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.
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