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Date: 10-Sep-2024 Category: Extra Ordinary State: Union Government Country: India

Insolvency and Bankruptcy Board of India Salary Allowances and other Terms and Conditions of Service of Chairperson and members Amendment Rules 2024

Issued by Ministry of Corporate Affairs · Not Applicable

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Executive Summary & Key Takeaways

Description of the Gazette Notification

  • This gazette notification announces amendments to the Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016.
  • The amendments increase the salaries of the Chairperson and members of the Insolvency and Bankruptcy Board of India (IBBI) with retrospective effect from January 1, 2024.

Key Changes

  • The salary of the Chairperson of IBBI is increased from Rs. 4,50,000/- to Rs. 5,62,500/-.
  • The salary of whole-time members of IBBI is increased from Rs. 4,00,000/- to Rs. 5,00,000/-.
  • These salary increases are applied retrospectively from January 1, 2024.
  • The amendments are made under 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).

Impact Analysis

Impact on IBBI Chairperson and Members

  • Retrospective effect means significant back pay for the period from January 1, 2024, to September 10, 2024.

Impact on the Government

  • Potential need for budgetary adjustments to accommodate the increased salary costs.

Impact on Taxpayers

  • Increased government spending ultimately funded through taxes.

Suggested Action Items

  • Communicate the changes to relevant stakeholders, including IBBI officials and the public.

Key Entities Referenced

Insolvency and Bankruptcy Board of India (IBBI): The regulatory body responsible for overseeing insolvency and bankruptcy proceedings in India. Its Chairperson and members have received salary increases. Ministry of Corporate Affairs: The ministry responsible for issuing this notification. Insolvency and Bankruptcy Code, 2016 (31 of 2016): The legal framework under which the amendments to IBBI salaries are made. Gazette of India, Extraordinary Part II, Section 3, Sub-section (i): The official publication where the notification was published.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 ससीी..जजीी..--डडीी..एएलल..--अअ..--1100009922002244--225577005555 CCGG--DDxLLx--xEEG--I11D00H00x99x22x00 2244--225577005555 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 518] नई दिल्ली, मगं लवार, जसतम्ब र 10, 2024/भार 19, 1946 No. 518] NEW DELHI, TUESDAY, SEPTEMBER 10, 2024/BHADRA 19, 1946 कारपोरेट कार् य मत्रं ालर् अजधसचू ना नई दिल्ली, 10 जसतम्ब र, 2024 सा.का.जन. 560(अ)—केन्द्रीर् सरकार, दिवाला और िोधन अक्षमता संजिता, 2016 (2016 का 31) की धारा 189 की उप-धारा (5) के साथ पठित धारा 239 की उप-धारा (2) के खंड (र्घ) द्वारा प्रित्त िजिर्ों का प्रर्ोग करत े हुए, भारतीर् दिवाला और िोधन अक्षमता बोड य (अध्र्क्ष और सिस्ट्र्ों के वेतन, भत्त े और सवे ा के अन्द्र् जनबंधन और ितें) जनर्म, 2016 का और संिोधन करन े के जलए जनम्नजलजखत जनर्म बनाती ि,ै अथायत:् - 1. (1) इन जनर्मों का संजक्षप्त नाम भारतीर् दिवाला और िोधन अक्षमता बोडय (अध्र्क्ष और सिस्ट्र्ों के वेतन, भत्ते और सेवा के अन्द्र् जनबंधन और ितें) संिोधन जनर्म, 2024 ि।ै (2) र्े रािपत्र म ेंइनके प्रकािन की तारीख को प्रवृत्त िोंगे। 2. भारतीर् दिवाला और िोधन अक्षमता बोड य (अध्र्क्ष और सिस्ट्र्ों के वेतन, भत्त े और सेवा के अन्द्र् जनबंधन और ितें) जनर्म, 2016 (जिसे इसम ेंइसके पश्चात ्उि जनर्म किा गर्ा ि)ै म,ें जनर्म 4 म,ें- (i) उपजनर्म (1) म,ें “4,50,000/- रुपए”, अंकों और िब्िों के स्ट्थान पर “5,62,500/- रुपए" अंक और िब्ि रखे िाएंग;े (ii) उपजनर्म (2) म,ें “4,00,000/- रुपए” अंकों और िब्िों के स्ट्थान पर, "5,00,000/- रुपर्"े अंक और िब्ि रख ेिाएंगे। 5810 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] जनम्नजलजखत परंतुक अतं ःस्ट्थाजपत दकर्ा िाएगा, अथायत्:- परन्द्त ु र्ि दक अध्र्क्ष और पणू यकाजलक सिस्ट्र् 1 िनवरी 2024 स े इस उपजनर्म और उपजनर्म (1) के अधीन वेतन के िकिार िोंगे। 3. उि जनर्मों के जनर्म 12 के उपजनर्म (4) म,ें “4,50,000/- रुपए और 4,00,000/- रुपए” अंकों और िब्िों के स्ट्थान पर, क्रमि: “5,62,500/- रुपए और 5,00,000/- रुपए” अंक और िब्ि रख े िाएंगे; 4. उि जनर्मों के जनर्म 13 के उपजनर्म (3) म,ें “4,50,000/- रुपए और 4,00,000/- रुपए” अंकों और िब्िों के स्ट्थान पर, क्रमि: “5,62,500/- रुपए और 5,00,000/- रुपए” अंक और िब्ि रख े िाएंगे। [फा. स.ं 30/4/2024-इंसोल्वेंसी-एमसीए] अनीता िाि आकेल्ला, संर्ुि सजचव स्ट्पष्टीकरण ज्ञापन—र्ि घोषणा की िाती ि ै दक अजधसूचना के भूतलक्षी प्रभाव से िारी करने से दकसी भी व्यजि के जित प्रजतकूल रूप से प्रभाजवत निीं िोंगे। ठटप्पण: मूल जनर्म, भारत के रािपत्र, असाधारण, भाग 2, खंड 3, उप- खंड (i) में सा.का.जन. संखर्ांक 831(अ) तारीख 29 अगस्ट्त, 2016 द्वारा प्रकाजित दकए गए थ े और सा.का.जन. संखर्ांक 31(अ), तारीख 9 िनवरी, 2020 द्वारा अंजतम बार संिोजधत दकए गए थे। MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 10th September, 2024. G.S.R. 560(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, 2024. (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, (hereinafter referred to as the said rules), in rule 4, — (i) In sub-rule (1), for the words and figures “Rs.4,50,000/-”, the words and figures “Rs.5,62,500/-” shall be substituted; (ii) In sub-rule (2), (a) for the words and figures “Rs.4,00,000/-”, the words and figures “Rs.5,00,000/-” shall be substituted; (b) the following proviso shall be inserted, namely:- Provided that the Chairperson and whole-time member shall be entitled to a salary under this sub-rule and sub-rule (1) from the 1st day of January, 2024. 3. In rule 12 of the said rules, in sub-rule (4), for the words and figures “Rs.4,50,000/- and Rs.4,00,000/-”, the words and figures “Rs.5,62,500/- and Rs.5,00,000/-” shall respectively be substituted.[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3 4. In rule 13 of the said rules, in sub-rule (3), for the words and figures “Rs.4,50,000/- and Rs.4,00,000/-”, the words and figures “Rs.5,62,500/- and Rs.5,00,000/-” shall respectively be substituted. [F. No. 30/4/2024-Insolvency-MCA] ANITA SHAH AKELLA, Jt. Secy. Explanatory Memorandum.—It is hereby declared that by issuing the notification with retrospective effect, the interest of no person shall be adversely affected. Note: The principal rules were published in the Gazette of India, Extraordinary Part II, Section 3, Sub-section (i) vide G.S.R. 831(E) dated 29th August, 2016 and last amended vide number G.S.R. 31(E), dated the 9th January, 2020. 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.

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