Protection of action taken in good faith No suit, prosecution or other legal proceeding shall lie against the Government or any officer of the Government, or the Chairperson, Member, officer or other employee of the Board or an insolvency professional or liquidator for anything which is in done or intended to be done in good faith under this Code or the rules or regulations made thereunder. Practice area’s […]

Members, officers and employees of the Board to be public servants The Chairperson, Members, officers and other employees of the Board shall be deemed, when acting or purporting to act in pursuance of any of the provisions of this Code, to be public servants within the meaning of section 21 of the Indian Penal Code (45 of 1860). Practice area’s

Bar of jurisdiction No civil court shall have jurisdiction in respect of any matter in which the 1[Adjudicating Authority or the Board] is empowered by, or under, this Code to pass any order and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any

Delegation The Board may, by general or special order in writing delegate to any member, officer of the Board or subject to such conditions, if any, as may be specified in the order, such of its powers and functions under this Code (except the powers under section 240 as it may deem necessary. Practice area’s of B K Goyal & Co LLP Income Tax Return

Annual Report (1) The Board shall prepare, in such form and at such time in each financial year as may be prescribed, its annual report, giving a full account of its activities during the previous financial year, and submit a copy thereof to the Central Government. (2) A copy of the report received under sub-section (1) shall be

Budget 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. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax

Power of Central Government to notify financial sector providers etc 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 financial sector regulators, notify financial sector regulator;”>financial service providers or categories of financial sector regulator;”>financial service providers for

Power of Central Government to supersede Board (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 imposed on it by or under the provisions of this Code; or (b) that the Board has persistently not complied with any direction