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The Centre has assigned additional charge of Chairperson of Insolvency and Bankruptcy Board of India (IBBI) to Navrang Saini, Whole Time Member, IBBI for a period of three months.
This move comes nearly a fortnight after M S Sahoo, who was first Chairperson of IBBI since October 1, 2016, demitted office.
The Centre has already begun the process of search for a new Chairperson for IBBI. The Insolvency and Bankruptcy Code 2016 was the most significant reform introduced by the government in recent years. It had helped India move up the rankings in the World Bank’s Doing Business rankings from 142 in the year 2014 to 63 in 2019.
Since it’s enactment in 2016, IBC has undergone six rounds of amendments as the government and policy makers gained experience with the implementation of the code.
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