The Insolvency and Bankruptcy Board of India was established on 1st October, 2016 by the central government under the provision of Section 188(1) Insolvency and Bankruptcy Code, 2016 (Code). The Board presently consists of Dr. M. S. Sahoo, Chairperson, Dr. Navrang Saini and Dr. Ms. Mukulita Vijayawargiya as the whole time members and four members to represent the Ministry of Finance, the Ministry of Corporate Affairs, Ministry of Law and Reserve Bank of India as ex officio members.

It is a unique and key regulator which regulates the process as well as the professionals involved and information utilities. The main functions of the Insolvency and Bankruptcy board of India are:

• Register insolvency professional agencies, insolvency professionals and information utilities and renew, withdraw, suspend or cancel such registrations
• Specify the minimum eligibility requirements for registration of insolvency professional agencies, insolvency professionals and information utilities and curriculum for the qualifying examination of the , insolvency professionals for their enrolment;
• Levy fee or other charges for the registration of insolvency professional agencies, insolvency professionals and information utilities
• The board is empowered to make regulations standards for the functioning of insolvency professional agencies, insolvency professionals and information utilities.
• The board is entrusted to frame and enforce rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code.
• Collect and maintain records relating to insolvency and bankruptcy cases and disseminate information relating to such cases.
• Specify mechanism for redressal of grievances against insolvency professionals, insolvency professional agencies and information utilities and pass orders relating to complaints filed against the aforesaid for compliance of the provisions of this Code and the regulations issued hereunder.
• Conduct periodic study, research and audit the functioning and performance of the insolvency professional agencies, insolvency professionals and information utilities at such intervals as may be specified by the Board.
• The board has also been designated as the ‘Authority’ under the Companies (Registered Valuers and Valuation Rules), 2017 for regulation and development of the profession of valuers in the country.  
• Specify mechanisms for issuing regulations, including the conduct of public consultation processes before notification of any regulations.
• Make regulations and guidelines on matters relating to insolvency and bankruptcy as may be required under this Code, including mechanism for time bound disposal of the assets of the corporate debtor or debtor.
• Perform such other functions as may be prescribed.