Appointment of Whole Time Member in IBBI

## Report on Appointment to the Insolvency and Bankruptcy Board of India **1. Executive Summary:** This report analyzes a notification issued by the Ministry of Corporate Affairs on July 14, 2022, regarding the appointment of Shri Jayanti Prasad as a Whole Time Member of the Insolvency and Bankruptcy Board of India (IBBI). The notification, under Section 189 of the Insolvency and Bankruptcy Code, 2016, specifies the terms of the appointment, including the effective date, duration, and conditions. The key finding is that this appointment aims to strengthen the IBBI's operational capacity by adding a full-time member. **2. Introduction:** This report provides an overview of a notification from the Ministry of Corporate Affairs concerning an appointment to the Insolvency and Bankruptcy Board of India (IBBI). The analysis is based solely on the provided text of the notification. **3. Policy Overview:** This is a new appointment under the existing framework of the Insolvency and Bankruptcy Code, 2016. * **Core Objective(s):** The core objective, as inferred from the text, is to ensure the effective functioning of the IBBI by filling a Whole Time Member position. This likely contributes to the IBBI's mandate of regulating insolvency proceedings and promoting a robust insolvency resolution ecosystem. **4. Background and Rationale:** * **New Policy:** The policy addresses the need for qualified individuals to serve on the IBBI to effectively administer and regulate the Insolvency and Bankruptcy Code, 2016. The appointment suggests a focus on maintaining the IBBI's operational capacity and fulfilling its regulatory responsibilities. **5. Key Provisions / Changes:** * **New Policy:** The key provision is the appointment of Shri Jayanti Prasad as a Whole Time Member of the Insolvency and Bankruptcy Board of India. The appointment is governed by the following terms: * Effective date: July 5, 2022 (date of assumption of charge) * Duration: Five years from the effective date, or until the age of sixty-five years, or until further orders, whichever is the earliest. * Authority: The appointment is made in exercise of the powers conferred by section 189 of the Insolvency and Bankruptcy Code, 2016. **6. Target Audience and Stakeholders:** The target audience and stakeholders primarily include: * **Shri Jayanti Prasad:** The appointee. * **The Insolvency and Bankruptcy Board of India (IBBI):** The organization receiving the new member. * **Companies undergoing insolvency proceedings:** As the IBBI regulates the process. * **Creditors and debtors involved in insolvency proceedings:** Affected by the IBBI's regulations. * **Insolvency professionals:** Regulated by the IBBI. **7. Implementation Aspects (Inferred):** * **Responsible agency/bodies:** The Ministry of Corporate Affairs is the responsible agency, as indicated by the notification's origin. The Insolvency and Bankruptcy Board of India is the body to which the appointment is made. * **Timelines or procedures:** The notification specifies a timeline for the appointment (five years, or until 65 years of age, or until further orders). The implementation requires Shri Jayanti Prasad to assume charge of the post. **8. Expected Outcomes / Impact of Changes:** * **New Policy:** The likely intended outcomes of this appointment are: * Enhanced expertise and capacity within the IBBI. * More effective regulation and oversight of insolvency proceedings. * Improved efficiency and timeliness in insolvency resolution. * Increased confidence in the insolvency framework among stakeholders. **9. Conclusion:** The notification represents a key step in ensuring the effective functioning of the Insolvency and Bankruptcy Board of India. The appointment of Shri Jayanti Prasad as a Whole Time Member is significant as it strengthens the IBBI's ability to regulate insolvency proceedings, ultimately contributing to a more stable and efficient economic environment. This appointment underscores the government's commitment to the Insolvency and Bankruptcy Code, 2016 and its successful implementation.

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