The Insolvency and Bankruptcy Code, 2016

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

Power of Central Government to issue directions (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 Central Government may give in writing to it from time to time:

Insolvency and Bankruptcy Fund (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 the Fund the following amounts, namely — (a) the

Accounts and audit (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 audited by the Comptroller and Auditor-General of India at such intervals as

Board’s Fund (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 as may be decided upon by the Central Government; (c) such other