Act Number: 31

Act Name: The Insolvency and Bankruptcy Code, 2016.

Year: 2016

Enactment Date: 2016-05-28

Long Title: An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.

Ministry: Ministry of Corporate Affairs

Department:

Section 222: 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 funds as may be specified by the Board or prescribed by the Central Government.
     (2) The Fund shall be applied for meeting—
         (a) the salaries, allowances and other remuneration of the members, officers and other employees of the Board;
         (b) the expenses of the Board in the discharge of its functions under section 196;
         (c) the expenses on objects and for purposes authorised by this Code;
         (d) such other purposes as may be prescribed.
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