IBBI (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Second Amendment Rules, 2019
In exercise of the powers conferred by clause (zd) of sub-section (2) of section 239, read with sub-section (5) of section 189 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby makes the following rules further to amend the Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016, namely:-
These Rules shall come into force from the date of its Notification in the Official Gazette i.e. 26th February, 2019.
In the IBBI (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016, for rule 16, the following rule shall be substituted, namely:-
“16. Encashment of Leave.- (1) The payment of leave salary during leave shall be governed by rule 40 of the Central Civil Services (Leave) Rules, 1972. (2) The Chairperson and a whole time member shall be entitled to encashment of fifty per cent of earnedleave standing to their credit at any time.”
Before the Amendment, the Rule was as under :
Rule 16 – Encashment of Leave.– The Chairperson or a whole time member shall be entitled to the encashment of leave in accordance with the rules applicable to Group ‘A’ officers of the Central Government, subject to a maximum encashment of three hundred days, including the leave encashed before superannuation.
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