03 October 2016 Current Affairs: The Centre has constituted a four-member Insolvency and Bankruptcy Board of India (IBBI) under the Chairmanship of MS Sahoo.
Sahoo, who was till recently Competition Commission of India (CCI) Member, assumed charge as Chairman of IBBI.
The oath of office was administered by Finance and Corporate Affairs Minister Arun Jaitley here.
Sahoo was last month appointed as IBBI Chairman for a period of five years.
The members of the IBBI are Ajay Tyagi, Additional Secretary, Finance Ministry; Amardeep Singh Bhatia, Joint Secretary, Ministry of Corporate Affairs; GS Yadav, Joint Secretary, Department of Legal Affairs; and Unnikrishnan, Legal Advisor, Reserve Bank of India.
The main activity of IBBI would be to regulate the functioning of insolvency professionals, insolvency professional agencies and information utilities under the Insolvency and Bankruptcy Code 2016.
The Centre had notified the Insolvency Code in May. The fact that IBBI has been constituted in a span of four months is a commendable effort, say economy watchers.