CURRENT AFFAIRS

Detailed explanation-1: -Ritesh Kavdia, Executive Director of IBBI for their valuable inputs and guidance during the deliberations.

Detailed explanation-2: -Dr. Navrang Saini has held the additional charge of Chairperson, Insolvency and Bankruptcy Board of India from forenoon of 13th October, 2021 to forenoon of 09th February, 2022.

Detailed explanation-3: -Where any corporate debtor commits a default, a financial creditor, an operational creditor or the corporate debtor itself may initiate corporate insolvency resolution process in respect of such corporate debtor in the manner as provided under this Chapter.

Detailed explanation-4: -Ravi Mittal, former Secretary Dept of Sports, has been appointed as the Chairman of Insolvency and Bankruptcy Board of India (IBBI). He will serve for a term of 5 years or till he is 65 yrs of age- whichever is early. The Chairman’s post at the IBBI fell vacant after M S Sahoo retired on Sept 30, 2021.

Detailed explanation-5: -(2) The corporate person shall notify the Registrar and the Board about the resolution under sub-regulation (1) to liquidate the corporate person within seven days of such resolution or the subsequent approval by the creditors, as the case may be.