2.13.29:Insolvency and Bankruptcy Board of India (Employees’ Service) Regulations, 2017
29. Ordinary leave.
(1) An employee shall be entitled to ordinary leave at the rate of 30 days for every year of service subject to a maximum accumulation of 300 days and the leave so earned shall be credited to the ordinary leave account of the employee half yearly on 1st January and 1st July respectively in each year at the rate of 15 days for every 6 months of service rendered by such employee:
Provided that if an employee renders less than 6 month of service in any half year, he shall be credited with one day for every 12 days of service.
(2) No employee shall earn ordinary leave for the period when he is on leave for a continuous period of more than 6 months.
(3) The period of ordinary leave, which can be taken at one time by an employee shall not be less than five days in case he has balance of casual leave sufficient to cover the leave period.
(4) An application for grant of ordinary leave shall be submitted to the Board fifteen days in advance from the date of availing the leave.
(5) An employee may encash ordinary leave once in two years for a minimum period of 10 days and a maximum period of 30 days:
Provided that at the time of such encashment, the balance of leave at his credit after the leave is availed shall not be less than the leave so encashed.
(6) If an employee dies during the service or is declared by a Medical Officer authorized by the Board, to be completely and permanently incapacitated for further service, his legal heirs, in case of death of an employee, shall be entitled to cash equivalent to unavailed ordinary leave to his credit as on the date of death, incapacitation, as the case may be, by the Board.
(7) Notwithstanding sub-regulation (5), an employee , who resigns from service after giving notice of resignation in terms of regulation 8, shall be entitled to encashment of half of the period of ordinary leave at his credit as on the date of resignation subject to a maximum of five months ordinary leave.
(8) Notwithstanding anything contained in these Regulations, where an employee has ordinary leave but not availed of as on the date of retirement, he shall, at his option be permitted to avail the leave or be paid a lump sum amount equivalent to the pay as on the date of his retirement, for a maximum period of 10 months.