Insolvency and Bankruptcy Code, 2016 is dependent on adjudication and regulation. While adjudication is dealt by National Company Law Tribunal or Debt Recovery Tribunal, the regulations are framed by the Insolvency and B

Section 240 of the Insolvency and Bankruptcy Code enables Insolvency and Bankruptcy Board of India (IBBI) to formulate and enforce regulations broadly covering the following matters: Regulating all matters related to insolvency and bankruptcy process. Setting out eligibility requirements of insolvency intermediaries i.e., Insolvency Professionals, Insolvency Professional Agencies and Information Utilities. Regulating entry, registration and exit of insolvency intermediaries. Making model bye laws for Insolvency Professional Agencies. Setting out regulatory standards for Insolvency Professionals. Specifying the manners in which information utilities can collect and store data. Similarly, powers and functions of IBBI are detailed in Section 196 of the of the Insolvency and Bankruptcy Code empowering the IBBI with same powers as vested in a civil court under Code of Civil Procedure 1908 (CPC) for discovery, summoning, examination of witnesses or documents.