NOTIFICATION
OF SECTION 227 TO 229 OF IBC CODE 2016 BY CENTRAL GOVERNMENT OF INDIA
Central Government hereby appoints the 1st day
of May, 2018 as the date on which the provisions of Section 227 to Section 229
of Insolvency and Bankruptcy Code, 2016 shall come into force.
POWER OF
CENTRAL GOVERNMENT TO NOTIFY FINANCIAL SERVICE PROVIDERS, ETC.
227. Notwithstanding anything to the contrary examined 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 service providers or categories of financial
service providers for the purpose of their insolvency and liquidation
proceedings, which may be conducted under this Code, in such manner as may be
prescribed.
ANNUAL BUDGET
TO BE PREPARED BY IBBI
228. 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.
ANNUAL REPORT
TO BE PREPARED BY IBBI
229. (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 laid, as soon as may be after it
is received, before each House of Parliament.
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