Constitution of advisory committee, executive committee or other committee Section 197: Constitution of advisory committee, executive committee, or other committee. * 197. The Board may, for the efficient discharge of its functions, may constitute advisory and executive committees or such other committees, as it may deem fit, consisting of a Chairperson and such other members … Read more

Powers and functions of Board Section 196: Powers and functions of Board. *196. (1) The Board shall, subject to the general direction of the Central Government, perform all or any of the following functionsJ1 namely:— (a) register insolvency professional agencies, insolvency professionals and information utilities and renew, withdraw, suspend or cancel such registrations; 1[(aa) promote … Read more

Power to designate financial sector regulator Section 195: Power to designate financial sector regulator. 195. Until the Board is established, the Central Government may by notification, designate any financial sector regulator to exercise the powers and functions of the Board under this Code.

Vacancies, etc., not to invalidate proceedings of Board, Officers and employees of Board Section 194: Vacancies, etc., not to invalidate proceedings of Board, Officers and employees of Board. *194. (1) No act or proceeding of the Board shall be invalid merely by reason of— (a) any vacancy in, or any defect in the constitution of, … Read more

Member not to participate in meetings in certain cases Section 193: Member not to participate in meetings in certain cases. *193. Any member, who is a director of a company and who as such director has any direct or indirect pecuniary interest in any matter coming up for consideration at a meeting of the Board, … Read more

Meetings of Board Section 192: Meetings of Board. *192. (1) The Board shall meet at such times and places, and observe such rules of procedure in regard to the transaction of business at its meetings (including quorum at such meetings) as may be determined by regulations. (2) The Chairperson, or if, for any reason, the … Read more

Powers of Chairperson Section 191: Powers of Chairperson. *191. Save as otherwise determined by regulations, the Chairperson shall have powers of general superintendence and direction of the affairs of the Board and may also exercise such other powers as may be delegated to him by the Board.

Removal of member from office Section 190: Removal of member from office. *190. The Central Government may remove a member from office if he— (a) is an undischarged bankrupt as defined under Part III; (b) has become physically or mentally incapable of acting as a member; (c) has been convicted of an offence, which in … Read more

Constitution of Board Section 189: Constitution of Board. *189. (1) The Board shall consist of the following members who shall be appointed by the Central Government, namely:— (a) a Chairperson; (b) three members from amongst the officers of the Central Government not below the rank of Joint Secretary or equivalent, one each to represent the … Read more

Establishment and incorporation of Board Section 188: Establishment and incorporation of Board. 188. (1) With effect from such date as the Central Government may, by notification1, appoint, there shall be established, for the purposes of this Code, a Board by the name of the Insolvency and Bankruptcy Board of India. (2) The Board shall be … Read more