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The Corporate Affairs Ministry (MCA) has invited applications for two posts of Whole-Time Members in the Insolvency and Bankruptcy Board of India (IBBI) — the insolvency regulator established under Insolvency and Bankruptcy Code, 2016.
The term of office of the Whole-Time Member would be up to a period of 5 years or till the age of sixty five years, whichever is earlier.
The appointment of the Whole-Time Member would be made by the central government on the recommendation of the selection committee headed by the Cabinet Secretary. The other members of this selection committee include Secretary to the Government of India to be nominated by the central government and IBBI Chair.
Also see: Chorus rises for law on individual insolvency
The person should be of ability, integrity and standing, must have shown capacity in dealing with problems relating to insolvency or bankruptcy, and have special knowledge and experience in the field of law, finance, economics, accountancy or administration.
In all, the IBBI currently has three Whole-Time Members — Navrang Saini, Mukulita Vijayawargiya and Sudhaker Shukla.
It may be recalled that the Centre had, in October this year, assigned additional charge of Chair of IBBI to Navrang Saini, Whole-Time Member, IBBI, for a period of three months. This move came nearly a fortnight after MS Sahoo, the Chair of IBBI since October 1, 2016, demitted office.
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