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 190: Removal of member from office.
    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 the opinion of the Central Government involves moral turpitude;
         (d) has, so abused his position as to render his continuation in office detrimental to the public interest:
     Provided that no member shall be removed under clause (d) unless he has been given a reasonable opportunity of being heard in the matter.
Notes:
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