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 194: Vacancies, etc., not to invalidate proceedings of Board, Officers and employees of Board.
    (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, the Board; or
         (b) any defect in the appointment of a person acting as a member of the Board; or
         (c) any irregularity in the procedure of the Board not affecting the merits of the case.
     (2) The Board may appoint such other officers and employees as it considers necessary for the efficient discharge of its functions in such manner as may be specified.
     (3) The salaries and allowances payable to, and other terms and conditions of service of, officers and employees of the Board appointed under sub-section (2) shall be such as may be specified by regulations.
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