Introduction: On the 27th of October, 2023, Shri Sandip Garg took on the significant role of Whole Time Member at the Insolvency and Bankruptcy Board of India (IBBI) in New Delhi. This marked a crucial development in the organization’s leadership, given Garg’s remarkable background and extensive experience.
Detailed Analysis: Shri Sandip Garg’s journey to IBBI’s leadership is characterized by a multi-disciplinary educational background. With degrees in Civil Engineering, Industrial Engineering and Management, Law, Finance, and Taxation and allied laws, he possesses a wealth of knowledge that is essential in the insolvency and bankruptcy domain. His academic excellence is evident through the awards he has received, including a gold medal in engineering graduation and the Finance Minister’s gold medal for excelling in a professional course at NADT, Nagpur.
Before joining IBBI, Garg served the Indian Railways as a member of the Indian Railways Service of Engineers, starting in January 1990. Later, he transitioned to the Indian Revenue Service, where he spent over 31 years in various roles within the Income Tax Department and the Central Board of Direct Taxes. His diverse experience includes work in key areas such as assessment, investigation, international taxation, transfer pricing, judicial proceedings, audit, systems, administration, and policy-making, across locations in Delhi, Mumbai, and Pune.
During his tenure as Executive Director at IBBI, Shri Garg managed a wide-ranging portfolio encompassing Corporate Insolvency, Corporate Liquidation, Individual Insolvency, Individual Bankruptcy, and Data Dissemination. Additionally, he oversaw IBBI’s IT functions and actively participated in the Steering Committee for Integrated Information Technology Platform for the IBC (Insolvency and Bankruptcy Code) Ecosystem. Garg’s expertise was also harnessed within the IBBI Expert Committee, focused on proposing a creditor-led resolution approach as a complement to the existing corporate insolvency resolution process.
Garg’s impact on IBBI’s operations has been significant. He played a crucial role in streamlining the corporate insolvency and liquidation processes through a series of policy and regulatory interventions, including the formulation of regulations and technology upgrades. His leadership has paved the way for a more efficient and effective insolvency and bankruptcy framework in India.
Conclusion: Shri Sandip Garg’s appointment as Whole Time Member of the Insolvency and Bankruptcy Board of India is a milestone for the organization. His diverse expertise and contributions to the sector, along with his exemplary academic journey, make him a valuable asset to IBBI. Under his leadership, the insolvency and bankruptcy processes in India are poised to become more efficient and streamlined, benefiting all stakeholders involved.
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Insolvency and Bankruptcy Board of India
Press Release No. IBBI/PR/2023/15 Dated: 27th October, 2023
Shri Sandip Garg takes charge as Whole Time Member of Insolvency and Bankruptcy Board of India
Shri Sandip Garg took charge as Whole Time Member of Insolvency and Bankruptcy Board of India (IBBI) in New Delhi today.
2. Shri Garg has a multi-disciplinary educational background in Civil Engineering (B.Sc. Engineering from Aligarh Muslim University), Industrial Engineering and Management (PGDIE from IIM, Mumbai), Law (L.L.B. from Delhi University), Finance (Chartered Financial Analyst from ICFAI, Hyderabad) and Taxation and allied laws (Professional course at National Academy of Direct Taxes NADT, Nagpur). He has received numerous awards for excellence throughout his academic journey. He received gold medal in engineering graduation course and Finance Minister’s gold medal for being the best probationer in Professional course at NADT, Nagpur.
3. He served the Indian Railways in Indian Railways Service of Engineers from January 1990. He then served as a member of the Indian Revenue Service from 1992 for over 31 years in various capacities in Income Tax Department and Central Board of Direct Taxes. His last assignments in the Income Tax Department were as Principal Commissioner of Income Tax and Commissioner of Income Tax. He has served in the Department across all functions at Delhi, Mumbai, and Pune – assessment, investigation, international taxation, transfer pricing, judicial, audit, systems, administration, policy making.
4. He also served as Executive Director in IBBI wherein he handled a diverse portfolio comprising of Corporate Insolvency, Corporate Liquidation, Individual Insolvency, Individual Bankruptcy and Data Dissemination. In addition, he looked after IT functions of IBBI and had been a member of the Steering Committee for Integrated Information Technology Platform for IBC Ecosystem. He was also a member of the IBBI Expert Committee constituted to propose a creditor-led resolution approach as a supplement to the extant corporate insolvency resolution process. At IBBI, he played an instrumental role in streamlining the corporate insolvency process and liquidation process through a series of policy and regulatory interventions, including framing regulations, along with technology upgrades.
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