Putting in place the operational framework for insolvency and bankruptcy law, IBBI is being assisted by two advisory panels with inputs on various aspects, including on service providers and corporate liquidation.IBBI has been set up under the Insolvency and Bankruptcy Code that seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner. Pushing ahead with implementation of the Code, the Insolvency and Bankruptcy Board of India (IBBI) is gathering inputs from experts. In this regard, two high-level committees have been set up.
IBBI, which expects to soon operationalise the Code, has already notified three sets of regulations.
IBBI, chaired by M S Sahoo, will have 10 members. Apart from the chairman, there are now four government-nominated members. They are Additional Secretary at the finance ministry Ajay Tyagi, Joint Secretary at corporate affairs ministry Amardeep Singh Bhatia, law ministry Joint Secretary G S Yadav and RBI Legal Advisor Unnikrishnan A.The process of selection of three members are on and two others would be outside experts.