Section 228: Budget - Insolvency and Bankruptcy Code 2016
Section 228 of the Insolvency and Bankruptcy Code, 2016 deals with preparation of the annual budget of the Insolvency and Bankruptcy Board of India and its submission to the Central Government.
Section 228 - Budget
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.
Meaning and scope of Section 228
Section 228 creates the statutory framework for preparation of the Board's budget. The provision requires the Board to prepare a budget during each financial year for the following financial year. The budget must show the estimated receipts and expenditure of the Board and must be forwarded to the Central Government.
About the Board
For the purposes of this provision, the "Board" refers to the Insolvency and Bankruptcy Board of India constituted under the Insolvency and Bankruptcy Code, 2016. Section 228 forms part of the provisions dealing with the financial and administrative functioning of the Board.
Related provisions
Section 228 should be read with the surrounding provisions concerning grants, the Board's fund, accounts and audit, the Insolvency and Bankruptcy Fund, the annual report and delegation of powers.
Official legal resources
For the latest statutory text, rules, regulations, notifications and amendments, refer to the official Insolvency and Bankruptcy Board of India legal framework and the India Code portal.