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Power of Central Government to supersede Board.

Section 226 - Act - MISCELLENEOUS - Insolvency and Bankruptcy Code, 2016 - Section 226 - 226. (1) If at any time the Central Government is of opinion - (a) that on account of grave emergency, the Board is unable to discharge the functions and duties .....

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he provisions of this Code and as a result of such non-compliance the financial position of the Board or the administration of the Board has deteriorated; or (c) that circumstances exist which render it necessary in the public interest so to do, the .....

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bers shall, as from the date of supersession, vacate their offices as such; (b) all the powers, functions and duties which may, by or under the provisions of this Code, be exercised or discharged by or on behalf of the Board, shall until the Board is .....

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