Institutional and regulatory framework 105 Institutional and regulatory framework

The framework consists of . . . 106 The framework consists of . . . The Insolvency and Bankruptcy Board of India ▫ Body corporate having head office at NCR (Section (f) of section 2 of the National Capital Region Planning Board Act, 1985) ▫ Chairperson + 3 members representing Ministry of Finance, MCA, and Ministry of Law + 1 member to be nominated by RBI + 5 members to be nominated by the Central Government ▫ primary functions of the Board will include registration of insolvency professionals, insolvency institutions, information utilities, provide guidelines on the conduct of bankruptcy resolution, etc. ▫ If the Board does not perform an act within the time specified in the Code, the AA may condone the delay – reasons to be recorded in writing. Insolvency Professional Agencies ▫ Registered with the Board – Certificate of Registration granted ▫ Enrols Insolvency Professionals as its members Insolvency Professionals ▫ To be necessarily enrolled with an Insolvency Professional Agency ▫ May be practically read as administrators (pre-liquidation stage) and liquidators (post-liquidation order) Information Utilities ▫ storing financial information – this may be seen as electronic filing of defaults, security interests.