Progress of enforcement of Insolvency and Bankruptcy Code, 2016 depends on four pillars apart from the adjudicating authorities. State briefly the role of such pillars.

It is true to state that Insolvency and Bankruptcy Board of India (IBBI), Insolvency Professional Agencies (IPAs), Insolvency Professionals (IPs) and Information Utilities (IUs) are the four pillars for the progress and implementation of the Insolvency and Bankruptcy Code, 2016 apart from the adjudicating authorities, i.e., NCLT and DRT. IBBI functions with a Chairman, 3 Central Government, 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 related matters, setting eligibility and registering intermediaries i.e. IPA, IP and IU as well as monitoring those intermediaries. IPAs are registered bodies to enroll IPs before registration with IBBI. IPs will assist in completion of insolvency resolution, liquidation and bankruptcy proceedings envisaged in the Code. IP is entrusted with corporate debtor to frame Resolution Plan for revival through Committee of Creditors within 180/270 days. IU is to keep records of liabilities relating to debtors, creditors electronically. These would collect, collate, authenticate and disseminate financial information to facilitate insolvency proceedings.