Currently, three different agencies are involved in insolvency and bankruptcy proceedings in India: the High Courts, the Company Law Board and the BIFR.
The High Courts are the principal civil courts of original jurisdiction and the highest courts of appeal in any state. High Courts have the power to order the winding up and liquidation of companies under the Companies Act.
The Company Law Board has been constituted by the Central Government of India as an independent quasi-judicial body to exercise powers conferred on it by the Companies Act, or the powers of the Central Government delegated to it.
The BIFR is a quasi-judicial body established and empowered by SICA to prescribe appropriate measures for the revival and rehabilitation of potentially viable sick companies and recommend the liquidation of non-viable companies to the High Courts.