Why in news?

• The government has appointed former civil servant Ravi Mittal as the chairperson of the Insolvency and Bankruptcy Board of India (IBBI).
• Mittal would head the IBBI for five years or till he is 65 years of age, whichever is early.
• Mittal, has served as Secretary of Information and Broadcasting (I&B), among other positions.
• Mittal will be the second full-time Chairperson of the IBBI, a key institution in implementing the Insolvency and Bankruptcy Code (IBC), which came into force in 2016.

About IBBI

• The IBBI is a regulatory institution set up by the Ministry of Corporate Affairs for enforcing the Insolvency and Bankruptcy Code.
• The board regulates corporate insolvency and resolution processes.
• It also regulates insolvency professionals and information utilities.