On June 12, 2020, In pursuance of regulation 3 of the Insolvency and Bankruptcy Board of India (IBBI) advisory committee regulation 2017, the IBBI board has restructured an advisory committee on Corporate Insolvency Resolution and Liquidation process by including four new members.
- The new 14 member committee, will be chaired by Uday Kotak, the Executive Vice Chairman and Managing Director of Kotak Mahindra Bank.
- Methil Unnikrishnan, General Manager is designated as the secretary of this Advisory Committee.
Terms of Reference (ToR): The Terms of Reference (ToR) of the panel include,
It will suggest and provide professional support on a request from the IBBI or on its own volition on any matter with respect to the Corporate Insolvency resolution and liquidation dealt with by the Board under the Insolvency and Bankruptcy Code 2016.
Apart from 3 members(Ajay Piramal, Prof Dr.Ranbir singh, R.K Nair) whose tenure will expire on 24th August, 2020 tenure of all members is of 3 years that is up to June 11, 2023.
Composition of the panel: Ashu Suyash (Crisil MD and Chief Executive Officer), Nirmal Mohanty( former chief economist at the National Stock Exchange), R Shankar Raman (L&T Whole Time Director and Chief Financial Officer), Rashesh Shah (Edelweiss Group Chairman and CEO) are new members of the panel which also include
-A representative of ministry of corporate affairs
-Ajay Piramal (Chairman, Piramal Group & Shriram Group)
-Ashish Kumar Chauhan (Managing Director & CEO, BSE Limited
-M.V. Nair (Chairman, Credit Information Bureau (India) Limited)
-Prof Dr.Ranbir singh (Vice chancellor of National Law University, Delhi)
– R.K Nair (Formerly whole time member, IRDAI)
– Somasekhar Sundaresan, a Legal Counsel
-Chairman of Indian Bank Association(At Present Shri Rajnish Kumar) &
-MD of Insolvency professional agency of Institute of cost accountants of India(At Present Dr. S K Gupta).
About Insolvency and Bankruptcy Board of India (IBBI):
Headquarters– New Delhi
Chairperson– M. S. Sahoo