The Insolvency and Bankruptcy Board of India was established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016 (Code). It is a key pillar of the ecosystem responsible for implementation of the Code that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. It is a unique regulator: regulates a profession as well as processes. It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies, Insolvency Professional Entities and Information Utilities. It writes and enforces rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code. It has recently been tasked to promote the development of, and regulate, the working and practices of, insolvency professionals, insolvency professional agencies and information utilities and other institutions, in furtherance of the purposes of the Code. It has also been designated as the ‘Authority’ under the Companies (Registered Valuers and Valuation Rules), 2017 for regulation and development of the profession of valuers in the country.

POWERS AND FUNCTIONS OF THE BOARD	


(a) Register insolvency professional agencies, insolvency professionals and information utilities and renew, withdraw, suspend or cancel such registrations.

(aa) promote the development of, and regulate, the working and practices of, insolvency professionals, insolvency professional agencies and information utilities and other institutions, in furtherance of the purposes of this Code.

(b) Specify the minimum eligibility requirements for registration of insolvency professional agencies, insolvency professionals and information utilities.

(c) Levy fee or other charges for carrying out the purposes of this Code, including fee for registration and renewal of insolvency professional agencies, insolvency professionals and information utilities.

(d) Specify by regulations standards for the functioning of insolvency professional agencies, insolvency professionals and information utilities.

(e) Lay down by regulations the minimum curriculum for the examination of the insolvency professionals for their enrolment as members of the insolvency professional agencies.

(f) Carry out inspections and investigations on insolvency professional agencies, insolvency professionals and information utilities and pass such orders as may be required for compliance of the provisions of this Code and the regulations issued hereunder.

(g) Monitor the performance of insolvency professional agencies, insolvency professionals and information utilities and pass any directions as may be required for compliance of the provisions of this Code and the regulations issued hereunder.

(h) Call for any information and records from the insolvency professional agencies, insolvency professionals and information utilities.

(i) Publish such information, data, research studies and other information as may be specified by regulations.

(j) Specify by regulations the manner of collecting and storing data by the information utilities and for providing access to such data.

(k) Collect and maintain records relating to insolvency and bankruptcy cases and disseminate information relating to such cases.

(l) Constitute such committees as may be required including in particular the committees laid down in section 197.

(m) Promote transparency and best practices in its governance.

(n) Maintain websites and such other universally accessible repositories of electronic information as may be necessary.

(o) Enter into memorandum of understanding with any other statutory authorities

(p) Issue necessary guidelines to the insolvency professional agencies, insolvency professionals and information utilities.

(q) Specify mechanism for redressal of grievances against insolvency professionals, insolvency professional agencies and information utilities and pass orders relating to complaints filed against the aforesaid for compliance of the provisions of this Code and the regulations issued hereunder.

(r) Conduct periodic study, research and audit the functioning and performance of to the insolvency professional agencies, insolvency professionals and information utilities at such intervals as may be specified by the Board.

(s) Specify mechanisms for issuing regulations, including the conduct of public consultation processes before notification of any regulations.

(t) Make regulations and guidelines on matters relating to insolvency and bankruptcy as may be required under this Code, including mechanism for time bound disposal of the assets of the corporate debtor or debtor.

(u) Perform such other functions as may be prescribed.

(2) The Board may make model bye-laws to be to adopted by insolvency professional agencies which may provide for—

(a) The minimum standards of professional competence of the members of insolvency professional agencies.

(b) The standards for professional and ethical conduct of the members of insolvency professional agencies.

(c) Requirements for enrolment of persons as members of insolvency professional agencies which shall be non-discriminatory. Explanation.—For the purposes of this clause, the term "non-discriminatory" means lack of discrimination on the grounds of religion, caste, gender or place of birth and such other grounds as may be specified.

(d) The manner of granting membership.

(e) Setting up of a governing board for internal governance and management of insolvency professional agency in accordance with the regulations specified by the Board.

(f) The information required to be submitted by members including the form and the time for submitting such information.

(g) The specific classes of persons to whom services shall be provided at concessional rates or for no remuneration by members.

(h) The grounds on which penalties may be levied upon the members of insolvency professional agencies and the manner thereof.

(i) A fair and transparent mechanism for redressal of grievances against the members of insolvency professional agencies.

(j) The grounds under which the insolvency professionals may be expelled from the membership of insolvency professional agencies.

(k) The quantum of fee and the manner of collecting fee for inducting persons as its members.

(l) The procedure for enrolment of persons as members of insolvency professional agency.

(m) The manner of conducting examination for enrolment of insolvency professionals.

(n) The manner of monitoring and reviewing the working of insolvency professional who are members.

(o) The duties and other activities to be performed by members.

(p) The manner of conducting disciplinary proceedings against its members and imposing penalties.

(q) The manner of utilising the amount received as penalty imposed against any insolvency professional.

3) Notwithstanding anything contained in any other law for the time being in force, while exercising the powers under this Code, the Board shall have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908, while trying a suit, in respect of the following matters, namely:—

(a) The discovery and production of books of account and other documents, at such place and such time as may be specified by the Board.

(b) Summoning and enforcing the attendance of persons and examining them on oath.

(c) Inspection of any books, registers and other documents of any person at any place.

(d) Issuing of commissions for the examination of witnesses or documents

The National Corporate Social Responsibility Data Portal is an initiative by Ministry of Corporate Affairs, Government of India to establish a platform to disseminate Corporate Social Responsibility related data and information filed by the companies registered with it.

The Corporate Social Responsibility concept in India is governed by Section 135 of the Companies Act, 2013 and Rules made thereunder wherein the criteria has been provided for assessing the CSR eligibility of a company, Implementation and Reporting of their CSR Policies. India having the most elaborated CSR mechanism and implementation strategy has started its journey to set a benchmark in attaining sustainability goals and stakeholder activism in nation building.

This website has been launched by the Department of Consumer Affairs to create awareness,advise and redress consumer grievances and act as a central registry for lodging consumer complaints. Though all efforts will be made to address these complaints, all complaints may not be fully or satisfactorily resolved.

Contents of links to sites outside this web portal, are not the responsibility of the Department. All rights are reserved.

No part of this web portal, can be reproduced / copied without the prior approval of the Department of Consumer Affairs. This portal is an alternate dispute redressal mechanism. In case, the consumer is not satisfied, he/she can approach the appropriate Consumer Commission/Fora.

The Department of Consumer Affairs has launched this portal as an integrated Grievance Redress Mechanism (INGRAM) for bringing all Stakeholders such as Consumers, Central and State Government Agencies, Private Companies, Regulators, Ombudsmen and call centres etc. onto a single platform. The portal will also help in creating awareness among consumers to protect their rights and inform them of their responsibilities. Consumers can register online their grievances through this portal.

Raksha Mantri Smt Nirmala Sitharaman has formally launched ‘Mission Raksha Gyan Shakti’, here today. The event showcased salient inventions and innovations achieved by Defence Research and Development Organisation (DRDO), Defence Public Sector Undertakings (DPSUs) and Ordnance Factories (OFs) which have resulted in successful filing of Intellectual Property Right (IPR) applications.

Smt Sitharaman also felicitated some of the scientists, who invented and innovated useful products for the nation. A panel discussion was held with participation of Chairman and Managing Directors of all DPSUs to formulate a strategy for the future in this regard.

While addressing the audience,Raksha Mantri lauded the efforts of Department of Defence Production and Directorate General Quality Assurance (DGQA) for focused efforts in spreading awareness about IPR, thus promoting a culture of innovation and creation of Intellectual Property.

Smt Sitharaman highlighted that while India has always been a knowledge hub since ancient times, however, due to lack of awareness on modern legal framework for protection of IP rights, our knowledge and creativity have often not been utilised to its full potential. Delivering the keynote address, Secretary Defence Production Dr Ajay Kumar highlighted the need to migrate from the culture of seeking Transfer of Technology (ToT) from foreign sources to generating Intellectual Property in India, to achieve the goal of self-reliance in Defence sector.

The IPR has emerged as a key ingredient of an ecosystem which stimulates innovation and ingenuity. An IP Facilitation Cell was established in April this year which has worked tirelessly to achieve ambitious targets of training 10,000 personnel of OFB and DPSUs on IPR and to facilitate filing of at least 1,000 new IPR applications.