Centre extends Navrang Saini’s term as interim chief of IBBI for three months

Category : Appointment/Resignation Published on: January 11 2022

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The Centre has extended the tenure of Navrang Saini as interim Chairperson of Insolvency and Bankruptcy Board of India (IBBI) for three more months till March 05, 2022.
Mr. Saini, who is a Whole Time Member of IBBI, was assigned additional charge of Chairperson in addition to his existing duties in October 2021 for three months till January 13, 2022.
The post of full-time Chairperson has been lying vacant after M.S. Sahoo retired upon completing a five-year tenure on September 30, 2021.

Important Takeaways

About IBBI

It is a critical pillar of the ecosystem, responsible for enacting the Code, which consolidates and amends the laws governing the reorganisation and insolvency resolution of corporate persons, partnership firms, and individuals in a timely manner in order to maximise the value of such persons' assets, promote entrepreneurship, increase credit availability, and balance the interests of all stakeholders.
IBBI: Insolvency and Bankruptcy Board of India
Founder: Parliament of India
Founded: 1 October 2016
Parent department: Ministry of Law and Justice