The Insolvency and Bankruptcy Board of India (IBBI), in collaboration with MyGov, has launched a nationwide online quiz to increase awareness and understanding of the Insolvency and Bankruptcy Code, 2016 (IBC) among citizens. This initiative aims to educate participants on one of India’s most impactful economic reforms, designed to reshape the country’s business and financial environment.
SIGNIFICANCE OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016
The IBC was enacted to provide a market-driven mechanism for the reorganisation and insolvency resolution of corporate entities, partnership firms, and individuals. Its primary objective is to maximize the value of assets in a time-bound manner, thereby fostering entrepreneurship, increasing the availability of credit, and balancing the interests of all stakeholders involved—ranging from creditors and businesses to employees and investors.
Regarded as a landmark reform, the IBC has strengthened India’s financial system by providing clear, fast, and predictable processes for resolving financial distress. It has played a pivotal role in creating a more creditor-friendly ecosystem and improving overall ease of doing business in the country.
ROLE OF THE IBBI
The Insolvency and Bankruptcy Board of India acts as an apex regulatory authority for the implementation of the IBC. It oversees the development and regulation of insolvency professionals and service providers, and it supervises processes including corporate insolvency resolution, liquidation, individual insolvency, and bankruptcy. Additionally, the IBBI acts as the regulatory ‘Authority’ for valuers, ensuring high standards of professionalism across the insolvency landscape.
DETAILS OF THE ONLINE QUIZ
To further its mission of promoting IBC literacy across India, the IBBI has introduced an engaging online quiz with the following features:
- Eligibility: Open to Indian citizens aged 18 years and above as of 15th July 2025.
- Languages: Available in both English and Hindi, allowing participants to choose their preferred language.
- Format: The quiz features 20 multiple-choice questions, each carrying one mark. Participants will have 10 minutes to complete the quiz, with no negative marking for incorrect answers.
PRIZES
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- Gold Medal and ₹1,00,000/- cash prize for the best performer.
- Silver Medal and ₹50,000/- cash prize for the second-best.
- Bronze Medal and ₹25,000/- cash prize for the third-best.
- Consolation prizes of ₹5,000/- each for the next 20 top performers.
All prizes are sponsored by the BSE Investors Protection Fund and will be distributed at a special ceremony organized by the IBBI.
HOW TO PARTICIPATE
Interested individuals should note that the last date to participate in the quiz is 15th August 2025. The quiz not only offers attractive rewards but also serves as a valuable opportunity to enhance one’s understanding of the IBC and its far-reaching implications for India’s economic ecosystem.
By participating, citizens can contribute to building a culture of financial responsibility and transparency, supporting India’s journey towards stronger and more resilient economic foundations, for more details and register, participate in the quiz CLICK HERE
