Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Amendment Rules, 2024. - G.S.R. 560(E) - Insolvency and Bankruptcy

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. 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.