Central Government hereby appoints the 1st day of May, 2018 as the date on which the provisions of Section 227 to Section 229 of Insolvency and Bankruptcy Code, 2016 shall come into force.
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 1st May, 2018
S.O. 1817(E).—In exercise of the powers conferred by sub-section (3) of Section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 1st day of May, 2018 as the date on which the provisions of Section 227 to Section 229 (both inclusive) of the said Code shall come into force.
[F. N. 30/23/2018-Insolvency Section]
GYANESHWAR KUMAR SINGH, Jt. Secy.
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Extract of Relevant Sections for ready reference of our readers
Power of Central Government to notify financial service providers, etc
227. Notwithstanding anything to the contrary examined in this Code or any other law for the time being in force, the Central Government may, if it considers necessary, in consultation with the appropriate financial sector regulators, notify fmancial service providers or categories of financial service providers for the purpose of their insolvency and liquidation proceedings, which may be conducted under this Code, in such manner as may be prescribed.
Budget.
228. The Board shall prepare, in such form and at such time in each financial year as may be prescribed, its budget for the next financial year, showing the estimated receipts and expenditure of the Board and forward the same to the Central Government.
Annual report.
229. (1) The Board shall prepare, in such form and at such time in each financial year as may be prescribed, its annual report, 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.
