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THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

Other Topics - By: - Mr. M. GOVINDARAJAN - Dated:- 17-8-2016 - The Insolvency and Bankruptcy Code, 2016 got the assent of the President of India on 28.05.2016. This is an Act to consolidate and amend the laws relating to re-organization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders inc .....

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ernment may, by notification, appoint, there shall be established a Board by the name of . The Board shall be a body corporate, having perpetual succession and a common seal. It is having power, subject to the provisions of the Code, to acquire, hold and dispose of property, both moveable and immovable and to contract, and shall, by the said name, sue or be sued. The Head office shall be at such place in the National Capital Region, as the Central Government may, by notification, specify. The Bo .....

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icio; five other members to be nominated by the Central Government, of whom at least three shall be the whole-time members. The Ministry of Corporate Affairs issued advertisement inviting application for the post of Chairperson and three whole time Members Qualification Section 189 (2) provides that the Chairperson and the others Members shall be persons of ability, integrity and standing, who have shown capacity in dealing with problems relating to insolvency or bankruptcy and have special know .....

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of the Board (in case of selection of members of the Board - Member; Three experts of repute from the field of finance, law, management, insolvency and related subjects, to be nominated by the Central Government - Members. Tenure Section 189 (4) provides that the term of office of the Chairperson and Members, other than ex-officio members, shall be five years or till they attain the age of 65 years, whichever is earlier, and they shall be eligible for reappointment. Salary and allowances Section .....

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may remove a Member from office if he- is an undischarged bankrupt as defined under Part III; has become physically or mentally incapable of acting as a Member; has been convicted of an offence, which in the opinion of the Central Government involves moral turpitude; has, so abused his position as to render his continuation in office detrimental to public interest; No member shall be removed under (d) unless he has been given a reasonable opportunity of being heard in the matter. Powers of Chai .....

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ined by regulations. The Chairperson, or if, for any reason, the Chairperson is unable to attend the meeting of the Board, any other Member chosen by the Members present at the meeting shall preside the meeting. All questions which come up before any meeting of the Board shall be decided by a majority votes of the Members present and voting, and, in the event of an equality of votes, the Chairperson, or in his absence, the person presiding, shall have a second or casting vote. Member not to part .....

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eliberation or decision of the Board with respect to that matter. Vacancies not to invalidate proceedings Section 194 provides that no act or proceedings of the Board shall be invalid merely by reason of- any vacancy in , or any defect in the constitution of, the Board; or any defect in the appointment of a person acting as a member of the Board; or any irregularity in the procedure of the Board not affecting the merits of the case; The Board may appoint such other officers and employees as it c .....

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functions- register insolvency professional agencies, insolvency professionals and information utilities and renew, withdraw, suspend or cancel such registration; specify the minimum eligibility requirements for registration of insolvency professional agencies, insolvency professionals and information utilities; levy fee or other charges for registrationof the above categories; specify by regulations standards for functioning; lay down by regulations the minimum curriculum for the examination of .....

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required for compliance of the provisions of this code and the regulations issued hereunder; call for any information and records from them; publish such information, data, research studies and other information as may be specified by regulations; specify by regulations the manner of collecting and storing data by the information utilities and for providing access to such data; collect and maintain records relating to insolvency and bankruptcy cases and disseminate information relating g to suc .....

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e necessary guidelines to the insolvency professional agencies etc.,; specify mechanism for redress of grievances against insolvency professions, insolvency professional agencies and information utilities and pass order relating to complaints filed against the aforesaid for compliance of the provisions of this Code and the regulations issued hereunder; conduct periodic study, research and audit the functioning and performance of to the insolvency professional agencies, insolvency professionals a .....

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The Board may make model bye-laws to be adopted by insolvency professional agency. While exercising the powers under this Code, the Board shall have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 while trying a suit, in respect of the following matters, namely- the discovery and production of books of account and other documents, at such place and such time as may be specified by the Board; summoning and enforcing the attendance of persons and examining t .....

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number of independent members to be on the governing Board of the insolvency professional agency; and the number of the insolvency professionals being its members who shall be on the governing Board of the insolvency professional agency. Investigation by Board Section 217 provides that any person aggrieved by the functioning of an insolvency professional agency or insolvency professional or an information utility may file a complaint to the Board in such form, within such time and in such manner .....

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and the loss so suffered is directly attributable to such person. Accounts and Audit There shall be constituted a fund to be called the Fund of the Insolvency and Bankruptcy Board. The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts. The accounts shall be audited by C&AG at such intervals as may be specified by him. The accounts of the Board as certified by the C&AG shall be forwarded annually to the Central Government which is .....

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