MCA invites applications for IBBI chairperson as Ravi Mital’s tenure nears end

The Ministry of Corporate Affairs (MCA) has initiated the process to appoint a new Chairperson of the Insolvency and Bankruptcy Board of India (IBBI), inviting applications from eligible candidates for the top post at the insolvency regulator.

According to an advertisement published in the Employment News, the government is seeking applications from individuals with expertise in law, finance, economics, accountancy, administration, insolvency, or bankruptcy-related matters for the position of Chairperson of the IBBI, the statutory regulator established under the Insolvency and Bankruptcy Code (IBC), 2016. (Insolvency and Bankruptcy Board of India)

The tenure of the current IBBI Chairperson Ravi Mital is set to conclude in February 2027. Mital was appointed Chairperson by the Central Government in February 2022 for a term of five years or until attaining the age of 65 years, whichever is earlier, and assumed charge on February 9, 2022. (Insolvency and Bankruptcy Board of India)

The selected candidate will have the option of drawing the salary and benefits admissible to a Secretary to the Government of India or a consolidated monthly remuneration of ₹5.62 lakh, according to the advertisement.

The MCA said the Chairperson should be a person of “ability, integrity and standing” with demonstrated capacity in handling issues relating to insolvency or bankruptcy. The position carries a tenure of up to five years or until the incumbent reaches 65 years of age, whichever is earlier.

Applications are to be submitted through the prescribed format along with supporting documents, including performance appraisal reports, vigilance clearance and integrity certificates, where applicable. The last date for submission is six weeks from the publication of the advertisement in Employment News.

The appointment will be made by the Central Government on the recommendation of a selection committee constituted under Section 189(3) of the Insolvency and Bankruptcy Code.

The IBBI plays a central role in implementing and overseeing India’s insolvency framework, regulating insolvency professionals, insolvency professional agencies and information utilities under the IBC regime. The regulator has been at the forefront of policy reforms aimed at improving the efficiency of corporate insolvency resolution processes and strengthening creditor recoveries. (Insolvency and Bankruptcy Board of India).

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