Section 239 Insolvency and Bankruptcy Code 2016
Power to make rules.
239. *(1) The Central Government may, by notification, make rules for carrying out the provisions of this Code.
(2) Without prejudice to the generality of the provisions of sub-section (1) , the Central Government may make rules for any of the following matters, namely:—
| ***(a) | any other instrument which shall be a financial product under clause (15) of section 3; | |
| ***(b) | other accounting standards which shall be a financial debt under clause (d) of sub-section (8) of section 5; | |
| ***(c) | the form, the manner and the fee for making application before the Adjudicating Authority for initiating corporate insolvency resolution process by financial creditor under sub-section (2) of section 7; | |
| ***(d) | the form and manner in which demand notice may be made and the manner of delivery thereof to the corporate debtor under sub-section (1) of section 8; | |
| ***(e) | the form, the manner and the fee for making application before the Adjudicating Authority for initiating corporate insolvency resolution process by operational creditor under sub-section (2) of section 9; | |
| ***(f) | the form, the manner and the fee for making application before the Adjudicating Authority for initiating corporate insolvency resolution process by corporate applicant under sub-section (2) of section 10; | |
| (g) | the persons who shall be relative under clause (ii) of the Explanation to sub-section (1) of section 79; | |
| (h) | the value of unencumbered single dwelling unit owned by the debtor under clause (e) of sub-section (13) of section 79; | |
| (i) | the value under clause (c), and any other debt under clause (f), of sub-section (14) of section 79; | |
| (j) | the form, the manner and the fee for making application for fresh start order under sub-section (3) of section 81; | |
| (k) | the particulars of the debtor’s personal details under clause (e) of sub-section (3) of section 81; | |
| (l) | the information and documents to support application under sub-section (3) of section 86; | |
| (m) | the form, the manner and the fee for making application for initiating the insolvency resolution process by the debtor under sub-section (6) of section 94; | |
| (n) | the form, the manner and the fee for making application for initiating the insolvency resolution process by the creditor under sub-section (6) of section 95; | |
| (o) | the particulars to be provided by the creditor to the resolution professional under sub-section (2) of section 103; | |
| (p) | the form and the manner for making application for bankruptcy by the debtor under clause (b) of sub-section (1) of section 122; | |
| (q) | the form and the manner of the statement of affairs of the debtor under sub-section (3) of section 122; | |
| (r) | the other information under clause (d) of sub-section (1) of section 123; | |
| (s) | the form, the manner and the fee for making application for bankruptcy under sub-section (6) of section 123; | |
| (t) | the form and the manner in which statement of financial position shall be submitted under sub-section (2) of section 129; | |
| (u) | the matters and the details which shall be included in the public notice under sub-section (2) of section 130; | |
| (v) | the matters and the details which shall be included in the notice to the creditors under sub-section (3) of section 130; | |
| (w) | the manner of sending details of the claims to the bankruptcy trustee and other information under sub-sections (1) and (2) of section 131; | |
| (x) | the value of financial or commercial transaction under clause (d) of sub-section (1) of section 141; | |
| (y) | the other things to be done by a bankrupt to assist bankruptcy trustee in carrying out his functions under clause (d) of sub-section (1) of section 150; | |
| (z) | the manner of dealing with the surplus under sub-section (4) of section 170; | |
| (za) | the form and the manner of proof of debt under clause (c) of sub-section (2) of section 171; | |
| (zb) | the manner of receiving dividends under sub-section (7) of section 171; | |
| (zc) | the particulars which the notice shall contain under sub-section (2) of section 176; | |
| *(zd | ) the salaries and allowances payable to, and other terms and conditions of service of, the Chairperson and members of the Board under sub-section (5) of section 189; | |
| (ze)** | the other functions of the Board under clause (u) of sub-section (1) of section 196; | |
| (zf)** | the other funds under clause (c) of sub-section (1) of section 222; | |
| (zg)** | the other purposes for which the fund shall be applied under clause (d) of sub-section (2) of section 222; | |
| (zh)** | the form in which annual statement of accounts shall be prepared under sub-section (1) of section 223; | |
| (zi) | the purpose for which application for withdrawal of funds may be made under sub-section (3) of section 224; | |
| (zj) | the manner of administering the fund under sub-section (4) of section 224; | |
| (zk) | the manner of conducting insolvency and liquidation proceedings under section 227; | |
| (zl)** | the form and the time for preparing budget by the Board under section 228; | |
| (zm)** | the form and the time for preparing annual report under sub-section (1) of section 229; | |
| (zn) | the time up to which a person appointed to any office shall continue to hold such office under clause (vi) of sub-section (2) of section 243. |
*** comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ].
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