Budget Section 228: Budget. *228. The Board shall prepare, in such form and at such time in each financial year as may be prescribed, its budget for the next financial year, showing the estimated receipts and expenditure of the Board and forward the same to the Central Government.

Power of Central Government to notify financial service providers, etc. Section 227: Power of Central Government to notify financial service providers, etc. *227. Notwithstanding anything to the contrary 1[contained in this Code] or any other law for the time being in force, the Central Government may, if it considers necessary, in consultation with the appropriate … Read more

Power of Central Government to issue directions Section 225: Power of Central Government to issue directions. *225. (1) Without prejudice to the foregoing provisions of this Code, the Board shall, in exercise of its powers or the performance of its functions under this Code, be bound by such directions on questions of policy as the … Read more

Insolvency and Bankruptcy Fund Section 224: Insolvency and Bankruptcy Fund. 224. (1) There shall be formed a Fund to be called the Insolvency and Bankruptcy Fund (hereafter in this section referred to as the “Fund”) for the purposes of insolvency resolution, liquidation, and bankruptcy of persons under the Code. (2) There shall be credited to … Read more

Accounts and audit Section 223: Accounts and audit. *223. (1) The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India. (2) The accounts of the Board shall be … Read more

Board’s Fund Section 222: Board’s Fund. *222. (1) There shall be constituted a Fund to be called the Fund of the Insolvency and Bankruptcy Board and there shall be credited thereto— (a) all grants, fees and charges received by the Board under this Code; (b) all sums received by the Board from such other sources … Read more

Grants by Central Government Section 221: Grants by Central Government. *221. The Central Government may, after due appropriation made by Parliament by law in this behalf, make to the Board grants of such sums of money as that Government may think fit for being utilised for the purposes of this Code.

Appointment of disciplinary committee Section 220: Appointment of disciplinary committee. *220. (1) The Board shall constitute a disciplinary committee to consider the reports of the investigating Authority submitted under sub-section (6) of section 218: Provided that the members of the disciplinary committee shall consist of whole-time members of the Board only. (2) On the examination … Read more

Show cause notice to insolvency professional agency or its member or information utility Section 219: Show cause notice to insolvency professional agency or its member or information utility. *219. The Board may, upon completion of an inspection or investigation under section 218, issue a show cause notice to such insolvency professional agency or insolvency professional … Read more

Investigation of insolvency professional agency or its member or information utility Section 218: Investigation of insolvency professional agency or its member or information utility. *218. (1) Where the Board, on receipt of a complaint under section 217 or has reasonable grounds to believe that any insolvency professional agency or insolvency professional or an information utility … Read more