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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Central Government Can Supersede Board Under Insolvency and Bankruptcy Code, 2016 for Grave Emergencies or Non-Compliance</h1> The Central Government has the authority to supersede the Board under the Insolvency and Bankruptcy Code, 2016, if it believes there is a grave emergency, persistent non-compliance by the Board, or a necessity in the public interest. Upon supersession, Board members vacate their positions, and the Central Government assumes control over the Board's powers, functions, and property. This supersession can last up to six months, after which the Board may be reconstituted. A notification and a detailed report of the action taken must be presented to Parliament. The provision came into effect on August 19, 2016.
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