1. Institutional and regulatory framework
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Institutional and regulatory framework

2. The framework consists of . . .
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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.