Govt notifies appointment of LV Prabhakar as part-time member of IBBI

New Delhi: The Government has notified the appointment of LV Prabhakar, former Managing Director and Chief Executive Officer of Canara Bank, as a part-time member of the Insolvency and Bankruptcy Board of India (IBBI).

According to a notification issued by the Corporate Affairs Ministry, Prabhakar has been appointed with effect from January 27, 2025, for a term of five years or until he attains the age of 65 years, or until further orders, whichever is earlier.

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"...the Central Government hereby appoints 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," the ministry said on January 31.

Prabhakar, a seasoned banker, has over three decades of experience in the financial sector. He served as the MD & CEO of Canara Bank from February 2020 to December 2022 and has played a significant role in strengthening the public sector lender's operations.

The IBBI is a statutory body functioning under the corporate affairs ministry. It is a key institution in implementing the Insolvency and Bankruptcy Code (IBC).

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