Former Deputy CAG Suman Saxena and two others have been appointed as whole-time members in Insolvency and Bankruptcy Board of India (IBBI). Apart from Saxena, Mukulita Vijaywargiya and Navrang Saini have also been appointed as the new members, Ministry of Corporate Affiars said in a notification dated May 15. Vijaywargiya, an officer of Indian Legal Service, was an Additional Secretary in Ministry of Law and Justice.
Saini was the Director General in Ministry of Corporate Affairs. They have been appointed to the board for five years or till completion of 65 years of age. Besides, they would take home a consolidated salary of Rs 3.75 lakh per month.
The board is mandated to regulate the functioning of insolvency professionals, insolvency professional agencies and information utilities under the Insolvency and Bankruptcy Code. The code is meant for insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.