Salary revision for insolvency board leadership implemented retrospectively; chairperson and whole-time member entitled from start of year. The amendment increases the prescribed salaries for the Chairperson and whole time members by substituting higher figures into rule 4 (sub rules (1) and (2)) and making corresponding substitutions in rules 12(4) and 13(3). A proviso is inserted to provide that the Chairperson and whole time member shall be entitled to the revised salary under the specified sub rules from the first day of January, 2024. The rules take effect upon publication in the Official Gazette and are issued under powers conferred by the Insolvency and Bankruptcy Code.