Advisory Panel on Insolvency and Bankruptcy Board of India (IBBI) reconstituted

The Government of India recently reconstituted the advisory panel on corporate insolvency resolution and liquidation process.

Highlights

The IBBI recently reconstituted advisory panel by inducting four members. The committee was constituted in 2017 and is chaired by a noted banker Uday Kotak. The new members include Crisil MD Ashu Suyash, former chief economist at NSE Nirmal Mohanty, Edelweiss Group chairman Rashesh Shah and L&T Director R Shankar Raman.

The Committee

The Committee will advise on matter relating to corporate insolvency resolution and liquidation.

IBBI

The IBBI is a regulator that oversees insolvency proceedings in the country. It was established in 2016 under the Insolvency and Bankruptcy code. The code aimed to speed up resolution process of stressed assets. The Insolvency code attempts to simplify the process of insolvency and bankruptcy proceedings.

IBBI Board

The IBBI board includes 10 representatives. It includes representatives from Reserve Bank of India, Ministry of Finance, law and corporate affairs.

Structure of the Board

The IBBI board is constituted as follows

• A Chairman
• Three members from the GoI and they cannot be lower than the rank of joint secretary
• One member from RBI
• Five members are nominated by the Central Government of which three function as full time members.

Month: Current Affairs - June, 2020