Insolvency and Bankruptcy Board set up two advisory panels headed by Mohandas Pai and Uday Kotak

Insolvency and Bankruptcy Board set up two advisory panels  headed by Mohandas Pai and Uday Kotak. Insolvency and Bankruptcy Board of India (IBBI) sets up two high-level committees under the Insolvency and Bankruptcy Code to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.

Insolvency and Bankruptcy Board sets up two advisory panelsii. Advisory committee on service providers consists of 9 members, the panel is lead by educationist Mohandas Pai . Corporate insolvency and liquidation panel is chaired by noted banker Uday Kotak. Other members of the committee includes BSE CEO Ashishkumar Chauhan, Credit Information Bureau Chairman M V Nair and Corporate and Economic Research Group Advisory’s Chairperson Omkar Goswami.

Insolvency and Bankruptcy Board of India (IBBI) :

♦ Four-member Insolvency and Bankruptcy Board of India (IBBI)constituted under the Chairmanship of MS Sahoo on October 1, 2016

♦  The Insolvency and Bankruptcy Code, 2016 is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.