Madhusudan Sahoo was appointed as chairperson of Insolvency and Bankruptcy Board of India.
Sahoo is presently member of Competition Commission of India.
The Appointments Committee of Cabinet has approved his appointment to the post for five years.
The board is mandated to regulate functioning of Insolvency Professionals, Insolvency Professional Agencies and Information Utilities under the Insolvency and Bankruptcy Code, 2016.
As per the code, insolvency resolutions of companies and individuals will be completed within 180 days. Insolvency is a situation where an individual or a company is unable to repay outstanding debt.