Finance, Accounts & Audit (Sec. 221-223)

“The Central Government may, after due appropriation made by Parliament by law in
this behalf, make to the Board grants of such sums of money as that Government may think fit
for being utilised for the purposes of this Code.” VL Note : –

“(1) There shall be constituted a Fund to be called the Fund of the Insolvency and
Bankruptcy Board and there shall be credited thereto –
(a) all grants, fees and charges received by the Board under this Code;
(b) all sums received by the Board from such other sources as may be decided upon by
the Central Government;
(c) such other funds as may be specified by the Board or prescribed by the Central
Government.
(2) The Fund shall be applied for meeting –
(a) the salaries, allowances and other remuneration of the members, officers and
other employees of the Board;
(b) the expenses of the Board in the discharge of its functions under section 196;
(c) the expenses on objects and for purposes authorised by this Code.
(d) such other purposes as may be prescribed.” VL Note : –

“(1) The Board shall maintain proper accounts and other relevant records and prepare an
annual statement of accounts in such form as may be prescribed by the Central Government in
consultation with the Comptroller and Auditor-General of India.
(2) The accounts of the Board shall be audited by the Comptroller and Auditor-General
of India at such intervals as may be specified by him and any expenditure incurred in
connection with such audit shall be payable by the Board to the Comptroller and AuditorGeneral of India.
(3) The Comptroller and Auditor-General of India and any other person appointed by
him in connection with the audit of the accounts of the Board shall have the same rights and
privileges and authority in connection with such audit as the Comptroller and Auditor-General
generally has in connection with the audit of the Government accounts and, in particular, shall
have the right to demand the production of books, accounts, connected vouchers and other
documents and papers and to inspect any of the offices of the Board. (4) The accounts of the Board as certified by the Comptroller and Auditor General of
India or any other person appointed by him in this behalf together with the audit report thereon
shall be forwarded annually to the Central Government and that Government shall cause the
same to be laid before each House of Parliament.” VL Note : –