Under section 188 of the Code, the IBBI was established on 1st October, 2016. The Governing Board of the IBBI consists of the following members appointed by the Central Government, namely:
a. a Chairperson;
b. three members from amongst the officers of the Central Government not below the rank of Joint Secretary or
equivalent, one each to represent the Ministry of Finance, the Ministry of Corporate Affairs and the Ministry of Law, exofficio;
c. one member to be nominated by the Reserve Bank of India, exofficio; and
d. five other members to be nominated by the Central Government, of whom at least three are whole-time members.
The Governing Board comprises the following members as on 31st December, 2016:
a. Dr. M. S. Sahoo, Chairperson;
b. Shri Ajay Tyagi, Additional Secretary (Investment), Ministry of Finance;
c. Shri Amardeep S. Bhatia, Joint Secretary, Ministry of Corporate Affairs;
d. Shri G. S. Yadav, Joint Secretary & Legal Adviser, Ministry of Law and Justice; and
e. Shri A. Unnikrishnan, Legal Adviser, Legal Department, Reserve Bank of India.
The IBBI has the following broad responsibilities:
a. Regulation and development of market processes and practices relating to Corporate Insolvency, Corporate Liquidation, Individual Insolvency, and Individual Bankruptcy;
b. Registration and regulation of service providers for the insolvency process which includes the Insolvency Professionals, Insolvency Professional Agencies, and Information Utilities;
c. Oversight of markets and service providers through Surveillance, Investigation and Grievance Redressal;
d. Enforcement and Adjudication of service providers to ensure their orderly functioning; and
e. Professional development and expertise through Education, Examination, Training and continuous professional education.