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Power People | October 2016

Pathmaker

MS Sahoo appointed chairman of Insolvency and Bankruptcy Board

The Appointments Committee of the Cabinet (ACC) has approved the appointment of Madhusudan Sahoo as Chairperson of the Insolvency and Bankruptcy Board for a period of five years or until further orders, whichever is the earliest, stated the order uploaded on the website of the department of personnel and training. Currently a member at anti-trust regulator Competition Commission of India, Sahoo was earlier a member at capital markets regulator SEBI. The Insolvency and Bankruptcy Code, 2016 was enacted earlier this year, paving the way for India to have a new bankruptcy law that will ensure time-bound settlement of insolvency, enable faster turnaround of businesses and create a database of serial defaulters. This appointment will pave the way for setting up of a complementary eco-system for successful implementation of the bankruptcy code. The board will regulate insolvency professionals and information utilities and handhold the first few insolvency cases.
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