The Insolvency and Bankruptcy Board of India (IBBI) was established on 1st October, 2016. It is useful to chronicle the critical steps leading to establishment of the IBBI and the steps taken thereafter during the quarter September-December, 2016:
| Date | Steps in the Journey |
|
Developments up to 30th September, 2016 |
|
| 10.07.2014 | Hon’ble Finance Minister in his budget speech for 201 4-15 stated as under:
“Entrepreneur friendly legal bankruptcy framework will also be developed for SMEs to enable easy exit.” (Para 106) |
| 22.08.2014 | Committee (Bankruptcy Law Reforms Committee / BLRC hereafter) under the Chairmanship of Dr. T. K. Viswanathan constituted to study Corporate Bankruptcy Legal Framework in India. |
| 11.02.2015 | BLRC submitted an interim report. Ministry of Finance sought suggestions / comments on the recommendations in the interim report by 20.02.2015. |
| 28.02.2015 |
Hon’ble Finance Minister in his budget speech for 201 5-16 stated as under: “Bankruptcy law reform, that brings about legal certainty and speed, has been identified as a key priority for improving the ease of doing business. SICA (Sick Industrial Companies Act) and BIFR (Board for Industrial and Financial Reconstruction) have failed in achieving these objectives. We will bring a comprehensive Bankruptcy Code in fiscal 2015-16, that will meet global standards and provide necessary judicial capacity.” (Para 36) |
| 04.11.2015 | BLRC submitted its report. Ministry of Finance sought suggestions / comments on the report by 19.11.2015. |
| 21.12.2015 | The Insolvency and Bankruptcy Code, 2015 introduced in Lok Sabha. |
| 28.04.2016 | The report of the Joint Committee under the Chairmanship of Shri Bhupender Yadav on the Insolvency and Bankruptcy Code, 2015 presented to Parliament. |
| 05.05.2016 | Lok Sabha passed the Insolvency and Bankruptcy Code, 2016. |
| 11.05.2016 | Rajya Sabha passed the Insolvency and Bankruptcy Code, 2016. |
| 28.05.2016 | The Insolvency and Bankruptcy Code, 2016 (Code hereafter) enacted. |
| 01.06.2016 | National Company Law Tribunals constituted. |
| 22.07.2016 | Oversight Committee and Four Working Groups for implementation of the Code constituted. |
| 29.07.2016 | Ministry of Corporate Affairs entrusted with the responsibility of administration of the Code. |
| 05.08.2016 | The provisions relating to establishment of the IBBI in the Code came into force. |
| 19.08.2016 | The provisions relating to finance of the IBBI and other matters in the Code came into force. |
| 23.08.2016 | Shri Arun Jaitley, Hon’ble Minister of Finance and Corporate Affairs directed the senior officers of the Ministry of Finance and Corporate Affairs to take suitable necessary action for implementation of Code in a time bound manner. (Press Release) |
| 29.08.2016 | The Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members) Rules, 2016 came into force. |
| Developments during September – December, 2016 | |
| 01.10.2016 | The IBBI established. Head office of the IBBI to be in Delhi. |
| Dr. M. S. Sahoo appointed as Chairperson of the IBBI. He was administered oath of office by Shri Arun Jaitley, Hon’ble Minister of Finance and Corporate Affairs. | |
| The following four ex-officio Members of the IBBI appointed:
a. Shri Ajay Tyagi, Additional Secretary (Investment), Department of Economic Affairs, Ministry of Finance, b. Shri Amardeep S. Bhatia, Joint Secretary, Ministry of Corporate Affairs, c. Shri G. S. Yadav, Joint Secretary & Legal Adviser, Ministry of Law and Justice, Department of Legal Affairs, and d. Shri A. Unnikrishnan, Legal Adviser, Legal Department, Reserve Bank of India. |
|
| 07.10.2016 | Shri Arjun Ram Meghwal, Hon’ble Minister of State for Finance and Corporate Affairs addressed the 1st meeting of the Governing Board of the IBBI. |
| 18.10.2016 | The IBBI constituted two Advisory Committees: one on Service Providers and the other on Corporate Insolvency Resolution and Liquidation. |
| 01.11.2016 | The provisions relating to powers and functions of the IBBI in the Code came into force. |
| 15.11.2016 | The provisions relating to Insolvency Professional Agencies (IPAs) and Insolvency Professionals (IPs) in the Code came into force. |
| 22.11.2016 | The IBBI (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 and the IBBI (Insolvency Professional Agencies) Regulations, 2016, notified on 21.11.2016, came into force. |
| 28.11.2016 | Shri Arun Jaitley, Hon’ble Minister of Finance and Corporate Affairs handed over certificates of registration to two Insolvency Professional Agencies registered with the IBBI. |
| 29.11.2016 | The IBBI (Insolvency Professionals) Regulations, 2016, notified on 23.11.2016, came into force. |
| 30.11.2016 | Shri Tapan Ray, Secretary to Government of India, Ministry of Corporate Affairs, handed over certificates of registration to 18 Insolvency Professionals. |
| 01.12.2016 | The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, notified on 30.11.201 6, came into force. |
| 01.12.2016 | The IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016, notified on 30.11.201 6, came into force. |
| 01.12.2016 | The provisions relating to corporate insolvency resolution in the Code came into force. |
| 15.12.2016 | The provisions relating to liquidation in the Code came into force. |
| 15.12.2016 | The IBBI (Liquidation Process) Regulations, 2016 came into force. |
| 31.12.2016 | The Limited Insolvency Examination commenced. |
