1. Other important provisions
107
Other important provisions

2. 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

3. 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.”

4. 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

5. 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

6. 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Repealed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