The Insolvency and Bankruptcy Code, 2016
Part-IV Regulation of Insolvency Professionals, Agencies and Information Utilities
sChapter-I The Insolvency and Bankruptcy Board of India
Section 188: Establishment and incorporation of Board.
188. (1) With effect from such date as the Central Government may, by notification1, appoint, there shall be established, for the purposes of this Code, a Board by the name of the Insolvency and Bankruptcy Board of India.
(2) The Board shall be a body corporate by the name aforesaid, having perpetual succession and a common seal, with power, subject to the provisions of this Code, to acquire, hold and dispose of property, both movable and immovable, and to contract, and shall, by the said name, sue or be sued.
(3) The head office of the Board shall be at such place in the National Capital Region, as the Central Government may, by notification2, specify.
Explanation.—For the purposes of this section, the expression “National Capital Region” shall have the same meaning as assigned to it in clause (f) of section 2 of the National Capital Region Planning Board Act, 1985.
(4) The Board may establish offices at other places in India.
References
Enforcement:
Effective from 05.08.2016.
1. Central Government appointed 01.10.2016 as the date of establishment of Insolvency and Bankruptcy Board of India. [S.O. 3110(E) dated 1st October, 2016]
2. The head office of the Insolvency and Bankruptcy Board of India shall be at New Delhi. [S.O. 3110(E) dated 1st October, 2016]
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