Section 192 of the Insolvency and Bankruptcy Code, 2016: Meetings of Board
Section 192 governs meetings of the Insolvency and Bankruptcy Board of India. It provides for meeting procedure and quorum to be determined by regulations, identifies who presides over a meeting, and lays down the rules for majority voting and a casting vote where votes are equal.
Section 192 - Statutory Provision
(1) The Board shall meet at such times and places, and observe such rules of procedure in regard to the transaction of business at its meetings (including quorum at such meetings) as may be determined by regulations.
(2) The Chairperson, or if, for any reason, the Chairperson is unable to attend any meeting of the Board, any other member chosen by the members present at the meeting shall preside at the meeting.
(3) All questions which come up before any meeting of the Board shall be decided by a majority votes of the members present and voting, and, in the event of an equality of votes, the Chairperson, or in his absence, the person presiding, shall have a second or casting vote.
Meaning and Scope of Section 192
Section 192 creates the basic statutory framework for meetings of the IBBI. Detailed meeting procedure is governed by the Insolvency and Bankruptcy Board of India (Procedure for Governing Board Meetings) Regulations, 2017, made under Section 192(1) read with Section 240 of the Code.
Time, Place, Procedure and Quorum
Section 192(1) does not itself prescribe every procedural detail. Instead, it authorises regulations to determine when and where the Board meets and the rules for transaction of business, including quorum. The 2017 Governing Board Meetings Regulations supplement this statutory provision.
Who Presides Over a Meeting
Under Section 192(2), the Chairperson ordinarily presides over a Board meeting. If the Chairperson cannot attend for any reason, the members present choose another member to preside.
Majority Voting
Section 192(3) provides that questions arising at a meeting are decided by the majority of members present and voting. This makes the vote of participating members the ordinary decision-making mechanism for matters placed before a meeting.
Second or Casting Vote
If votes are equally divided, the Chairperson has a second or casting vote. When the Chairperson is absent, the member presiding over the meeting has that second or casting vote.
Governing Board Meetings Regulations, 2017
The Insolvency and Bankruptcy Board of India (Procedure for Governing Board Meetings) Regulations, 2017 were notified on 30 January 2017. They define the "Governing Board" as the Board of Members constituted under Section 189(1) of the Code and prescribe rules relating to its business and meeting procedure.
Related IBC Provisions
Section 188: Establishes and incorporates the Insolvency and Bankruptcy Board of India.
Section 189: Provides for constitution and membership of the Board.
Section 191: Provides for the powers of the Chairperson.
Section 193: Restricts participation of a member in certain meetings where the statutory conditions apply.
Section 194: Provides that specified vacancies or defects do not invalidate proceedings of the Board.
Section 240: Empowers the Board to make regulations consistent with the Code and the rules made thereunder.
Official Legal Resources
India Code - Central Acts and Legislation
India Code - IBBI Procedure for Governing Board Meetings Regulations, 2017