2.13.9:Insolvency and Bankruptcy Board of India (Employees’ Service) Regulations, 2017

9. Superannuation and retirement.

(1) An employee shall retire on the last day of the month when he completes 60 years of age:

Provided that in case he attains the age of superannuation on the first day of a calendar month, he shall retire on the last day of the preceding month.

(2) Notwithstanding sub-regulation (1), the Board may retire an employee on or at any time after the completion of 55 years of age or 30 years of service, whichever is earlier, by giving him three months’ notice in writing:

Provided that a due process given in shall be followed to decide to retire an employee.

(3) An employee may, if he so desires, and subject to terms of appointment to the contrary, if any, retire from service on completion of 50 years of age or 20 years of service in the Board, by giving three months’ notice to the Board in writing.

(4) The Board may offer a scheme, subject to such terms and conditions as it may decide, to its employees for voluntary retirement from the services of the Board.