It was established on 1 October 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016.

The new code will speed up the resolution process for stressed assets in the country.

It attempts to simplify the process of insolvency and bankruptcy proceedings.

Dr. Navrang Saini, Dr. Ms. Mukulita Vijayawargiya and Sh.

appointed Jayanti Prasad as a whole-time Member of the IBBI IBBI will have 10 members, including representatives from the Ministries of Finance, Law and corporate affairs, and the Reserve Bank of India.As per the statements on their official website, IBBI regulates a process as well as a profession.