(1) The Board shall prepare, in such form and at such time in each financial year as may be prescribed, its giving a full account of its activities during the previous financial year, and submit a copy thereof to the Central Government.

(2) A copy of the report received under sub-section (1) shall be laid, as soon as may be after it is received, before each House of Parliament.

1.3.1. Insolvency and Bankruptcy Board of India (Annual Report) Rules, 2018

1. Short title and commencement

(1) These rules may be called the Insolvency and Bankruptcy Board of India (Annual Report) Rules, 2018.

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

1.3.2. Insolvency and Bankruptcy Board of India (Annual Report) Rules, 2018

2. Definitions:

(I) In these rules, unless the context otherwise requires, —

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

(b) 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.

1.3.3. Insolvency and Bankruptcy Board of India (Annual Report) Rules, 2018

3. Form of Annual Report

The Board shall prepare its annual report, giving a true and full accounts of its activities, policies and programmes, during the previous financial year in the annexed to these rules.

1.3.4. Insolvency and Bankruptcy Board of India (Annual Report) Rules, 2018

4. Time of furnishing of the Annual Report

Time Schedule for submission of annual report.-

The dates for submission of the annual report referred to in rule 3 of annual accounts for audit leading to the issue of Audit Certificate by the Comptroller and Auditor General of India and for submission to the Ministry of Corporate Affairs for timely submission to the Parliament are listed below:-

(i) approved and authenticated annual accounts to be made available by the Insolvency and Bankruptcy Board of India to the concerned Audit Office and commencement of audit of annual accounts- 30th June;

(ii) issue of the final Separate Audit Report (SAR) in English with Audit Certificate to Insolvency and Bankruptcy Board of India-31st October;

(iii) submission of the annual report and audited accounts to the Ministry of Corporate Affairs for it to be laid on the Table of the Parliament- 31st December.

The Board shall submit a copy of the annual report referred to in rule 3 to the Central Government within ninety days of the end of the financial year.

Preamble – The Insolvency and Bankruptcy Board of India (Annual Report) Rules, 2018.

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 1st May, 2018

G.S.R. 422(E).—In exercise of the powers conferred by clause (zm) of sub-section (2) of section 239 read with sub-section (1) of section 229 of the Insolvency and Bankruptcy Code, 2016 (No. 31 of 2016), the Central Government hereby makes the following rules, namely:—

Commencement Notification for Section 227 to 229 dated 01.05.2018

Form of the Annual Report (w.e.f., 01.05.2018)

Form of the Annual Report

[see rule 3]

(A) Chairperson’s statement:

(B) The year in review:

(C) A true and full account of policies, programmes and activities of the Board in respect of-

(i) Service Providers, namely, Insolvency Professionals, Insolvency Professional Agencies, and Information Utilities:

(ii) Transactions, namely, Corporate Insolvency Resolution, Corporate Liquidation, Individual Insolvency Resolution and Individual Bankruptcy:

(iii) Advocacy and Awareness:

(iv) Research:

(D) A review of the quasi-legislative, executive and quasi-judicial functions of the Board:

(E) An analysis of outcomes in terms of transactions and transactional efficiencies:

(F) Summary data – time series or cross section – as may be relevant and available, about the outcomes that may facilitate appreciation of the working of the Code and the Board and promote research:

(G) Impact of the Code on credit market, resource recycling and the economy:

(H) An assessment of the effectiveness and the efficiency of the Board in terms of its objectives and mandate keeping in view its resources, duties and powers:

(I) An assessment of performance of the Governing Board and its vision, policies and programmes for the following year:

(J) A summary of financial performance of the Board;

(K) A statement of non-compliance, if any, with statutory obligations by the Board and the reason for the same;

(L) Organisational Matters, including Human Resources, Finance and Accounts, Audit Committee, Right to Information and Transparency:

(M) Such other details as would enable the stakeholders to review and appreciate the performance of the Board: