New Delhi: Former Secretary of the Department of Sports Ravi Kumar Mittal (IAS) has been appointed as the Chairperson of Insolvency and Bankruptcy Board of India (IBBI). He has been appointed to the post for a period of five years or till he turns 65 years. According to a notification issued by the Ministry of Corporate Affairs (MCA), Ravi Mittal who was earlier posted as secretary department of sports will remain at the helm as Chairman of IBBI for a term of five years or till he is 65 years.
Mittal is a 1986-batch, senior Indian Administrative Service (IAS) officer of Bihar cadre. Prior to joining the Department of Sport under the Ministry of Youth Affairs and Sports, Mittal was serving as Secretary in the Ministry of Skills Development and Entrepreneurship. He also held positions including Secretary in the Ministry of Information and Broadcasting.
Further, Dr Anuradha Guru has been appointed as an ex-officio member in IBBI. According to a notification issued by the IBBI on February 4, Dr Guru has been appointed to the post to represent the Ministry of Corporate Affairs. Dr Guru is a Civil Servant and currently serving as Economic Adviser in the Ministry of Corporate Affairs.
IBBI is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India. It was established on October 1, 2016, and given statutory powers through the Insolvency and bankruptcy code. It attempts to simplify the process of insolvency and bankruptcy proceedings. It handles the cases using two tribunals like NCLT (National company law tribunal) and debt recovery tribunal.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, Join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)