The Insolvency and Bankruptcy Code, 2016 (IBC) provides a market mechanism for reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. It is one of the deepest economic reforms in India in recent years. Elucidating its importance, the Hon’ble Prime Minister in his address at the centenary celebrations of the Kirloskar Group on 6th January 2020 observed:
“साथियो, आजकल Insolvency और Bankruptcy Code IBC की इतनी चर्चा होती है, लेकिन ये सिर्फ इतना पैसा वापस आया, उतना पैसा वापस आया– वहां तक ही सीमित रहती है । लेकिन वो उससे भी आगे है । आप सभी ये बेहतर जानते हैं कि कुछ स्थितियों में धंधे से बाहर निकलना ही कई बार समझदारी माना जाता है । ये जरूरी नहीं कि जो कंपनी सफल न हो रही हो, उसके पीछे कोई साजिश ही हो, कोई गलत इरादा हो, कोई लालच होए, ये जरूरी नहीं है । देश में ऐसे उद्यमियों के लिए एक रास्ता तैयार करना आवश्यक था और IBC ने इसका आधार तय किया । आज नहीं तो कल, इस बात पर अध्ययन जरूर होगा कि IBC ने कितने भारतीय उद्यमियों का भविष्य बचाया, उन्हें हमेशा–हमेशा के लिए बर्बाद होने से रोका।”
The Insolvency and Bankruptcy Board of India (IBBI) is a key pillar of the ecosystem responsible for the implementation of the IBC. It is responsible for the development and regulation of insolvency professionals and other service providers. It regulates various processes, namely, corporate insolvency resolution, corporate liquidation, a fresh start, individual insolvency resolution and individual bankruptcy. It acts as the ‘Authority’ for the regulation and development of the profession of valuers.
To promote awareness and understanding of the IBC among various stakeholders (Indian citizens) across the country, the IBBI has launched this online Quiz in collaboration with MyGov.in.
Start Date : 1 Jul 2023, 9:00 am
End Date : 31 Jul 2023, 11:45 pm
This blog aims to provide uptodate information on various competitions for Indian students 
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