After the approval of the Bankruptcy Code, the Centre has constituted a four-member Insolvency and Bankruptcy Board of India (IBBI) under the Chairmanship of MS Sahoo. The main activity of IBBI would be to regulate the functioning of insolvency professionals, insolvency professional agencies and information utilities under the Insolvency and Bankruptcy Code 2016.

Sahoo, who was till recently the Competition Commission of India (CCI) Member, has assumed charge as Chairman of IBBI on Saturday.

The oath of office was administered by Finance and Corporate Affairs Minister Arun Jaitley here.

Sahoo will be IBBI Chairman for a period of five years. The other members of the IBBI are Ajay Tyagi, Additional Secretary, Finance Ministry; Amardeep Singh Bhatia, Joint Secretary, Ministry of Corporate Affairs; GS Yadav, Joint Secretary, Department of Legal Affairs; and Unnikrishnan, Legal Advisor, Reserve Bank of India.