Insolvency and Bankruptcy Board of India (Form of Annual Statement of Accounts) Rules, 2018 - F. No. 30/13/2018-Insolvency - G.S.R. 423(E) - Insolvency and Bankruptcy

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st May, 2018 G.S.R. 423(E).- In exercise of the powers conferred by clause (zh) of sub- section (2) of section 239 read with sub-section (1) of section 223 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) , the Central Government hereby makes the following rules, namely:- 1. Short title and commencement .- (1) These rules may be called the Insolvency and Bankruptcy Board of India (Form of Annual Statement of Accounts) Rules, 2018. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions :- (1) In these rules, unless the context otherwise requires;- (a) Code means the Insolvency and Bankruptcy Code, 2016 (31 of 2016) ; (b) Fund means the Fund of the Board constituted under sub-section (1) of section 222 of the Code ; (c) Form means form annexed to these rules; (d) Schedule means the Schedule annexed to these rules; (e) year means a financial year beginning on 1st April and ending on 31st March of the immediately following year. (2) Words and expressions used and not defined in these rules, but defined in the Code shall have the meanings respectively assigned to them in the Code. 3. Maintenance of accounts and records :- The Board shall maintain its accounts and records in the Form of financial statements annexed to these rules. (2) The Board Shall follow the general directions of the Central Government given in consultation with the Comptroller and Auditor General of India in maintaining the financial statements. 4. Preparation and submission of annual statement of accounts of the Board: - (1) The Board shall prepare its annual statement of accounts and balance sheet showing the financial results and significant accounting policies in Form `A , Form `B and Form `C and the Schedules. (2) The annual statement of accounts and balance sheet of the Board, duly authenticated by the whole-time members in-charge of Finance Accounts Department of the Board, Chairperson of the Audit Committee of the Board and Chairperson and approved by the Board shall be forwarded to the Comptroller and Auditor General of India, for the purposes of audit, within three months of the end of the financial year. (3) The duly audited annual statement of accounts and balance sheet of the Board as certified by the Comptroller and Auditor General of India together with the audit report thereon shall be forwarded by the Chairperson for every financial year to the Central Government of laying before each House of Parliament. PDF DOWNLOAD [F. No. 30/13/2018-Insolvency] GYANESHWAR KUMAR SINGH, Jt. Secy.