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

• 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