Lot rides on a name: LLP firm calls itself IBBI, govt issues clarification

Shakespeare’s exhortation — “what’s in a name” — notwithstanding, the name of a limited liability partnership (LLP) has stirred controversy. The LLP firm calls itself IBBI Insolvency Practioners LLP, which has prompted the government to issue a clarification. IBBI also stands for the Insolvency and Bankruptcy Board of India, the regulator for overseeing insolvency proceedings in the country. The Ministry of Corporate Affairs clarified that the regulator IBBI has not authorised any person to use its name in any form, “whether abbreviated or otherwise”. An official remarked what will happen if a bank is named Reserve Bank of India or a company wishing to list is christened Sebi.