Board’s Fund
(1) There shall be constituted a Fund to be called the Fund of the Insolvency and
Bankruptcy Board and there shall be credited thereto –
(a) all grants, fees and charges received by the Board under this Code;
(b) all sums received by the Board from such other sources as may be decided upon by the Central Government;
(c) such other funds as may be specified by the Board or prescribed by the Central Government.
(2) The Fund shall be applied for meeting –
(a) the salaries, allowances and other remuneration of the members, officers and other employees of the Board;
(b) the expenses of the Board in the discharge of its functions under section 196;
(c) the expenses on objects and for purposes authorised by this Code.
(d) such other purposes as may be prescribed.
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