Term of Office for part-time members set for a fixed multi-year period or until retirement age, reappointment permitted. The amendment sets the term of office of part-time members at five years or until they attain the age of 65 years, whichever is earlier, and provides that they shall be eligible for reappointment; it substitutes sub-rule (2) of rule 19 and omits sub-rule (3). The rules are made under specified provisions of the Insolvency and Bankruptcy Code, 2016 and take effect on publication in the Official Gazette.