On 24 August, the government notified certain provisions of the Insolvency and Bankruptcy Code, 2016. These provisions came into effect on 19 August. The notified provisions relate to the following:
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- Definition of “Insolvency and Bankruptcy Board of India”, “chairperson”, etc.
- Grants by the government (section 221).
- Insolvency and Bankruptcy Board Fund (section 222).
- Power of the central government to issue directions (section 225).
- Power of the central government to supersede the Insolvency and Bankruptcy Board (section 226).
- Delegation by the Insolvency and Bankruptcy Board of its powers and functions (section 230).
- Deeming of members, officers and employees of the board as public servants (section 232).
- Protection of action taken in good faith (section 233).
- Rules and regulations to be laid before parliament (section 241).
- Power of the central government to remove difficulties (section 242).
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