(1) The Board shall consist of the following members who shall be appointed by the Central Government, namely:—

(a) a Chairperson;

(b) three members from amongst the officers of the Central Government not below the rank of Joint Secretary or equivalent, one each to represent the Ministry of Finance, the Ministry of Corporate Affairs and Ministry of Law, ex officio;

(c) one member to be nominated by the Reserve Bank of India, ex officio;

(d) five other members to be nominated by the Central Government, of whom at least three shall be the whole-time members.

(2) The Chairperson and the other members shall be persons of ability, integrity and standing, who have shown capacity in dealing with problems relating to insolvency or bankruptcy and have special knowledge and experience in the field of law, finance, economics, accountancy or administration.

(3) The appointment of the Chairperson and the members of the Board other than the appointment of an ex officio member under this section shall be made after obtaining the recommendation of a selection committee consisting of—

(a) Cabinet Secretary—Chairperson;

(b) Secretary to the Government of India to be nominated by the Central Government—Member;

(c) Chairperson of the Insolvency and Bankruptcy Board of India (in case of selection of members of the Board)—Member;

(d) three experts of repute from the field of finance, law, management, insolvency and related subjects, to be nominated by the Central Government—Members.

(4) The term of office of the Chairperson and members (other than ex officio members) shall be five years or till they attain the age of sixty-five years, whichever is earlier, and they shall be eligible for reappointment.

(5) The salaries and allowances payable to, and other terms and conditions of service of, the Chairperson and members (other than the ex officio members) shall be such

 

1.1.1:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

1. Short title and Commencement.-

(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) Rules, 2016.

(2) They shall come into force on the date of publication of this notification in the Official Gazette.

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1.1.10:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

10. Travelling Allowance.-

(1) The Chairperson, while on tour or on transfer (including the journey undertaken to join the Board or on the expiry of his term with the Board proceeds to his home town) shall be entitled to the travelling allowances, daily allowances, transportation of personal effects and other similar matters at the same scale and at the same rate as are prescribed for a Secretary to the Government of India.

(2) A whole-time member while on tour or on transfer (including the journey undertaken to join the Board or on the expiry of his term with the Board proceeds to his home town) shall be entitled to the travelling allowances, daily allowances, transportation of personal effects and other similar matters at the same scale and at the same rates as are prescribed for Group ‘A’ officer of equivalent rank of the Central Government.

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1.1.11:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

11. Leave Travel Concession.–

(1) The Chairperson shall be entitled to Leave Travel Concession at the same rates and at the same scales as are applicable to a Secretary to the Government of India.

(2) A whole-time member shall be entitled to Leave Travel Concession at the same rates and at the same scales as are applicable to a Group ‘A’ officer of the equivalent rank of the Central Government.

(3) Other conditions relating to Leave Travel Concession shall be governed by the rules relating to Group ‘A’ officers of the same rank of the Central Government.

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1.1.12:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

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 Government of India.

(4) Nothing in this rule shall apply to the Chairperson and a whole-time member who has opted a consolidated salary of  Rs. 4,50,000/- per month or  3,75,000/- respectively.

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1.1.13:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

13. Conveyance.–

(1) The Chairperson and a whole-time member shall be entitled to a staff car of the Board for official purpose.

(2) No passenger vehicle shall be purchased by the Board and requirement of vehicles shall be met by hiring.

(3) Nothing in this rule shall apply to the Chairperson and a whole-time member who has opted a consolidated salary of  Rs. 4,50,000/- per month or 3,75,000/-respectively.

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1.1.14:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

14. Bonus.–

The Chairperson and a whole-time member shall not be entitled to any bonus.

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1.1.15:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

15. Sitting Fees and Board’s Meetings.–

The Chairperson and a whole time member shall not be entitled to any sitting fees for attending meetings of the Board.

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1.1.16:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

(1) The payment of leave salary during leave shall be governed by rule 40 of the Central Civil Services (Leave) Rules, 1972.

(2) The Chairperson and a whole time member shall be entitled to encashment of fifty per cent of earned leave standing to their credit at any time.

The Chairperson or a whole time member shall be entitled to the encashment of leave in accordance with the rules applicable to Group ‘A’ officers of the Central Government, subject to a maximum encashment of three hundred days, including the leave encashed before superannuation

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1.1.17:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

17. Facilities for medical treatment.–

The Chairperson and a whole-time member shall be covered under the Health Scheme as may be prescribed by the Central Government.

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1.1.18:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

18. Residuary Provisions.–

Matters relating to the conditions of service of the Chairperson and a whole-time member with respect to which 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.

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1.1.19:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

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.

The term of office of part-time members shall be five years or till they attain the age of 65 years, whichever is earlier, and they shall be eligible for reappointment.

(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.

A part-time member appointed to fill up a casual vacancy, shall hold office for the reminder period of the term of whole-time or part-time member in whose place he is appointed.

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1.1.2:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

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-section (1) of section 189 of the Code;

(2) Words and expressions used in these rules and not defined, but defined in the Code shall have the meanings respectively assigned to them in the Code.

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1.1.20:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

20. Fee and Allowances of Part-time Members.-

(1) A part-time member shall be entitled to receive remuneration by way of a fee of rupees one thousand only for each meeting of the Board attended by him.

(2) A part-time member while on tour (including the journey undertaken to attend a meeting of the Board) shall also be entitled to travelling allowance and daily allowances at the same rates and scale as are applicable to an Additional Secretary to the Government of India.

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1.1.21:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

21. Power to Relax.–

The Central Government shall have power to relax the provisions of any of these rules with respect to any class or category of person.

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1.1.3:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

3. Terms and conditions of service of Chairperson and members.-

(1)The Chairperson and the whole-time member shall be a person who shall not have any financial or other interests as are likely to affect prejudicially his functions as such Chairperson or member.

 The Chairperson and whole-time member appointed to fill-up a causal vacancy shall hold office for the remainder period of the term of the Chairperson or, as the case may be, whole-time member in whose place he is appointed.

(3) The Chairperson and whole-time member shall not accept any employment before the expiry of a period of one year from the date of demitting the office in the Board, except with the previous sanction of the Central Government.

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1.1.4:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

4. Pay. –

(1) The Chairperson shall have an option to receive pay as admissible to a Secretary to the Government of India or a consolidated salary of Rs 4,50,000 per month.

(2) Every whole-time member shall have an option to receive pay as admissible to an Additional Secretary to the Government of India or a consolidated salary of   Rs 3,75,000 per month.

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 the case of an appointment of a person as the Chairperson or a whole-time member shall have an option to receive pay as admissible to a Secretary or Additional Secretary to the Government of India 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.

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1.1.5:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

5. Dearness Allowance.–

The Chairperson and a whole-time member who has opted pay as admissible to a Secretary or an Additional Secretary to the Government of India respectively shall receive dearness allowance at the rates admissible to a Group ‘A’ Officer of the Central Government of equivalent rank.

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1.1.6:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

6. Entertainment Allowance.–

The Chairperson and a whole-time member shall be entitled to entertainment allowance subject to a maximum of Rs. 6,000 per annum.

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1.1.7:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

7. Leave.-

The Chairperson and a whole-time member shall be entitled to a leave as follows:-

(1) Earned Leave at the rate of thirty days for every completed calendar year of service:

Provided that the leave account shall be credited with earned leave in advance in two installments of fifteen days each from the first day of January and first day of July of every calendar year:

Provided further that the earned leave at the credit at the close of previous half year shall be carried forward to the next half year, subject to the condition that the leave so carried forward plus credited for half year do not exceed three hundred days.

(2) Half Pay Leave on medical certificate or on private affairs at the rate of twenty days in respect of each completed year of service to be credited in advance in two installments of ten days each on first day of January and first day of July of every calendar year and leave salary for half pay leave shall be equivalent to half of the leave salary admissible during he earned leave;

(3) Leave on Half Pay may be commuted to full pay leave at the discretion of the Chairperson or a wholetime 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.

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1.1.8:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

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 leave to the Chairperson.

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1.1.9:Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016

The Chairperson and whole-time members shall be governed by the provisions of the Contributory Provident Fund (India) Rules, 1962 and the Contribution Pension System.

9. Provident Fund.-

The Chairperson and a whole-time member shall be entitled to subscribe to the Contributory Pension Fund.

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1.5.1. The Insolvency and Bankruptcy Board of India (Medical Facility to Chairperson and Whole -time Members) Scheme Rules, 2019

1. Short title and commencement.-

(1) These rules may be called the Insolvency and Bankruptcy Board of India (Medical Facility to Chairperson and Whole -time Members) Scheme Rules, 2019.

(2) They shall come into force on the date of their publication in the Official Gazette.

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1.5.2. The Insolvency and Bankruptcy Board of India (Medical Facility to Chairperson and Whole -time Members) Scheme Rules, 2019

2. Definitions.-

In these rules, unless the context otherwise requires,-

(a) “Code” means the Insolvency and Bankruptcy Code, 2016 (31 of 2016) ;

(b) family mean,-

(i) self;
(ii) spouse;
(iii) parents(female employee can have either her parents or her parents- in-law as dependents);
(iv) sisters, widowed sisters, widowed daughters, minor brothers and minor sisters;
(v) children and step-children normally residing with the employee (son up to the age of twenty-five years or till his marriage, whichever is earlier, and daughter till she gets married);
(vi) divorced or separated daughters (including their minor children) and step-mother;
Explanation.- For the purposes of this clause, it is hereby clarified that, except for spouse, the family members must be dependent on the employee;

(c) “Group Mediclaim Policy” means health insurance policy as being purchased by the Insolvency and Bankruptcy Board of India for their employees.

(d) words and expressions used in these rules but not defined, and defined in the Code shall have the meanings respectively assigned to them in the Code.

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1.5.3. The Insolvency and Bankruptcy Board of India (Medical Facility to Chairperson and Whole -time Members) Scheme Rules, 2019

3. Outdoor treatment.-

The Chairperson and the whole-time members shall be entitled to reimbursement of expenses incurred on outdoor medical treatment, including medicines, tests, procedures, dentures and spectacles, for self and family members, as per actuals subject to maximum expenditure upto sixty-five thousand rupees annually if claim is supported by prescription of a registered medical practitioner or Government hospital or private hospital registered under the law.

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1.5.4. The Insolvency and Bankruptcy Board of India (Medical Facility to Chairperson and Whole -time Members) Scheme Rules, 2019

4. Indoor treatment.-

(1) The Chairperson and the whole-time members shall be covered under a Group Mediclaim Policy with an annual cover up to fifteen lakh rupees for self and family subject to the condition that treatment has been taken as per the terms and conditions of the Group Mediclaim Policy.

(2) The Insolvency and Bankruptcy Board of India will bear the expenditure towards premium for coverage under a family floater Group Mediclaim Policy.

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1.5.5. The Insolvency and Bankruptcy Board of India (Medical Facility to Chairperson and Whole -time Members) Scheme Rules, 2019

5. Monthly subscriptions.-

(1) The monthly subscription payable by the Chairperson and the whole-time members shall be at the rate of one thousand rupees per month.

(2) The subscription once paid shall not be refundable.

(3) The monthly subscription so received shall be utilised for payment towards purchase of Group Mediclaim Policy, referred to in rule 4, for the Chairperson and the whole-time members and other related expenses on treatment.

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1.5.6. The Insolvency and Bankruptcy Board of India (Medical Facility to Chairperson and Whole -time Members) Scheme Rules, 2019

6. Exercise of option by beneficiary.-

In case the beneficiary of the scheme under these rules is also the beneficiary of the Central Government Health Scheme or other health scheme, the beneficiary shall have to
exercise option for availing of any one Scheme.

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Preamble – The Insolvency and Bankruptcy Board of India (Medical Facility to Chairperson and Whole -time Members) Scheme Rules, 2019

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 2nd August, 2019

G.S.R. 553(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) and in supersession of the Insolvency and Bankruptcy Board of India (Medical Facility to Chairperson and Whole – time Members) Scheme, 2019, except as respects things done or omitted to be done before such supersession, the Central Government hereby makes the following rules, namely: —

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IBC-Enforcement Notification [S.O.2618(E)] dated 05/08/2016

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Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Amendment Rules, 2024 dated 10.09.2024

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