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Date: 30-Nov-2023 Category: Extra Ordinary State: Union Government Country: India

Appointment of Shri Sandip Garg as Whole Time Director of IBBI

Issued by Ministry of Corporate Affairs · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • This gazette notification announces the appointment of Shri Sandip Garg as a Whole-time Member of the Insolvency and Bankruptcy Board of India (IBBI).

Key Changes

  • Shri Sandip Garg has been appointed as a Whole-time Member of the IBBI.
  • The appointment is effective from the forenoon of October 27, 2023, the date he assumed charge.
  • The term of appointment is for five years, up to the age of sixty-five years, or until further orders, whichever is earliest.
  • The appointment is made by the Central Government, exercising powers conferred by section 189 of the Insolvency and Bankruptcy Code, 2016.

Impact Analysis

Insolvency and Bankruptcy Board of India (IBBI)

  • The appointment ensures continuity and stability in the board's decision-making processes.

Corporate Sector

  • The corporate sector benefits from a robust insolvency framework that promotes financial stability.

Stakeholders (Creditors, Debtors, Investors)

  • Investors gain assurance from a well-regulated insolvency framework that protects their investments.

Suggested Action Items

  • The corporate sector and stakeholders should take note of the appointment and its implications for insolvency proceedings.

Key Entities Referenced

Central Government: The appointing authority for the Whole-time Member of the IBBI, acting under the powers conferred by section 189 of the Insolvency and Bankruptcy Code, 2016. Shri Sandip Garg: The newly appointed Whole-time Member of the Insolvency and Bankruptcy Board of India (IBBI). Insolvency and Bankruptcy Board of India (IBBI): The regulatory body overseeing insolvency and bankruptcy proceedings in India. Insolvency and Bankruptcy Code, 2016: The legal framework governing insolvency and bankruptcy resolution in India. Section 189 provides the powers to appoint members to IBBI.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-01122023-250353 CG-DxLx-xEG-I0D1H1x2x2x0 23-250353 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY सं. 4889] नई दिल्ली, बृिस्ट्प जतवार, नवम्ब र 30, 2023/अग्रिार्ण 9, 1945 No. 4889] NEW DELHI, THURSDAY, NOVEMBER 30, 2023/AGRAHAYANA 9, 1945 कारपोरेट कार् यमत्रं ालर् अजधसचू ना नई दिल्ली, 30 नवम् बर, 2023 का.आ. 5114(अ).—केंद्रीर् सरकार न े दिवाला और िोधन अक्षमता संजिता, 2016 (2016 का 31) की धारा 189 द्वारा प्रित्त िजिर्ों का प्रर्ोग करते हुए, श्री संिीप गग य को पिभार ग्रिण करन े की तारीख अर्ायत ् 27 अक्टूबर, 2023 के पूवायह्न से पांच वर् य की अवजध के जलए र्ा पैंसठ वर् य की आर् ुतक र्ा अगल ेआिेिों तक, इनमें से िो भी पिल े िो, भारतीर् दिवाला और िोधन अक्षमता बोडय के पणू यकाजलक सिस्ट्र् के रूप में जनर्िु दकर्ा ि।ै [फा. सं. 30/38/2020-दिवाला] अनीता िाि आकेल्ला, संर्ुि सजचव 7422 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30th November, 2023 S.O. 5114(E).—In exercise of the powers conferred by section 189 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government has appointed Shri Sandip Garg, as a Whole-time member of the Insolvency and Bankruptcy Board of India for a period of five years from the date of assumption of charge of the post i.e. with effect from the forenoon of 27th October, 2023 or upto the age of sixty five years or until further orders, whichever is the earliest. [F. No. 30/38/2020-Insolvency] ANITA SHAH AKELLA, Jt. Secy. 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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