**Policy Summary:**
This notification, S.O. 3401(E), issued by the Ministry of Corporate Affairs on October 23, 2017, delegates powers and functions vested in the Central Government under Section 247 of the Companies Act, 2013 (18 of 2013) to the Insolvency and Bankruptcy Board of India (IBBI). This delegation is enacted under the authority of Section 458 of the Companies Act, 2013. The delegation is conditional, allowing the Central Government to revoke it or exercise the powers under Section 247 if deemed necessary in the public interest. The notification took effect upon its publication in the Official Gazette. The notification was issued under F. No. 1272013-CL.V-Part-I, and the contact person is Amardeep Singh Bhatia, Joint Secretary.
Key Entities Referenced
Companies Act, 2013: A law enacted in 2013, related to companies.
Central Government: The Union Government of India.
Insolvency and Bankruptcy Board of India: An organization to which powers under section 247 of the Companies Act, 2013 are delegated.
Section 458 of the Companies Act, 2013: Section of the Companies Act, 2013 that confers power to delegate.
Section 247 of the Companies Act, 2013: Section of the Companies Act, 2013 to which the powers are delegated.
Ministry of Corporate Affairs: The ministry responsible for administering the Companies Act, 2013.
Amardeep Singh Bhatia: Joint Secretary, Ministry of Corporate Affairs.
New Delhi: City in Delhi, India; location of the Ministry of Corporate Affairs.
REGD. NO. D. L.-33004/99
EXTRAORDINARY
II— — (ii)
PART II—Section 3—Sub-section (ii)
PUBLISHED BY AUTHORITY
2980]
No. 2980] NEW DELHI, MONDAY, OCTOBER 23, 2017/KARTIKA 1, 1939
कारपोरेट कार् यमत्रं ालर्
अधिसचू ना
नई दिल्ली, 23 अक्तूबर, 2017
का.आ. 3401(अ).—केन्द्रीर् सरकार, कंपनी अधिधनर्म, 2013 (2013 का 18) की िारा 458 द्वारा प्रित्त शधक्तर्ों का
प्रर्ोग करते हुए उक्त अधिधनर्म की िारा 247 के अिीन स्वर्ं में धवधित शधक्तर्ों और कार्ों को भारतीर् दिवाला और शोिन अक्षमता
बोर्य को इस शतय के अध्र्ािीन प्रत्र्ार्ोधित करती ि ै दक र्दि केन्द्र सरकार का मत िो दक ऐसा करना लोकधित में आवश्र्क ि ै तो,
शधक्तर्ों के इस प्रत्र्ार्ोिन को रद्द कर सकती ि ैर्ा उक्त िारा के अिीन शधक्तर्ों का प्रर्ोग स्वर्ं कर सकती ि।ै
2. र्ि अधिसूचना रािपत्र में इसके प्रकाशन की तारीख से प्रवृत्त िोगी।
[फा.सं.1/27/2013-सीएल-V(भाग-I)]
अमरिीप ससंि भाटटर्ा, संर्ुक्त सधचव
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 23rd October, 2017
S.O. 3401 (E).—In exercise of the powers conferred by section 458 of the Companies Act, 2013 (18 of
2013), the Central Government hereby delegates the powers and functions vested in it under section 247 of the said
Act to the Insolvency and Bankruptcy Board of India, subject to the condition that the Central Government may
revoke such delegation of powers or it may exercise the powers under the said section, if in its opinion such a course
of action is necessary in the public interest.
2. This notification shall come into force with effect from the date of its publication in the Official Gazette.
[F. No. 1/27/2013-CL-V(Part-I)]
AMARDEEP SINGH BHATIA, Jt. Secy.
6351 GI/2017
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and Published by the Controller of Publications, Delhi-110054.