CEA Krishnamurthy Subramanian appointed part-time member in IBBI
Krishnamurthy Subramanian, Chief Economic Adviser (CEA) and B. Sriram, former managing director (MD) and chief executive officer (CEO) of Industrial Development Bank of India (IDBI Bank) were appointed part-time members of Insolvency and Bankruptcy Board of India (IBBI).
K Subramanian, an Indian School of Business (ISB) Hyderabad professor was appointed chief economic adviser for a period of 3 years in December 2018.
Their appointment was approved by Appointments Committee of the Cabinet (ACC), which is composed of Prime Minister of India (who is Chairman), Union Minister of Home Affairs and the order for appointment was issued by Department of Personnel and Training (DoPT).
About Insolvency and Bankruptcy Board of India
- IBBI, an insolvency regulatory agency was established on 1 October 2016. It was given statutory powers by Insolvency and Bankruptcy Code (IBC), the bankruptcy law of India which was passed by Lok Sabha on 5 May 2016.
- The IBC 2016 established Insolvency and Bankruptcy Board of India (IBBI), to oversee insolvency proceedings in India and to regulate entities registered under it.
- The IBBI Governing Board consists of 10 members, including representatives from the Ministry of Finance (MoF), Ministry of Law and Justice, Ministry of corporate affairs (MCA), and Reserve Bank of India (RBI).
- IBBI act as a regulator for overseeing insolvency proceedings and entities such as Insolvency Professionals (IP), Insolvency Professional Agencies (IPA) and Information Utilities (IU) in India.
- IBC covers Individuals, Companies, Partnership firms and Limited Liability Partnerships and handles cases under it using tribunals namely National company law tribunal (NCLT) and Debt recovery tribunal (DRT).
T Rabi Sankar named RBI deputy governor
The Government of India recently appointed T Rabi Shankar as the fourth Deputy Governor. ContentsAbo...
Scheme of Financial Assistance to States for Capex
The Ministry of Finance recently announced that it is to provide Rs 15,000 crores to the states for ...
RBI’s State of the Economy Report – Update (April, 2021)
The Reserve Bank of India recently released the State of Economy Report for the month of April 2021....
Sudarshan Sen Committee of RBI
The Reserve Bank of India recently set up a committee to study about the Asset Reconstruction Compan...
MCA: 60% Eligible for pre-pack turnaround Scheme
The Ministry of Corporate Affairs (MCA) recently announced that six out of ten active Indian compani...
Month: Current Affairs - June, 2019
Topics: Appointments Committee of the Cabinet • B. Sriram • Cabinet (ACC) • Chief Economic Advise • Debt recovery tribunal • IBC • Insolvency and Bankruptcy Board of India • Insolvency and Bankruptcy Code • Krishnamurthy Subramanian • Ministry of Corporate Affairs • Ministry of Finance • Ministry of Law and Justice • National Company Law Tribunal • Reserve Bank of India • Union Minister of Home Affairs
|View All E-Books: Recent Release|