Progress of enforcement of Insolvency and Bankruptcy Code, 2016 depends on four pillars apart from the Adjudicating Authorities - briefly state the role of such pillars.

Insolvency and Bankruptcy Board of India (IBBI), Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) are the four pillars for the progress and implementation of Insolvency and Bankruptcy Code, 2016. Adjudicating Authorities are National Company Law Tribunal (NCLT) in case of Companies and Limited Liability Partnerships and Debt Recovery Tribunal (DRT) in case of Individuals and Partnerships firms. IBBI functions with a Chairman, 3 Central Government Officials, 1 RBI ex-officio and five members including 3 whole-time members as nominated by Central Government. IBBI is entrusted with framing regulations for Insolvency and Bankruptcy matters, setting eligibility and registering intermediaries i.e. IPA, IP and IU as well as monitoring those intermediaries. IPAs are registered bodies to enrol Insolvency Professionals (IPs) before registration with IBBI. IP is entrusted with Corporate Debtor to frame Resolution Plan for revival through Committee of Creditors. IU is to keep records of liabilities relating to debtors, creditors electronically.