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TMI BlogInsolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... the Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016. (2) They shall come into force on the date of publication of this notification in the Official Gazette. 2. Definitions .- (1) In these rules, unless the context otherwise requires- (a) Code means the Insolvency and Bankruptcy Code, 2016; (b) Board means the Insolvency and Bankruptcy Board of India established under sub-section (1) of section 3 of the Code; (c) Chairperson means the Chairperson of the Board appointed under clause (a) of sub-section (1) of section 189 of the Code; (d) whole-time member means the member of the Board appointed under clause (d) of sub-sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dia respectively, who has retired from service under the Central Government or the State Government and who is in receipt of, or has received, or has become entitled to receive any retirement benefits by way of pension, gratuity, employer s contribution to the Contributory Provident Fund or other Funds or retirement benefits, the pay and allowances of such Chairperson or member, as the case may be, shall be reduced by gross amount of pension and pension equivalent of gratuity or employer s contribution to the Contributory Provident Fund or any other form of retirement benefits, if any, drawn or to be drawn by him. 5. Dearness Allowance. The Chairperson and a whole-time member who has opted pay as admissible to a Secretary or an Additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... member, if it is taken on medical grounds and is supported by a Medical Certificate by a competent medical authority; (4) Casual Leave at the rate of eight days in a calendar year; (5) Restricted holidays at the rate of two days in a calendar year availing to their choice; (6) Extra-ordinary leave without pay and allowances up to a maximum period of one hundred and eighty days in one term of office ; and (7) Extra-ordinary leave without pay and allowances in a calendar year out of the holidays notified by the Central Government. 8. Leave Sanctioning Authority .- The Chairperson shall be the authority competent to sanction leave to a wholetime member and the President of India shall be the authority competent to sanction leav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the rules relating to Group A officers of the same rank of the Central Government. 12. Accommodation. (1) The Chairperson and a whole-time member shall be entitled to rent free unfurnished house and the Board shall approve the type of accommodation, purchase price or rent of the house to be used for residence by the Chairperson or a whole-time member. (2) Charges for water, electricity and fuel consumed in the house shall be borne by the occupant of the house. (3) Where the Chairperson or a whole-time member occupies his own accommodation or makes private arrangements, he shall be entitled to a compensation comprising of ten per cent of his Basic Pay and House Rent Allowance as admissible to a Group A officer of the Gove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h no express provision has been made in these rules shall be referred in each case, to the Central Government for its decision and the decision of the Central Government thereon shall be final. 19. Terms and Conditions of Services of Part-time Members. (1) A part-time member shall be a person who shall not have any such financial or other interest as is likely to affect prejudicially his functions as a part-time member. (2) Every part -time member shall hold office for such period, not exceeding three years, as may be specified in the order of his appointment, but shall be eligible for reappointment. (3) A part-time member appointed to fill up a casual vacancy, shall hold office for the reminder period of the term of whole-time ..... X X X X Extracts X X X X X X X X Extracts X X X X
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