- IBBI is the regulator for overseeing insolvency proceedings of service providers like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
- It was given statutory powers through the Insolvency and Bankruptcy Code.
- It functions under Ministry of Commerce.
- The Code provides for a market-determined and time-bound resolution of insolvency proceedings.
- It became operational in December 2016.
- It covers Individuals, Companies, Limited Liability Partnerships and Partnership firms.
- It attempts to simplify the process of insolvency and bankruptcy proceedings and speed up the resolution process for stressed assets in the country.