Under Section 239(2)(zd), read with section 189(5) of the Insolvency and Bankruptcy Code, 2016, the Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016 following are the amendments under which these rules may be called the Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Chairperson and members) third Amendment Rules, 2019.:—
In the Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Services of Chairperson and members) Rules, 2016, for rule 9, the following rule shall be substituted, namely: — “9. Provident Fund and Pension — The Chairperson and whole-time members shall be governed by the provisions of the Contributory Provident Fund (India) Rules, 1962 and the Contribution Pension System”.
Earlier to this amendment, the following rule was applicable
Provident Fund.- The Chairperson and a whole-time member shall be entitled to subscribe to the Contributory Pension Fund.
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