In a boost for the central government’s efforts to improve the ease of doing business, the Insolvency and Bankruptcy Board of India (IBBI) will become operational by 1 December, within six months of the related law being passed in Parliament. According to a person familiar with the development, the 10-member IBBI will begin to execute its functions—regulating insolvency professionals and agencies and information utilities under the bankruptcy code—from December.
Earlier this week, the government notified final regulations for registration and model bye-laws for insolvency professionals and agencies. The regulations will come into effect on 29 November. With this, the government will have initiated concrete measures to begin implementing the Insolvency and Bankruptcy Code.