The government on Friday invited applications for the post of chairperson of the Insolvency and Bankruptcy Board of India (IBBI), formally setting the stage for a leadership change at the topmost insolvency authority in the country. The application process has started just days after the Insolvency and Bankruptcy Code (IBC) completed 10 years of its existence.
Eligibility Criteria
As per the IBBI advertisement, the chairperson will be appointed for a term of up to five years or until attaining the age of 65 years, whichever is earlier. The selected candidate can opt for the pay and benefits applicable to a secretary to the government of India or a consolidated monthly salary.
The government has also specified that applicants should have prior experience in handling issues related to insolvency, and have expertise in law, finance, economics, accountancy or administration.
The vacancy comes at a crucial point for IBC, which has resulted in debt recovery of over Rs 4 lakh crore for creditors in addition to sharply reducing non-performing assets (NPAs) across the banking sector. But despite providing a strong legal framework, the Code faces long delays with average timelines stretching to 744 days – far exceeding the statutory limit of 330 days.