Section 227 in The Insolvency and Bankruptcy Code, 2016

Title: Power of Central Government to notify financial service providers, etc.

Description: Notwithstanding anything to the contrary 1[contained 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 financial 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. 2[Explanation.--For the removal of doubts, it is hereby clarified that the insolvency and liquidation proceedings for financial service providers or categories of financial service providers may be conducted with such modifications and in such manner as may be prescribed.] 1. Subs. by Act 1 of 2020, s. 11, for “examined in this Code” (w.e.f. 28-12-2019). 2. Ins. by Act 1 of 2020, s. 11 (w.e.f.28-12-2019).

Title: Budget

Description: 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.

Title: Annual report.

Description: (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.

Title: Delegation

Description: The Board may, by general or special order in writing delegate to any member or officer of the Board subject to such conditions, if any, as may be specified in the order, such of its powers and functions under this Code (except the powers under section 240, as it may deem necessary.

Title: Bar of jurisdiction.

Description: No civil court shall have jurisdiction in respect of any matter in which the 1[ Adjudicating Authority or the Board] is empowered by, or under, this Code to pass any order and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any order passed by such [Adjudicating Authority or the Board] under this Code. 1 Subs. by Act 26 of 2018, s. 33, for "Adjudicating Authority" (w.e.f. 6-6-2018).

PART 5 MISCELLANEOUS