The Centre has further extended the additional charge of IBBI Wholetime Member Navrang Saini as Chairperson of insolvency regulator IBBI till March 5 this year.
It may be recalled that the Centre had in October last year assigned additional charge of chairperson of Insolvency and Bankruptcy Board of India (IBBI) to Navrang Saini for a period of three months (till January 13, 2022).
Saini has been given further extension of additional charge of IBBI Chairperson till March 5, when he is due to complete his tenure in IBBI, sources said.
Unlike the case of other regulatory bodies like IRDAI, the Centre had commenced the process of selection of IBBI Chief much in advance and invited applications in June 2021, four months in advance before the incumbent had to demit office.
Post this, interviews were conducted on as many as eight candidates who had shown interest and put in applications for this post. Interestingly, the interviews were held several months back and it is not clear as to what is holding up the appointment of new Chairperson for IBBI, economy watchers said.
The IBBI Chairperson is appointed by the central government based on the recommendations of the selection committee headed by the Cabinet Secretary.
The erstwhile Chairperson M S Sahoo, who was the first Chairperson of IBBI since October 1, 2016, had demitted office in end September last year.
The Insolvency and Bankruptcy Code 2016 was the most significant reform introduced by the government in recent years. It had helped India move up the rankings in the World Bank’s Doing Business rankings from 142 in the year 2014 to 63 in 2019.
Since it’s enactment in 2016, IBC has undergone six rounds of amendments as the government and policy makers gained experience with the implementation of the code.