The Ministry of Corporate Affairs (MCA), through its notification dated 3rd December 2024, appointed Shri Vaibhav Chaturvedi, Chief General Manager of the Reserve Bank of India (RBI), as an ex-officio member of the Insolvency and Bankruptcy Board of India (IBBI). This appointment is made in accordance with the powers conferred under clause (c) of sub-section (1) of Section 189 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016).
The appointment of Shri Chaturvedi ensures representation of the RBI on the IBBI, which plays a pivotal role in regulating and overseeing insolvency and bankruptcy processes in India. As an ex-officio member, Shri Chaturvedi will contribute to policy formulation, supervision, and decision-making processes of the IBBI, particularly concerning matters involving financial institutions and systemic financial stability.
The IBBI, established under the IBC, in 2016, is responsible for implementing the insolvency framework in India and regulating insolvency professionals, agencies, and information utilities. Representation of key financial institutions, such as the RBI, on the Board ensures a coordinated and well-rounded approach to insolvency resolution and liquidation proceedings.
The notification was issued by Ms. Anita Shah Akella, Joint Secretary, Ministry of Corporate Affairs. This step reflects the Government's commitment to strengthening the insolvency regime by including regulatory expertise from India's apex financial institution.
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