Executive Summary:
This notification from the Ministry of Corporate Affairs amends the Insolvency and Bankruptcy Board of India (IBBI) rules regarding the salary, allowances, and terms of service for the Chairperson and members. The amendment focuses on the term of office for part-time members. These rules are effective from the date of publication in the Official Gazette (January 14, 2020).
Key Points / Main Content:
Amendment Overview:
* The notification amends the "Insolvency and Bankruptcy Board of India Salary, Allowances and other Terms and Conditions of Service of Chairperson and members Rules, 2016."
Term of Office for Part-Time Members:
* The term of office for part-time members is now five years or until they reach the age of 65, whichever comes first.
* Part-time members are eligible for reappointment.
* Subrule 3 of rule 19 in the 2016 rules has been omitted.
Impact Analysis:
Insolvency and Bankruptcy Board of India (IBBI):
* Impact: The amendment changes the rules governing the term and reappointment eligibility of part-time members, potentially affecting the composition and continuity of the board.
* Action Required: Update internal policies and procedures to reflect the new term limits and reappointment rules for part-time members.
Part-Time Members of IBBI:
* Impact: Part-time members' term lengths and reappointment possibilities are directly affected by the new rules.
* Action Required: Understand the new term limits and reappointment eligibility criteria to plan accordingly.
Central Government (Ministry of Corporate Affairs):
* Impact: Responsible for implementing and overseeing the amended rules.
* Action Required: Ensure the amended rules are properly enforced and monitored.
Key Entities Referenced
New Delhi: The city in India where the notification was issued.
Insolvency and Bankruptcy Code, 2016: A law in India relating to insolvency and bankruptcy.
Central Government: The executive authority of India.
Insolvency and Bankruptcy Board of India: Regulatory body for overseeing insolvency proceedings and professionals in India.
Insolvency and Bankruptcy Board of India Salary, Allowances and other Terms and Conditions of Service of Chairperson and members Rules, 2016: The principal rules being amended by this notification.
Gyaneshwar Kumar Singh: Joint Secretary who signed the notification.
Ministry of Corporate Affairs: The ministry responsible for administering the Companies Act 2013 and other related laws and regulations in India.
Official Gazette: A public journal and legal newspaper of the government.
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अअअअससससााााधधधधााााररररणणणण
EXTRAORDINARY
भभभभाााागगगग II—खखखख(cid:2)(cid:2)(cid:2)(cid:2)डड डड 3—उउउउपपपप----खखखख(cid:2)(cid:2)(cid:2)(cid:2)डड डड (i)
PART II—Section 3—Sub-section (i)
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PUBLISHED BY AUTHORITY
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No. 29] NEW DELHI, TUESDAY, JANUARY 14, 2020/PAUSHA 24, 1941
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क(cid:16) उपधारा (5) के साथ प(cid:18)ठत धारा 239 क(cid:16) उपधारा (2) के खंड (यघ) (cid:20)ारा (cid:22)द(cid:23) शि(cid:26)य(cid:27) का (cid:22)योग करते (cid:30)ए, भारतीय
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वे पुन7नयुि(cid:26) के पा0 ह(cid:27)गे”;
(ii) उप-िनयम (3) का लोप (cid:7)कया जाएगा।
[फा .सं. 30/02/2016-(cid:7)दवाला]
8ाने9व र कुमार ;सह, संयु(cid:26) सिचव
275 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
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सा.का.िन. सं<यांक 153(अ) तारीख 09 फरवरी, 2018, सा.का.िन. 1083(अ), तारीख 2 नव?बर, 2018,
सा.का.िन. 41(अ),
18 जनवरी, 2019, सा.का.िन. 168(अ) तारीख 26 फरवरी, 2019 और सा.का.िन. 378(अ) तारीख 21 मई, 2019
(cid:20)ारा संशोिधत (cid:7)कए गए थे।
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 9th January, 2020
G.S.R. 31 (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) Amendment Rules, 2020.
(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, in rule 19,- the following shall be substituted/amended:-
(i) for sub-rule (2), the following sub-rule shall be substituted, namely:-
“(2) The term of office of part-time members shall be five years or till they attain the age of 65 years,
whichever is earlier, and they shall be eligible for reappointment”;
(ii) sub-rule (3) shall be omitted.
[F.No. 30/02/2016-Insolvency]
GYANESHWAR KUMAR SINGH, Jt. Secy.
Note: The principal rules were published vide notification 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, G.S.R. 1083(E),
dated the 2nd November, 2018, G.S.R. 41(E), dated the 18th January, 2019, G.S. R. 168(E), dated 26th
February, 2019 and G.S. R. 378(E) dated the 21st May, 2019.
Dateded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.