The Insolvency & Bankruptcy Board of India (IBBI) on Friday held its first meeting, which was addressed by Minister of State for Finance Arjun Ram Meghwal. IBBI has been constituted under the Insolvency and Bankruptcy Code that was notified by the government in May this year. The board would have ten members. Apart from the Chairman, currently there are four government nominated members and the rest are expected to be appointed in the coming months.
In a tweet, Finance Ministry said the board held its first meeting and also posted a photograph of the same. Meghwal addressed the meeting. The Code seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.
Meanwhile, the Corporate Affairs Ministry, which would be the nodal Ministry for implementation of the Code, has come out with draft norms for registration of insolvency professionals and agencies.