IBBI to celebrate its Sixth Annual Day tomorrow

The Insolvency and Bankruptcy Board of India (IBBI) is celebrating its Sixth Annual Day on 1st October, 2022. Union Minister for Finance and Minister of Corporate Affairs, Nirmala Sitharaman,  will grace the occasion as the Chief Guest and Rao Inderjit Singh, Union Minister of State (Independent Charge) of Ministry of Statistics and Programme Implementation; Union Minister of State (Independent Charge) of Ministry of Planning; and Union Minister of State in the Ministry of Corporate Affairs, will be the Guest of Honour.

In order to commemorate the establishment of the IBBI, it has instituted an Annual Day Lecture Series. Chief Justice (Retd.) Ramalingam Sudhakar, President, National Company Law Tribunal and Ashok Kumar Gupta, Chairperson, Competition Commission of India will be delivering the Annual Day Lecture this year.

To mark the occasion, an annual publication, “IBC: Idea, Impressions and Implementation” will also be released.

Senior officers of the Government and regulatory bodies will grace the occasion. The occasion will witness the presence of stakeholders of the insolvency regime, namely, the insolvency professionals, registered values, other professionals, debtors, creditors, business leaders, academicians, and researchers.

About IBBI and IBC

The Insolvency and Bankruptcy Board of India (IBBI), being responsible for implementation of the Insolvency and Bankruptcy Code (IBC), 2016, aims for reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.

The IBC has created a strong ecosystem in insolvency regime which is expanding in terms of number of service providers and number of cases using the IBC as rescue mechanism for distressed firms. The IBC has rescued 1,934 CDs (517 through resolution plans, 774 through appeal or review or settlement and 643 through withdrawal) till June 2022. In value terms, around 69% of distressed assets which entered the process under the IBC have been resolved.