Context:

In its fifth year of existence of the Insolvency and Bankruptcy Code (IBC), the insolvency body has been without a full-time President ever since.

Insolvency and Bankruptcy Code, 2016 (IBC)

• The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.
• The bankruptcy code is a one stop solution for resolving insolvencies which previously was a long process that did not offer an economically viable arrangement.
• The code aims to protect the interests of small investors and make the process of doing business less cumbersome.
• The Code establishes the Insolvency and Bankruptcy Board of India, to oversee the insolvency proceedings in the country and regulate the entities registered under it.
• The Board will have 10 members, including representatives from the Ministries of Finance and Law, and the Reserve Bank of India.