Insolvency and Bankruptcy Code, 2016

Ministry of Corporate Affairs has given effect to few sections giving certain authority to Central Government and Insolvency and Bankruptcy Board to make rule, regulations, to delegate, to appoint members, officers and to fix salary and terms and conditions. The list of sections effective from 19th August, 2016 are as follows:

(1) Section 3 – Definitions of following terms:

(i) clause (1) – Board 

(ii) clause (5) - Chairperson

(iii) clause (22) – Notification

(iv) clause (26) –Prescribed

(v) clause (28) – regulations

(vi) clause (37) – Words and expressions not defined in code 

(2) Section 221 – Grants by the Central Governments 

(3) Section 222 – Board’s Fund 

(4) Section 225 – Power of central government to issue directions 

(5) Section 226 – Power of central government to supersede Board 

(6) Section 230 - Delegation 

(7) Section 232 - Members, officers and employees of Board to the public servants 

(8) Section 233 – Protection of action taken in good faith 

(9) Sub-section (1) and clause (zd) of sub-section (2) of section 239 – Power of central government to make rules and the to make rules w.r.t salaries and allowances payable to and other terms and conditions of service of the chairperson and members of the board 

(10) Sub-section (1) and clause (zt) of sub-section (2) of section 240 – Power of Board to make regulations and the power to appoint other officers and employees 

(11) Section 241- Rules and regulations to be laid before parliament 

(12) Section 242 – Power to Central government to remove difficulties.