The Insolvency and Bankruptcy Board of India (IBBI) is celebrating its Sixth Annual Day on 1^st October, 2022. Union Minister for Finance and Minister of Corporate Smt. Nirmala Sitharaman, Affairs will grace the occasion as the Chief Guest and Shri 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.) Shri Ramalingam Sudhakar, President, National Company Law Tribunal and Shri 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.

Insolvency and Bankruptcy Code outreach expands; regulator marks progress with lectures, publication and stakeholder engagement. The Insolvency and Bankruptcy Board of India is marking its Annual Day with an IBC Annual Day Lecture Series, keynote lectures and release of the publication 'IBC: Idea, Impressions and Implementation,' convening insolvency professionals, valuers, debtors, creditors, business leaders and researchers. The regulator reiterates its mandate to implement the Insolvency and Bankruptcy Code (IBC) to achieve time bound reorganisation and resolution aimed at maximizing asset value, promoting entrepreneurship and credit availability, and balancing stakeholder interests; it notes the IBC's expanding use as a rescue mechanism and substantial resolution of distressed assets.