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Powers and functions of Board.

Section 196 - Act - POWERS AND FUNCTIONS OF THE BOARD - Insolvency and Bankruptcy Code, 2016 - Section 196 - CHAPTER II POWERS AND FUNCTIONS OF THE BOARD 196. (1) The Board shall, subject to the general direction of the Central Government, perform all or any of the following functions namely :- (a) register insolvency professional agencies, insolvency professionals and information utilities and renew, withdraw, suspend or cancel such registrations; (b) specify the minimum eligibility requirement .....

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their enrolment as members of the insolvency professional agencies; (f) carry out inspections and investigations on insolvency professional agencies, insolvency professionals and information utilities and pass such orders as may be required for compliance of the provisions of this Code and the regulations issued hereunder; (g) monitor the performance of insolvency professional agencies, insolvency professionals and information utilities and pass any directions as may be required for compliance .....

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solvency and bankruptcy cases and disseminate information relating to such cases; (l) constitute such committees as may be required including in particular the committees laid down in section 197; (m) promote transparency and best practices in its governance; (n) maintain websites and such other universally accessible repositories of electronic information as may be necessary; (o) enter into memorandum of understanding with any other statutory authorities; (p) issue necessary guidelines to the i .....

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, insolvency professionals and information utilities at such intervals as may be specified by the Board; (s) specify mechanisms for issuing regulations, including the conduct of public consultation processes before notification of any regulations; (t) make regulations and guidelines on matters relating to insolvency and bankruptcy as may be required under this Code, including mechanism for time bound disposal of the assets of the corporate debtor or debtor; and (u) perform such other functions a .....

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es of this clause, the term "non-discriminatory" means lack of discrimination on the grounds of religion, caste, gender or place of birth and such other grounds as may be specified; (d) the manner of granting membership; (e) setting up of a governing board for internal governance and management of insolvency professional agency in accordance with the regulations specified by the Board; (f) the information required to be submitted by members including the form and the time for submittin .....

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