New Delhi, Feb 3 (PTI) – The government has officially appointed L V Prabhakar, former Managing Director and Chief Executive Officer of Canara Bank, as a part-time member of the Insolvency and Bankruptcy Board of India (IBBI).
As per a notification issued by the Ministry of Corporate Affairs, Prabhakar's appointment is effective January 27, 2025, for a tenure of five years or until he reaches the age of 65 years, or until further orders—whichever comes first.
"The Central Government hereby appoints L V Prabhakar, former Managing Director & Chief Executive Officer, Canara Bank, as a part-time member in the Insolvency and Bankruptcy Board of India with effect from January 27, 2025, for a period of five years or till he attains the age of sixty-five years or until further orders, whichever is the earliest," the ministry announced on January 31.
Seasoned Banker with Over 30 Years of Experience
Prabhakar, a veteran in the banking sector, brings with him over three decades of experience in the financial industry. He led Canara Bank as MD & CEO from February 2020 to December 2022, significantly contributing to the growth and operational strength of the public sector lender.IBBI’s Role in the Financial Sector
The IBBI, a statutory body under the Ministry of Corporate Affairs, plays a pivotal role in the implementation of the Insolvency and Bankruptcy Code (IBC). The board oversees the resolution of insolvency cases in corporate and individual sectors, ensuring smooth financial restructuring and creditor protection.Prabhakar’s appointment is expected to bolster the board’s expertise in handling insolvency matters, leveraging his extensive banking experience.
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