Justice Misra, who will have a tenure of over 13 months as the CJI after he takes over on August 28, has a sensitive assignment on hand - the vexatious title dispute in the Ram Mandir and Babri Masjid case.
The Law Ministry accepted Khehar's recommendation on Tuesday.
Misra will take over from JS Khehar, who will retire on August 27. Memon was convicted in 1993 Mumbai blasts, in which 257 people were killed.
Justice Misra will hold the post for a little more than a year before he lays down office on October 2, 2018.
63-year-old Justice Misra was also among the three judges who were up all night in July 2013, giving a historic hearing to decide on terrorist Yakub Memon's last-minute appeal against his hanging.More news: 8 killed in Nigeria church attack
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Justice Misra will be the 45th CJI. Justice Misra assumed charge of the office of Chief Justice, Patna High Court in 2009 and later became the Chief Justice of Delhi High Court in 2010.
His verdict in Own Motion vs State that Delhi Police upload FIRs on their website within 24 hours of their lodging to enable the accused to file appropriate applications before the court for redressal of their grievances was a notable one.
Justice Misra was enrolled as an advocate in 1977 and practiced law in the Odisha High Court and the service tribunal.
He has also worked as an Additional Judge in the Orissa High Court.