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4 New Members Appointed in IBBI Advisory Panel on Corporate Insolvency Resolution, Liquidation Process

Representative image.

Representative image.

The committee is chaired by noted banker Uday Kotak and was constituted in August 2017. He is also the Executive Vice Chairman and Managing Director of Kotak Mahindra Bank.

The Insolvency and Bankruptcy Board of India (IBBI) on Friday reconstituted an advisory panel on corporate insolvency resolution and liquidation process by inducting four new members.

The committee is chaired by noted banker Uday Kotak and was constituted in August 2017. He is also the Executive Vice Chairman and Managing Director of Kotak Mahindra Bank.

Crisil MD and Chief Executive Officer Ashu Suyash, former chief economist at the National Stock Exchange Nirmal Mohanty, L&T Whole Time Director and Chief Financial Officer R Shankar Raman, and Edelweiss Group Chairman and CEO Rashesh Shah are the new members, according to a communication.

The term of three existing members would expire in August.

The committee shall advise and provide professional support, on a request from the board or on its own volition, on any matter relating to the corporate insolvency resolution and liquidation dealt with by the board under the Insolvency and Bankruptcy Code, as per the communication.

IBBI is a key institution in implementing the Code, which mainly provides for a time-bound and market-linked resolution process for stresses assets.