairs Ministries.
• One member is nominated by the Reserve Bank of India.
• The remaining members are nominated by the Centre, and at least three must be full-time.

Test Yourself

Please wait…

1. On what date was the Insolvency and Bankruptcy Board of India (IBBI) established?

28 May 2016

1 October 2016

1 June 2016

1 December 2016

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Great to Know

• As of August 2026, IBBI’s Chairperson is Ravi Mittal. He is only the second full-time Chairperson in IBBI’s history.
• The IBC (Amendment) Act, 2026 introduces the Creditor-Initiated Insolvency Resolution Process (CIIRP), a new Chapter IV-A.
• CIIRP lets creditors themselves trigger a faster, less court-heavy resolution route, for eligible corporate debtors.
• The same 2026 Act adds a group insolvency framework too, under a new Chapter V-A. It lets related companies be resolved together.
• IBBI is expected to notify detailed regulations, to operationalise both the CIIRP and group insolvency frameworks.

Current Affairs

• 6 April 2026: The Insolvency and Bankruptcy Code (Amendment) Act, 2026 receives Presidential assent, after Parliament passed it on 1 April 2026.
  • The Act reshapes admission timelines, withdrawal rules, and committee-of-creditors oversight, under the IBC.
  • Through May and June 2026, IBBI has notified multiple amendment regulations, covering valuation, CIRP timelines, and information utilities.