PremiumListen to this article |
New Delhi: The central government is set to appoint a new whole-time member to Insolvency and Bankruptcy Board of India (IBBI), which will raise the number of such members to three in addition to the chairperson.
The ministry of corporate affairs has sought applications from eligible persons by 3 September for the appointment, showed an official order. The applicant should be able to deal with problems relating to insolvency or bankruptcy and should have special knowledge and experience in the field of law, finance, economics, accountancy or administration.
Hiring a new whole-time member is set to help the regulator in framing rules and regulations quickly. IBBI has been constantly updating its rule book to address the changing economic scenario and maximise the outcome of bankruptcy regulation.
A new Bill to amend the Insolvency and Bankruptcy Code (IBC) is set to be tabled in Parliament in the ongoing monsoon session aimed at making the Code more effective in addressing industrial sickness in the country.
At present, the regulator has two whole-time members, maximum of four ex-officio members and two part-time members, according to its website.
The terms and conditions of service of the whole-time member to be appointed will be regulated by the IBBI (Salary, Allowances and other Terms and Conditions of Services of Chairperson and Members) Rules, 2016. The appointment is for five years or till the attainment of age of 65 years, whichever is earlier.