The Central Government has given Jayanti Prasad, Whole-Time Member of the Insolvency and Bankruptcy Board of India (IBBI), the additional charge as IBBI Chairperson with effect from 13 September 2026. The IBBI announced the decision through a press release on 21 September 2026. Prasad succeeds Ravi Mital and will hold the top post till 20 November 2026, or till a new incumbent joins, whichever is earlier.
IBBI New Chairman 2026: Tenure and Transition Details
The IBBI issued Press Release No. IBBI/PR/2026/15 on 21 September 2026 to announce the change at the top. The release states that the Central Government assigned the additional charge of Chairperson to Jayanti Prasad, Whole-Time Member, with effect from 13 September 2026. Prasad will handle this role in addition to his existing duties as Whole-Time Member.
The order sets a clear end point for the interim arrangement. Prasad will remain in charge till 20 November 2026, which is the date his tenure as Whole-Time Member ends. The charge will end earlier if a new Chairperson joins the post or if the government issues further orders. This type of interim charge is not new for the regulator. In October 2021, Whole-Time Member Navrang Saini held additional charge after the first Chairperson M. S. Sahoo completed his term, till Ravi Mital joined in February 2022.
The current transition follows a planned selection process. The Ministry of Corporate Affairs invited applications for the post of IBBI Chairperson in June 2026, as Ravi Mital approached the end of his term. The Ministry also invited applications for the post of Whole-Time Member in August 2026. The additional charge ensures continuity in leadership while the regular appointment is finalised.
What Is IBBI?
The Insolvency and Bankruptcy Board of India (IBBI) is the statutory regulator for insolvency and bankruptcy in India. It was set up on 1 October 2016 under the Insolvency and Bankruptcy Code, 2016 (IBC). It oversees insolvency processes, regulates professionals and agencies, and frames rules for time bound resolution of stressed assets.
IBBI is a key pillar of the insolvency ecosystem created by the IBC. The IBC consolidates laws for reorganisation and insolvency resolution of companies, partnership firms and individuals. It aims to complete resolution in a time bound manner, increase the value of assets, promote entrepreneurship, improve access to credit and balance the interests of all stakeholders.
The IBBI works under the administrative oversight of the Ministry of Corporate Affairs. Its head office is at Mayur Bhawan, Connaught Place, New Delhi. The official website is ibbi.gov.in, which hosts regulations, circulars, orders, auction notices, claim status updates and examination details. The Board celebrated its Annual Day on 1 October each year, with the Sixth Annual Day held in 2022.
What Are the Powers and Functions of IBBI?
The IBBI is a unique regulator because it regulates both a profession and processes. Under Section 196 of the IBC, the Board writes and enforces rules for Corporate Insolvency Resolution Process (CIRP), corporate liquidation, individual insolvency resolution and individual bankruptcy. CIRP is the formal legal process through which a defaulting company is either revived through a resolution plan or sent for liquidation.
The IBBI registers and regulates service providers in the system. These include Insolvency Professionals (IPs), Insolvency Professional Agencies (IPAs), Insolvency Professional Entities (IPEs) and Information Utilities (IUs). An Insolvency Professional manages the defaulting company during the process and must follow a strict Code of Conduct. An Information Utility stores verified financial records that help prove default quickly. The Board also acts as the Authority under the Companies (Registered Valuers and Valuation Rules), 2017 for the valuation profession, and conducts the Limited Insolvency Examination and Valuation Examinations.
The IBBI also handles oversight, research and training. It inspects professionals and agencies, investigates misconduct, hears grievances and publishes quarterly newsletters, guidelines and study material. It organises workshops, colloquiums and international conclaves to strengthen the insolvency system. The 3rd IBBI INSOL India International Conclave was held on 28 January 2026 in New Delhi.
The role of the IBBI is different from that of the National Company Law Tribunal (NCLT). The NCLT is the adjudicating authority that admits insolvency cases and approves resolution plans. The IBBI is the regulator that frames the rules and controls the professionals who work within those cases. The table below explains the difference in simple terms.
| Feature | IBBI | NCLT |
|---|---|---|
| Full form | Insolvency and Bankruptcy Board of India | National Company Law Tribunal |
| Nature | Statutory regulator | Quasi judicial tribunal |
| Set up | 1 October 2016 under IBC | 1 June 2016 under Companies Act, 2013 |
| Main work | Makes regulations, registers IPs and valuers, supervision | Admits CIRP cases, approves plans, orders liquidation |
| Administrative link | Ministry of Corporate Affairs | Ministry of Corporate Affairs |
How Is the IBBI Chairperson Appointed and What Is the Tenure?
The appointment and tenure of the IBBI Chairperson are fixed under Section 189 of the Insolvency and Bankruptcy Code, 2016. The Central Government appoints the Chairperson and members on the recommendation of a Selection Committee headed by the Cabinet Secretary. The committee also includes a Secretary nominated by the Central Government, the IBBI Chairperson when members are being selected, and three outside experts in finance, law, management and insolvency.
The law requires the Chairperson and members to be persons of ability and integrity with special knowledge of law, finance, economics, accountancy or administration. The term of office for the Chairperson and for Whole-Time Members is five years or till the age of 65 years, whichever is earlier. Members are eligible for reappointment.
The Governing Board of the IBBI has a fixed structure. It includes a Chairperson, three ex officio officers of Joint Secretary rank or above from the Ministries of Finance, Corporate Affairs and Law and Justice, one member nominated by the Reserve Bank of India (RBI), and five other members nominated by the Central Government. Of these five, at least three must be Whole-Time Members. RBI is the central bank of India, established in 1935 and headquartered in Mumbai.
| Category in Governing Board | Strength | Present Holders Linked to 2025 to 2026 Records |
|---|---|---|
| Chairperson | 1 | Ravi Mital, then Jayanti Prasad with additional charge from September 2026 |
| Whole-Time Members | At least 3 | Jayanti Prasad, Sandip Garg, Bhushan Kumar Sinha |
| Ex officio Members | 4 | Nominees from Finance Ministry, Corporate Affairs Ministry, Law and Justice Ministry, and RBI |
| Part Time Members | 2 | M. P. Ram Mohan and L. V. Prabhakar |
Who Is Jayanti Prasad and Who Was Ravi Mital?
Jayanti Prasad took charge as Whole-Time Member of the IBBI on 5 July 2022. He is an officer of the Indian Audit and Accounts Service (IAAS) of the 1986 batch. IAAS is a central civil service that works under the Comptroller and Auditor General of India (CAG). The CAG is the supreme audit authority of India under Article 148 of the Constitution. Prasad has about 39 years of experience in audit, accounts, finance, taxation, administration and quasi judicial work.
In senior roles, Prasad served as Deputy CAG for Human Resources and International Relations and as Deputy CAG for Commercial audits. He also worked as Additional Deputy CAG, Director General at headquarters and Accountant General for Uttar Pradesh. He served as Custodian under the Special Court law in the Department of Financial Services. At the international level, he spent six years with the United Nations (UN) as Chief Auditor in Somalia, Kenya, Geneva, Angola, Iraq and New York. The UN is headquartered in New York and was founded in 1945. He audited programmes such as the Oil for Food Programme and received a UN award for exemplary work. He holds a Master of Science degree in Physics from the University of Lucknow and won gold medals at graduate and postgraduate levels.
At the IBBI, Prasad has handled Corporate Insolvency Resolution Process, liquidation, individual insolvency, data dissemination, human resources and finance. He has chaired expert committees on insolvency in the real estate sector, on regulations linked to the IBC Amendment Bill of 2025, and on technical standards for Information Utilities. He earlier supervised inspection, investigation, research, insolvency professionals, registered valuers and examinations.
Ravi Mital, whom Prasad succeeds, is a 1986 batch Indian Administrative Service (IAS) officer of the Bihar cadre. He holds a degree in Mechanical Engineering and a Master of Philosophy in Environmental Science. Before joining the IBBI, he served as Secretary in the Department of Sports, Secretary in the Ministry of Information and Broadcasting, and Special Secretary in the Department of Financial Services. He also served on the boards of the State Bank of India, Punjab National Bank and GIC Re. Mital assumed office as IBBI Chairperson on 9 February 2022 and served as the second full time Chairperson after M. S. Sahoo.
| IBBI Chairperson | Period |
|---|---|
| M. S. Sahoo, first Chairperson | 1 October 2016 to 30 September 2021 |
| Navrang Saini, additional charge | October 2021 to February 2022 |
| Ravi Mital, second full time Chairperson | 9 February 2022 to September 2026 |
| Jayanti Prasad, additional charge | 13 September 2026 to 20 November 2026 or till new incumbent joins |
Key Takeaways
- Jayanti Prasad took additional charge as IBBI Chairperson with effect from 13 September 2026 and will hold the post till 20 November 2026.
- The Insolvency and Bankruptcy Board of India was established on 1 October 2016 under the Insolvency and Bankruptcy Code, 2016.
- The IBBI works under the Ministry of Corporate Affairs and is headquartered at Mayur Bhawan, New Delhi.
- The Chairperson is appointed by the Central Government under Section 189 of the IBC for five years or till age 65.
- Ravi Mital assumed office as the second full time Chairperson on 9 February 2022 after M. S. Sahoo (2016 to 2021).
- Jayanti Prasad is a 1986 batch IAAS officer who joined the IBBI as Whole-Time Member on 5 July 2022.
