MANU/PIBU/0270/2017

Department/Board : Press Information Bureau

Date : 29.03.2017

Inaugration of the new Premises of Insolvency and Bankruptcy Board of India in national capital

The Minister of State for Finance and Corporate Affairs, Shri Arjun Ram Meghwal that the Insolvency and Bankruptcy Code, 2016 is a key economic reform that will facilitate ease of doing business and promote economic growth. He appreciated the progress so far made by the Ministry of Corporate Affairs and the IBBI to implement this reform. He advised that this reform should be suitably disseminated at international fora. He emphasized that a regulator is duty bound to guide and steer the market forces in the right direction, and not be intrusive. Shri Meghwal was speaking after inaugurating the new premises of the Insolvency and Bankruptcy Board of India (IBBI) in Delhi today. The IBBI is now located at 7th Floor, Mayur Bhawan, Shankar Market, Connaught Place, New Delhi 110 001. It was earlier functioning-out of the CMA Bhawan, Lodhi Road, New Delhi.

Speaking further on the occasion, the Minister of State for Finance and Corporate Affairs, Shri Meghwal further said that Shri Atal Bihari Vajpayee, former Prime Minister of India, had said that Asia is slated to lead the world economy in the 21st century. He also stated that Dr. A. P. J. Abdul Kalam, former President of India, had envisioned India leading the world in the 21st century. He said that the Government is confident that India will attain such commanding position and it has been building right kind of institutions and undertaking appropriate reforms towards this end.

Welcoming the guests to the event, Chairperson, IBBI, Dr. M. S. Sahoo, stated that the IBBI is a unique regulator. It combines the role of a regulator of profession as well as of transactions. Unlike other professions where the regulator only develops and regulates the profession, the IBBI also writes rules of transactions undertaken by the professionals. He also stated that regulator is a mini state and accordingly, the IBBI has created three separate wings, namely, Research and Regulation Wing, Registration and Monitoring Wing and Administrative Law Wing.

Shri Arjun Ram Meghwal, MOS (Finance &Corporate Affairs): Insolvency and Bankruptcy Code, 2016 is a key economic reform that will facilitate ease of do.

The Insolvency Bankruptcy Code, 2016 provides a market determined, time bound........