Insolvency regulator is looking for new chairperson as incumbent MS Sahoo retires in Sept
The government of India has invited application for the post of chairperson of the Insolvency and Bankruptcy Board of India (IBBI), a statutory body established under the Insolvency and Bankruptcy Code (IBC).
According to IBBI sources, the present chairman MS Sahoo’s term is coming to an end on 30 September 2021.
According to the job posting on IBBI website, the person applying for chairperson’s position should be a person of ability, integrity and standing, who has shown capacity in dealing with problems relating to insolvency or bankruptcy and have special knowledge and experience in the field of law, finance, economics, accountancy or administration.
The chairperson will an option to either receive pay as admissible to a Secretary to the Government of India or a consolidated salary of Rs 4.5 lakh per month.
The term of office of the Chairperson shall be up to the period of 5 years or till the attaining of age of sixty-five years whichever is earlier.
The application in respect of the eligible officers/eminent qualified persons, who are interested and can be spared in the event of selection may be forwarded, duly verified/countersigned by the head of Department (wherever applicable).
The appointment will be made by the Central Government on recommendation of the Selection Committee as provided under Section 189(3) of the Insolvency and Bankruptcy Code, 2016.
The terms and conditions of service of the chairperson will be regulated by the Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Services of Chairperson and Members) Rules, 2016, as amended from time to time under and available on the website www.ibbi.gov.in and www.mca.gov.in.
Also read: Regulator issues guidelines for selection of panel for insolvency professionals
