India Insolvency (IFC-602333)

Regions
  • South Asia
Where the impacts of the investment may be experienced.
Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 2, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Insolvency and Bankruptcy Board of India
The holder of the loan, grant, or other investment.
Sectors
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 0.64 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 29, 2019

Disclosed by Bank May 15, 2018


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Project Description

The IFC will provide advisory services to the 'Insolvency and Bankruptcy Board of India (IBBI)' to support it in strengthening the implementation of India's new insolvency and bankruptcy framework, the Insolvency and Bankruptcy Code, 2016.

This project focuses on four key areas:

1. Building the capacity of insolvency professionals in the country and of IBBI's own officers, through dedicated and customized training programs.

2. Assisting the IBBI in the development of a comprehensive National Insolvency Professionals Program.

3. Working with the IBBI in developing the functional and technical specifications for an IT system that will support them in fulfilling their mandate as the regulator for insolvency and bankruptcy in the country.

4. Assisting the IBBI in development of technology standards and identification of information and data needs.

 

Investment Description
  • International Finance Corporation (IFC)
Private Actors

The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies, Insolvency Professionals and Information Utilities in India. It was established on 1st October 2016 and given statutory powers by Lok Sabha on 5 May 2016.

Contact Information

No contact information provided at the time of disclosure.

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/