Appointment of IBBI Chairperson under statutory authority establishes a fixed tenure subject to age limit and administrative terms. Central Government appoints Sh. Madhu Sudan Sahoo as Chairperson of the Insolvency and Bankruptcy Board of India under powers conferred by the Insolvency and Bankruptcy Code, effective upon assumption of charge, for a term of five years or until the prescribed age limit of sixty-five years or until further orders, whichever is earlier, communicated by the Ministry of Corporate Affairs notification.