Insolvency and Bankruptcy Board of India
Insolvency and Bankruptcy Code, 2016 (Board constituted 1 Oct 2016)
Leadership
| Role | Name | Since | Note | Predecessor | Src |
|---|---|---|---|---|---|
| Chairperson | Ravi Mital | 2021-10 | Tenure ended 13 Sep 2026 on turning 65 (five-year term or age 65, whichever earlier); successor search had opened Jun 2026; attendance list of the 30th FSDC meeting (23 Oct 2026) records his successor in acting charge | M S Sahoo | ↗ |
| Chairperson (additional charge) | Jayanti Prasad | 2026-09 | Whole-Time Member; additional charge from 13 Sep 2026 — runs until his IBBI tenure completes 20 Nov 2026 or a successor is appointed and joins; 1986-batch IA&AS; substantive appointment pending | Ravi Mital | ↗ |
Appointments as of 26 Oct 2026. Sources attached per row.
The regulator for the end of the corporate life cycle: insolvency professionals, their agencies, information utilities, and the process rules under the Insolvency and Bankruptcy Code, 2016. For consumers it matters disproportionately — homebuyers became financial creditors under the IBC, so IBBI process rules decide whether flat-buyers in a stuck project recover money or watch it dissipate.
Statute and setup
- Insolvency and Bankruptcy Code, 2016 (enacted May 2016); IBBI constituted 1 October 2016.
- Chairperson + members appointed by the Centre through a government-run selection process.
What it regulates
- Insolvency professionals (registration, code of conduct, disciplinary action)
- Insolvency professional agencies (ICSI, ICAI, ICMAI arms — SROs by another name)
- Information utilities — the credit-record layer that proves default
- Process regulations: CIRP, liquidation, individual insolvency (under-used)
Powers that matter
- Rule-making for the entire CIRP/liquidation pipeline; the 2026 amendment run (liquidation fourth amendment; CIRP fourth amendment in Jun 2026) kept rewriting committee-of-creditors and cost rules
- Suspension and de-registration of professionals
- Grievance handling: Grievance and Complaint Handling Regulations, amended Feb 2026
Leadership
(as of 26 Oct 2026 — Chairperson: Jayanti Prasad, a Whole-Time Member, on additional charge from 13 Sep 2026, after Ravi Mital's tenure ended on his turning 65. The charge runs until Prasad's own board tenure completes on 20 Nov 2026 or a successor is appointed and joins; the successor search opened in Jun 2026 and no substantive appointment has been announced. The arrangement was confirmed on the record in the attendance list of the 30th FSDC meeting, 23 Oct 2026. Succession to these posts is where accountability attaches — watch for published search criteria and shortlists.)
For the person paying
- Grievance route: IBBI's complaint system (regulations amended Feb 2026) — against insolvency professionals and agencies; homebuyer claims inside CIRP go through the resolution professional and NCLT, not IBBI directly.
- If your builder is in CIRP: file your claim with the RP on time, keep the allotment proof; IBBI rules decide voting and recovery mechanics, but the clock is unforgiving.
- Outcomes are poor and slowing: corporate resolutions hit a 13-quarter low in early 2026 (36 cases resolved in the quarter, per Times of India reporting) — the statutory outer limit of 330 days is routinely overshot.
Watchpoints (capture and accountability)
- The regulator enforces the profession it oversees through committee structures that courts keep constraining: in Jul 2026 the Calcutta High Court held the Chairperson cannot act as the Disciplinary Committee under the IBC. Structural separation of prosecution and adjudication inside IBBI is unfinished business.
- The IBC Amendment Act, 2026 bars resolution professionals from acting as liquidators in the same matter — a revolving-door fix forced by persistent practice.
- The Corporate Laws (Amendment) Bill, 2026 (Clause 73) would make IBBI the country's statutory valuation authority — a major power expansion grafted onto an insolvency regulator; valuation is where insolvency money is made and lost.
- Committee-of-creditors discretion (CoC is dominated by financial creditors) is where consumer claims get haircuts; IBBI writes those rules.
Sources
- Business Today: IBBI opens search for next Chairperson (Jun 2026)
- Economic Times: Jayanti Prasad gets additional charge as IBBI chairperson (Sep 2026)
- PIB: 30th FSDC meeting — attendance lists Jayanti Prasad, Acting Chairperson, IBBI (23 Oct 2026)
- IBC Laws: Liquidation Process (Fourth Amendment) Regulations, 2026 — signed RAVI MITAL, Chairperson
- NCLAT order referencing Ravi Mital as Chairperson (8 Sep 2026)
- LiveLaw: Calcutta HC — IBBI Chairperson cannot act as Disciplinary Committee (Jul 2026)
- KNN India: IBC Amendment Act 2026 bars RPs as liquidators
- Cyril Amarchand Mangaldas: Rethinking Clause 73 of the Corporate Laws (Amendment) Bill, 2026
- Times of India: Insolvency resolution drops to 13-quarter low