In a recent announcement, the Insolvency and Bankruptcy Board of India (IBBI) confirmed that Jithesh John, a seasoned Indian Economic Service Officer from the 2001 batch, has assumed the position of Executive Director. This development marks a significant milestone in the leadership of IBBI.
Impressive Background and Expertise
Jithesh John brings a wealth of expertise to his new role. Holding a postgraduate degree in Economics, he has accumulated over 21 years of experience within the Government of India, serving in various capacities. Prior to this appointment, John served as an economic adviser in the Ministry of Power, showcasing his versatility in navigating different sectors.
Diverse Sectoral Experience
Over the course of his career, Jithesh John has made substantial contributions across diverse sectors, including financial, energy, infrastructure, and small and medium enterprises. His extensive experience positions him as a valuable asset to IBBI, especially in the context of its crucial role in implementing the Insolvency and Bankruptcy Code (IBC).
Continued Evolution at IBBI
The leadership transition at IBBI reflects the commitment to ensuring robust governance and expertise at the helm. In October, IBBI had previously announced Sandip Garg’s appointment as a Whole Time Member, further enhancing the organization’s leadership team.
IBBI: Key Player in IBC Implementation
As a key institution overseeing the implementation of the Insolvency and Bankruptcy Code, IBBI plays a pivotal role in shaping India’s economic landscape. Established on October 1, 2016, and endowed with statutory powers through the Insolvency and Bankruptcy Code, enacted by the Lok Sabha on May 5, 2016, IBBI extends its jurisdiction to cover Individuals, Companies, Limited Liability Partnerships, and Partnership firms.
Navigating Insolvency Proceedings with NCLT and Debt Recovery Tribunal
This legislative framework, aimed at expediting the resolution process for stressed assets, seeks to streamline insolvency and bankruptcy proceedings, offering a more efficient and simplified approach. Two tribunals, namely the NCLT (National Company Law Tribunal) and Debt Recovery Tribunal, are instrumental in handling the cases falling under IBBI’s purview.
Important Questions Related to Exams
Q. Who is Jithesh John, and what recent announcement involves him?
Answer: Jithesh John is an Indian Economic Service Officer from the 2001 batch, announced as the new Executive Director by IBBI.
Q. In which ministry did Jithesh John work as an economic adviser prior to his appointment as IBBI Executive Director?
Answer: Jithesh John served as an economic adviser in the Ministry of Power.
Q. What recent leadership transition has occurred at IBBI besides Jithesh John’s appointment?
Answer: Sandip Garg was appointed as a Whole Time Member in October.
Q. Who is the current chairman of IBBI?
Answer: Shri Ravi Mittal is the chairman of IBBI.