Appointment of part-time members establishes five-year terms or service until age sixty-five under applicable service rules. The Central Government appoints two individuals as part-time members of the Insolvency and Bankruptcy Board of India under provisions of the Insolvency and Bankruptcy Code, 2016, specifying their effective dates of appointment. Their terms are for a period of five years or until attaining the age of sixty-five years, whichever is earlier, and their fee and allowances are governed by the Board's salary and service rules as amended.