This notification, G.S.R. 168(E), issued by the Ministry of Corporate Affairs on February 26, 2019, amends the Insolvency and Bankruptcy Board of India (IBBI) Salary, Allowances and other Terms and Conditions of Service of Chairperson and members Rules, 2016. These amendments, called the Second Amendment Rules, 2019, come into effect on the date of publication in the official Gazette. The key change involves rule 16, which pertains to the encashment of leave for the Chairperson and whole-time members of the IBBI. Specifically, it entitles them to encashment of fifty percent of earned leave standing to their credit at any time, aligning the payment of leave salary during leave with rule 40 of the Central Civil Services Leave Rules, 1972. This notification is issued in exercise of powers conferred by clause (zd) of subsection (2) of section 239, read with subsection (5) of section 189 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016). Contact person for information is Gyaneshwar Kumar Singh, Joint Secretary. The principal rules were previously published under G.S.R. 831(E) on August 29, 2016, and subsequently amended by G.S.R. 153(E) on February 9, 2018, G.S.R. 1083(E) on November 2, 2018, and G.S.R. 41(E) on January 18, 2019.
Key Entities Referenced
Insolvency and Bankruptcy Code, 2016: A law enacted in 2016 related to insolvency and bankruptcy proceedings.
Insolvency and Bankruptcy Board of India: An organization in India related to insolvency and bankruptcy.
Ministry of Corporate Affairs: The government ministry responsible for administering the Companies Act 2013 and other laws related to companies and corporations.
New Delhi: The location where the notification was issued; the capital of India.
Central Government: The Union Government of India.
Gyaneshwar Kumar Singh: The Joint Secretary who signed the notification.
Central Civil Services Leave Rules, 1972: Rules governing leave for central government employees.
Insolvency and Bankruptcy Board of India Salary, Allowances and other Terms and Conditions of Service of Chairperson and members Rules, 2016: Rules pertaining to the salary, allowances, and terms of service for the Chairperson and members of the Insolvency and Bankruptcy Board of India.
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अअअअििििधधधधससससचचूूचचूू ननननाााा
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क# उपधारा (5) के साथ प+ठत धारा 239 क# उपधारा (2) के खंड (यघ) 0ारा 1द2 शि3य4 का 1योग करत े 6ए, भारतीय
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और सशं ोधन करने के िलए िन?िलिखत िनयम बनाती ह,ै अथात: :्-
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िनयम 40 0ारा शािसत होगा।
1359 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(2) अ;य(cid:22) और पणू क: ािलक सद<य (cid:1)कसी भी समय उनके पास जमा अQज:त छुKी के पचास 1ितशत का भुगतान
करवान ेके हकदार ह4ग।े ”
[फा.सं. 30/33/2018-इंसो(cid:3)व(cid:7)सी]
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0ारा सशं ोिधत (cid:1)कए गए।
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 26th February, 2019
G.S.R. 168(E).— In exercise of the powers conferred by clause (zd) of sub-section (2) of section 239, read with
sub-section (5) of section 189 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government
hereby makes the following rules further to amend the Insolvency and Bankruptcy Board of India (Salary, Allowances
and other Terms and Conditions of Service of Chairperson and members) Rules, 2016, namely:-
1. (1) These rules may be called the Insolvency and Bankruptcy Board of India (Salary, Allowances and
other Terms and Conditions of Service of Chairperson and members) Second Amendment Rules, 2019.
(2) They shall come into force on the date of their publication in the official Gazette.
2. In the Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of
Service of Chairperson and members) Rules, 2016, for rule 16, the following rule shall be substituted, namely:-
“16. Encashment of Leave.- (1) The payment of leave salary during leave shall be governed by rule 40 of the
Central Civil Services (Leave) Rules, 1972.
(2) The Chairperson and a whole time member shall be entitled to encashment of fifty per cent of earned leave
standing to their credit at any time.”
[F. No. 30/33/2018-Insolvency]
GYANESHWAR KUMAR SINGH, Jt. Secy.
Note: The principal rules were published vide number G.S.R. 831(E), dated the 29th August, 2016 and subsequently
amended vide number G.S.R. 153(E), dated the 9th February, 2018, GSR 1083 (E), dated the 2nd November, 2018
and GSR 41(E) dated the 18th January, 2019.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.