The Centre has constituted a four-member Insolvency and Bankruptcy Board of India (IBBI) under the Chairmanship of MS Sahoo, who was till recently a Competition Commission of India (CCI) Member. He is said to have assumed charge as Chairman of IBBI on Saturday. He is given a term of five years. The board’s strength will be increased to 10 later.
The members of the IBBI are Ajay Tyagi, Additional Secretary, Finance Ministry; Amardeep Singh Bhatia, Joint Secretary, Ministry of Corporate Affairs; GS Yadav, Joint Secretary, Department of Legal Affairs; and Unnikrishnan, Legal Advisor, Reserve Bank of India.
The main activity of IBBI would be to regulate the functioning of insolvency professionals, insolvency professional agencies and information utilities under the Insolvency and Bankruptcy Code 2016.
The Centre had notified the Insolvency Code in May. The fact that IBBI has been constituted in a span of four months is a commendable effort, say economy watchers.
While the Centre has for now set up the IBBI with four members, going forward this will be expanded to 10 (including the Chairman), official sources said.
Three whole-time members and two other members are to be appointed, which will take the overall tally to 10 in the coming days.