Other important provisions 107 Other important provisions

Insolvency and bankruptcy fund 108 Insolvency and bankruptcy fund Section 224 For insolvency resolution, liquidation, and bankruptcy of persons under the Code. To consist of the following amounts ▫ grants made by CG for the purpose ▫ the amount deposited by persons as contribution to the Fund ▫ the amount received in the Fund from any other source ▫ the interest or other income received out of the investment made from the Fund Administrator ▫ To be appointed by CG

Overriding law Section 234 “The provisions notwithstanding 109 Overriding law Section 234 “The provisions notwithstanding of this Code shall have effect, anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law.”

Transitional Provisions 110 Transitional Provisions Until the Board is constituted or a financial sector regulator is designated under section 195 ▫ Shall be exercised by the Central Government Central Government may by regulation provide for ▫ Recognition of persons having qualification and experience in the field of finance law, management or insolvency as insolvency professional/ agencies ▫ Recognition of persons with technological, statistical, and data protection capability as information utilities ▫ conduct of the CIR, insolvency resolution process, liquidation process, FSP and bankruptcy process

Information Utility & Financial information 111 Information Utility & Financial information Certificate of registration – to be granted by the Board Set up Governing board consisting of independent members – monitoring purpose Obligations ▫ Create and store financial information in a universally accessible format ▫ Accept electronic submissions of financial information ▫ Meet such minimum service quality standards ▫ Authenticate information before storing ▫ Provide access to the financial information stored by it ▫ Publish such statistical information as may be specified by regulations ▫ Inter-operatability with other information utilities Financial information ▫ Any person may submit on payment of fees ▫ FC - Financial information and information relating to assets in relation to which any security interest has been created ▫ OC – Financial information

Repeals and other laws affected 112 Repeals and other laws affected Repealed ▫ The Presidency Towns Insolvency Act, 1909 ▫ The Provincial Insolvency Act, 1920 Amendments to ▫ The Indian Partnership Act, 1932 ▫ The Central Excise Act, 1944 ▫ The Income-tax Act, 1961 ▫ The Customs Act, 1962 ▫ The Recovery of Debts due to Banks and Financial Institutions Act, 1993 ▫ The Finance Act, 1994 ▫ The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ▫ The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 ▫ The Payment and Settlement Systems Act, 2007 ▫ The Limited Liability Partnership Act, 2008 ▫ The Companies Act, 2013