(1) With effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Code, a Board by the name of the Insolvency and Bankruptcy Board of India.
(2) The Board shall be a body corporate by the name aforesaid, having perpetual succession and a common seal, with power, subject to the provisions of this Code, to acquire, hold and dispose of property, both movable and immovable, and to contract, and shall, by the said name, sue or be sued.
(3) The head office of the Board shall be at such place in the National Capital Region, as the Central Government may, by notification, specify.
Explanation.-For the purposes of this section, the expression "National Capital Region" shall have the same meaning as assigned to it in clause (f) of section 2 of the National Capital Region Planning Board Act, 1985 (2 of 1985).
(4) The Board may establish offices at other places in India.
Legal Commentary & Landmark Judgments: Section 188
Section 188 provides for the statutory establishment and incorporation of the Insolvency and Bankruptcy Board of India (IBBI) as the premier regulatory body governing insolvency in India.
In litigations challenging the vires of insolvency regulations or circulars, the Insolvency and Bankruptcy Board of India must be arrayed as a necessary party respondent through its authorized legal officer.