Insolvency Fund utilisation and contribution rules expanded to cover prescribed sources and withdrawals for proceedings-related purposes. Amends section 224 of the Insolvency and Bankruptcy Code to expand the sources of credit to the Fund and to prescribe its utilisation. A contributor to the Fund may apply to the Adjudicating Authority for withdrawal of an amount not exceeding the contribution made, for payment to workmen, protection of assets, meeting incidental costs during proceedings, or other prescribed purposes. The Fund may also be used for other prescribed purposes and in the prescribed manner.
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Insolvency Fund utilisation and contribution rules expanded to cover prescribed sources and withdrawals for proceedings-related purposes.
Amends section 224 of the Insolvency and Bankruptcy Code to expand the sources of credit to the Fund and to prescribe its utilisation. A contributor to the Fund may apply to the Adjudicating Authority for withdrawal of an amount not exceeding the contribution made, for payment to workmen, protection of assets, meeting incidental costs during proceedings, or other prescribed purposes. The Fund may also be used for other prescribed purposes and in the prescribed manner.
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