Which board is responsible for regulating insolvency proceedings in India?

The Insolvency and Bankruptcy Board of India (IBBI) plays a crucial role in regulating insolvency proceedings in India. Established under the Insolvency and Bankruptcy Code, 2016, IBBI is tasked with the responsibility of overseeing and implementing the provisions related to insolvency and bankruptcy for individuals, corporations, and partnerships.

IBBI formulates policies, lays down regulations, and guides the process for insolvency resolution and liquidation. It also supervises insolvency professionals and agencies, ensuring that they comply with statutory requirements and conduct processes in a fair and transparent manner.

In contrast, the National Company Law Tribunal primarily handles matters related to company law and disputes, including insolvency cases, but it does not regulate the broader framework of insolvency law. Meanwhile, the Debt Recovery Tribunal focuses on the recovery of debts, particularly for financial institutions, rather than the regulation of insolvency itself. The Reserve Bank of India, although crucial in the financial system, mainly oversees monetary policy and the banking sector, without specific regulatory authority over insolvency proceedings. Thus, the appointment of IBBI as the regulatory authority accurately reflects its comprehensive role in managing insolvency in India.