The Insolvency and Bankruptcy Board of India (IBBI) has set up two high-level advisory committees to gather inputs from experts, including on service providers and corporate liquidation. IBBI has been set up under the Insolvency and Bankruptcy Code, 2016 and is expected to soon operationalize. The two committees have begun their deliberations. Key Facts The advisory committee on services: It will beheaded by educationist Mohandas Pai. It includes National Stock Exchange Vice-Chairman Ravi Narain, SEBI Executive Director J Ranganayakulu, National Institute of Public Finance and Policy’s Professor Ajay N Shah and senior lawyer Amarjit Singh Chandiok. The advisory committee on corporate insolvency and liquidation: It will be headed by noted banker Uday Kotak. It includes Credit Information Bureau Chairman M V Nair, Corporate and Economic Research Group Advisory’s Chairperson Omkar Goswami and BSE CEO Ashishkumar Chauhan.
IBBI 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. It has been set up by the code to regulate professionals, information utilities (IUs) and agencies engaged in the resolution of insolvencies of companies. It has chairman and 10 members. Present chairman is M S Sahoo. There four government-nominated members.