MCA Notifies Appointment of Economic Affairs Adviser as Ex-Officio Member in IBBI
Court / Authority
Insolvency & Bankruptcy Board
Update / Judgement Date
30 Aug 2026
Source
WCP News Bulletin
Author
Manas Yadav — WCP Legal Desk
Reading Time
1 min read
View Count
1
The Ministry of Corporate Affairs (MCA), through a notification dated 24 March 2026, has appointed Ms. Aparna Sinha, Adviser (FSRL), Department of Economic Affairs, Ministry of Finance, as an ex-officio member of the Insolvency and Bankruptcy Board of India (IBBI).
The appointment has been made in exercise of powers under Section 189(1)(c) of the Insolvency and Bankruptcy Code, 2016, which enables the Central Government to nominate representatives from the Ministry of Finance to the Board. The notification clarifies that the appointee will represent the Ministry of Finance in the IBBI framework.
The notification was published in the Gazette of India (Extraordinary), Part II, Section 3, Sub-section (ii), thereby bringing the appointment into immediate effect from the date of publication.
This development forms part of the statutory composition of the IBBI, which includes representatives from key financial and regulatory institutions to ensure coordinated oversight of insolvency resolution processes in India.
Full Judgement / Attachment
Full Judgement
Frequently asked questions about Insolvency & Bankruptcy Board
- What is the IBBI?
- The Insolvency and Bankruptcy Board of India, set up on 1 October 2016 under the Insolvency and Bankruptcy Code, 2016 (IBC), regulates insolvency professionals, insolvency professional agencies, information utilities and registered valuers. It also frames the regulations for insolvency processes.
- When can insolvency be started against a company?
- A financial creditor, an operational creditor or the company itself can apply to the National Company Law Tribunal (NCLT) once there is a default of at least ₹1 crore. On admission, a moratorium starts and an interim resolution professional takes charge.
- How long does the corporate insolvency process take?
- The Code provides 180 days for the corporate insolvency resolution process (CIRP), extendable up to an overall limit of 330 days, including time spent in litigation. In practice, many cases take longer. The IBC (Amendment) Act, 2026, largely in force from 26 May 2026, requires the NCLT to decide admission applications within 14 days and to record reasons for any delay.
- Where can an NCLT insolvency order be appealed?
- An appeal lies to the National Company Law Appellate Tribunal (NCLAT) within 30 days, extendable by up to 15 days for sufficient cause. A further appeal lies to the Supreme Court on a question of law.
- How can White Collar Professional help with a insolvency matter?
- Post your requirement on White Collar Professional to receive proposals from verified Insolvency Professionals, Chartered Accountants and Advocates, compare them, and pay securely through the platform. This page also tracks the latest insolvency IBC and IBBI updates as they are reported.
