Bankruptcy Board Gets 4 New Members

Government has appointed four nominees to the Insolvency and Bankruptcy Board of India (IBBI).

M S Sahoo took charge as IBBI Chairperson.

Four government nominees have been appointed to the board. The nominees are Ajay Tyagi, Additional Secretary at the Department of Economic Affairs, Amardeep Singh Bhatia, Joint Secretary at the Corporate Affairs Ministry, G S Yadav, Joint Secretary at the Department of Legal Affairs and Unnikrishnan, Legal Adviser at the RBI.

IBBI has been set up under the Insolvency and Bankruptcy Code, 2016 — which seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.

Apart from the Chairperson and four government nominees, the board would have five more persons, including three Whole Time Members.

Two others would be from outside. Corporate Affairs Ministry, which is implementing the Code, has already started the process for hiring three Whole Time Members.