The Insolvency and Bankruptcy Code, 2016

Grants by Central Government The Central Government may, after due appropriation made by Parliament by law in this behalf, make to the Board grants of such sums of money as that Government may think fit for being utilised for the purposes of this Code. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing […]

Appointment of disciplinary committee (1) The Board shall constitute a disciplinary committee to consider the reports of the investigating Authority submitted under sub-section (6) of section 218: Provided that the members of the disciplinary committee shall consist of whole-time members of the Board only. (2) On the examination of the report of the Investigating Authority, if the disciplinary committee is

Show cause notice to insolvency professional agency or its member or information utility. The Board may, upon completion of an inspection or investigation under section 218, issue a show cause notice to such insolvency professional agency or insolvency professional or information utility, and carry out inspection of such insolvency professional agency or insolvency professional or information utility in such manner, giving such time for giving reply, as may be specified by regulations.

Investigation of insolvency professional agency or its member or information utility (1) Where the Board, on receipt of a complaint under section 217 or has reasonable grounds to believe that any insolvency professional agency or insolvency professional or an information utility has contravened any of the provisions of the Code or the rules or regulations made or directions issued by the Board thereunder, it may, at any time

Complaints against insolvency professional agency or its member or information utility Any person aggrieved by the functioning of an insolvency professional agency or insolvency professional or an information utility may file a complaint to the Board in such form, within such time and in such manner as may be specified. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax

Rights and obligations of persons submitting financial information (1) A person who intends to update or modify or rectify errors in the financial information submitted under section 215, he may make an application to the information utility for such purpose stating reasons therefor, in such manner and within such time, as may be specified (2) A person who submits financial information to an information utility shall not provide such

Procedure for submission, etc. of financial information (1) Any person who intends to submit financial information to the information utility or access the information from the information utility shall pay such fee and submit information in such form and manner as may be specified by regulations. (2) A financial creditor shall submit financial information and information relating to assets in relation to which any security interest has been created, in such form

Obligations of information utility. For the purposes of providing core services to any person, every information utility shall– (a) create and store financial information in a universally accessible format; (b) accept electronic submissions of financial information from persons who are under obligations to submit financial information under sub-section (1) of section 215, in such form and manner as may be specified by regulations; (c) accept, in specified form and manner, electronic

Core services, etc. of information utilities An information utility shall provide such services as may be specified including core services to any person if such person complies with the terms and conditions as may be specified by regulations. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI

Governing Board of information utility. The Board may, for ensuring that an information utility takes into account the objectives sought to be achieved under this Code, require every information utility to set up a governing board, with such number of independent members, as may be specified by regulations. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax