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Section 228 of The Insolvency and Bankruptcy Code, 2016. in hindi

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.

Summary

This provision requires the Insolvency and Bankruptcy Board of India to prepare an annual budget.
The budget must show the Board's estimated receipts and expenditure.
It must be prepared in the prescribed form and at the prescribed time in each financial year.
The budget is for the upcoming financial year.
Once prepared, the Board must forward the budget to the Central Government.

Practical examples

1In January 2026, the Board's financial team calculates the expected registration fees and operational costs for the next financial year. They fill out the government's standard budget forms and send the document to the Central Government.

2The Board estimates its spending on inspections and investigative actions for the next fiscal period in March 2026. They submit this budget proposal to the government as required by the regulations.

FAQ

1. Who is responsible for preparing the budget under Section 228 of the Insolvency and Bankruptcy Code, 2016?

Under Section 228 of the Insolvency and Bankruptcy Code, 2016, the Insolvency and Bankruptcy Board of India is responsible for preparing its budget.

2. What details must the budget show under Section 228 of the Insolvency and Bankruptcy Code, 2016?

According to Section 228 of the Insolvency and Bankruptcy Code, 2016, the budget must show the estimated receipts and expenditure of the Board for the next financial year.

3. To whom must the Board submit its budget under Section 228 of the Insolvency and Bankruptcy Code, 2016?

Under Section 228 of the Insolvency and Bankruptcy Code, 2016, the Board must forward its prepared budget to the Central Government.

Test yourself

Q1.Under Section 228 of the Insolvency and Bankruptcy Code, 2016, for which period must the Board prepare its budget?

Q2.To whom must the Board forward its completed budget under Section 228 of the Insolvency and Bankruptcy Code, 2016?

Q3.What must the Board's budget show under Section 228 of the Insolvency and Bankruptcy Code, 2016?

Q4.How does the Board know the format and timing for preparing its budget under Section 228 of the Insolvency and Bankruptcy Code, 2016?

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