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Date: 31-Jan-2025 Category: Extra Ordinary State: Union Government Country: India

Appointment of part time member in the insolvency and bankruptcy board of India

Issued by Ministry of Corporate Affairs · Not Applicable

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Executive Summary & Key Takeaways

Gazette Notification Description

  • This gazette notification from the Ministry of Corporate Affairs, Government of India, announces the appointment of Shri L.V. Prabhakar as a part-time member of the Insolvency and Bankruptcy Board of India (IBBI).

Key Changes

  • Shri L.V. Prabhakar, former Managing Director & Chief Executive Officer of Canara Bank, has been appointed as a part-time member of the IBBI.
  • The appointment is effective from January 27, 2025.
  • The appointment is for a period of five years, or until he reaches the age of 65, or until further orders, whichever comes first.

Impact Analysis

Impact on IBBI

  • Potential changes in the IBBI's operational procedures or strategic direction due to the new member's influence.

Impact on Insolvency Proceedings

  • Possible changes in the interpretation and application of the Insolvency and Bankruptcy Code, 2016 (IBC).

Impact on Businesses

  • No direct immediate impact on most businesses unless they are involved in insolvency proceedings.

Suggested Action Items

  • For businesses involved in insolvency proceedings, consult with legal counsel to understand the potential implications of this appointment.

Key Entities Referenced

Ministry of Corporate Affairs (MCA): The issuing authority of the gazette notification, responsible for corporate affairs in India. Insolvency and Bankruptcy Board of India (IBBI): The regulatory body responsible for overseeing the insolvency and bankruptcy process in India. Mr. Prabhakar's appointment is to this body. Shri L.V. Prabhakar: Appointed part-time member of the IBBI, former Managing Director & Chief Executive Officer of Canara Bank. Canara Bank: A major Indian public sector bank, where Mr. Prabhakar previously served as MD & CEO. Insolvency and Bankruptcy Code, 2016 (IBC): The law under which the appointment is made (Section 189).
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 xxxGIDHxxx सी.जी.-डी.एल.-अ.-01022025-260689 xxxGIDExxx CG-DL-E-01022025-260689 असाधारण EXTRAORDINARY भाग I—खण्ड 2 PART I—Section 2 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 5] नई दिल्ली, िुक्रवार, िनवरी 31, 2025/माघ 11, 1946 No. 5] NEW DELHI, FRIDAY, JANUARY 31, 2025/MAGHA 11, 1946 कारपोरेट कार् यमत्रं ालर् अजधसचू ना नई दिल्ली, 31 िनवरी, 2025 स.ं 30-36/2022- दिवाला.—केन्द्रीर् सरकार, दिवाला और िोधन अक्षमता सजं िता, 2016 (2016 का 31) की धारा 189 द्वारा प्रित्त िजिर्ों का प्रर्ोग करते हुए, एतद्द्वारा श्री एल.वी.प्रभाकर, पूव यप्रबंध जनििे क एव ंमुख्र् कार्यकारी अजधकारी, केनरा बैंक को 27 िनवरी, 2025 से पांच वर्य की अवजध के जलए र्ा िब तक उनकी आर्ु पैंसठ वर्य की निीं िो िाती र्ा अगले आििे ों तक, िो भी पिले िो, भारतीर् दिवाला और िोधन अक्षमता बोडय में अंिकाजलक सिस्ट्र् के रूप में जनर्ुि करती िै। अनीता िाि आकेल्ला, संर्ुि सजचव MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 31st January, 2025 No. 30-36/2022-Insolvency.—In exercise of the powers conferred by Section 189 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints Shri L.V. Prabhakar, former Managing Director & Chief Executive Officer, Canara Bank as Part-time member in the Insolvency and Bankruptcy Board of India with effect from 27th January, 2025 for a period of five years or till he attains age of sixty-five years or until further orders, whichever is the earliest. ANITA SHAH AKELLA, Jt. Secy. 839 GI/2025 Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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