IBBI (Employees' Service) Regulations, 2017 (Amended upto 06.07.2022) · 06 Jul 2022

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (EMPLOYEES’ SERVICE) REGULATIONS, 20171 [AMENDED UPTO 06-07-2022] No. IBBI/2017-18/GN/REG 15. - In exercise of the powers conferred by sub-sections (2) and (3) of section 194 read with section 240 of the Insolvency and Bankruptcy Code, 2016, the Insolvency and Bankruptcy Board of India hereby makes the following regulations, namely: - CHAPTER I PRELIMINARY 1. Short title and commencement. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Employees’ Service) Regulations, 2017. (2) These shall come into force on the date of their publication in the Official Gazette. 2. Definitions. (1) In these regulations, unless the context otherwise requires,- (a) “Code” means the Insolvency and Bankruptcy Code, 2016; (b) “decide” means decision by the Board through a circular and decided shall be construed accordingly; (c) “dependent” means- (i) parents and step parents (a female employee can have either her parents or her parents-in-law as dependent); (ii) sisters, widowed sister, widowed daughter, minor brother; (iii) children and step-children (son upto the age of 25 or till his marriage, whichever is earlier, and daughter till she gets married, and handicapped son); (iv) divorced / abandoned or separated sisters and divorced / abandoned or separated daughters, whose income from all sources doesn't exceed Rs. 10,000/- per month or such other amount, as may be decided by the Board from time to time; (d) “duty” includes- (i) service as a probationer; (ii) period during which an employee is on joining time or training authorized by the Board; (iii) period spent on causal leave duly authorized by the Board; (e) “employee” means an Officer, a Personal Assistant or a General Assistant, as referred in sub-regulation (1) of regulation 3, employed by the Board under these regulations; (f) “family” means spouse of the employee and includes dependent, if any; (g) “initial appointment” means an appointment of an individual for the first time in the services of the Board; (h)“relative” means employee’s father, mother, son, son’s wife, brother, sister, daughter, daughter’s husband and includes step-father, step-mother, step-son, step-daughter, step- brother and step-sister; (i) “service" includes the period during which an employee is on duty as well as on leave duly authorised by a competent authority, but does not include any period during which 1 Vide Notification No. IBBI/2017-18/GN/ REG15, dated 24th August, 2017, published in the Gazette of India, Extraordinary, Part III, Sec.4, vide No. 327, dated 24th August, 2017 (w.e.f. 24.08.2017). an employee is absent from duty without permission or overstays his leave, unless specifically permitted by the competent authority. (2) The words and expressions used herein and not defined in these Regulations, but defined in the Code shall have the meanings respectively assigned to them in the Code. CHAPTER II APPOINTMENT, PROBATION AND TERMINATION OF SERVICE 3. Classification and appointment of employees. (1) The Board may have employees in the following Positions and Grades:- (a) Officers (Grades A, B, C, D, E, F and Executive Director); (b) Personal Assistant (Grade-I, Grade-II and Grade-III); (c) General Assistant (Grade -I, Grade-II and Grade-III). (2) The Board shall decide from time to time the maximum number of employees in each Grade and each position. (3) An appointment in any Grade shall be made by the Board at its discretion and no individual shall have a right to be appointed to any particular Grade or Position. 4. Recruitment. (1) Recruitments, including promotions under regulation 13, shall be made against vacant positions. (2) The method of recruitment to and eligibility for various Grades and Positions shall be as specified in the Schedule-I: Provided that the Board may relax any or all specifications in the Schedule-I, for reasons to be recorded in writing. 5. Initial Appointments to be made on minimum pay. An initial appointment shall be made at the minimum pay of the Grade to which the appointment is made. 6. Probation. (1) An employee shall be on probation for two years on initial appointment in the Grade. (2) The Board may, if it considers it necessary, extend the period of probation up to one year for unsatisfactory performance or reduce or dispense with period of probation for reasons to be recorded in writing. (3) Save as otherwise provided in this regulation, an employee shall be deemed to have been confirmed in the post to which he has been appointed on successful completion of the period of probation. (4) An employee on initial appointment may be discharged without assigning any reason at one day's notice during the first month of his probation and at one month's notice or on payment of pay of the notice period in lieu thereof thereafter. 7. Commencement of service. Except as otherwise provided by or under these Regulations, "service" of an employee shall be deemed to commence from the working day on which an employee reports for duty: Provided that if he reports in the afternoon, his service shall commence from the next following working day. 8. Resignation from service. (1) An employee may resign from the services of the Board by giving notice to the Board, in writing of his intention to leave or discontinue the service. (2) The period of notice under sub-regulation (1) shall be one month for an employee, if he is on probation on initial appointment, and three months in all other cases. (3) An employee shall not be entitled to set off any leave in his credit against the period of such notice. (4) The Board may allow an employee to resign without giving notice under sub-regulation (1) or (2), if the employee pays to the Board a sum equal to his pay for the period of notice: Provided that the Board may waive or reduce the period of notice or payment under this regulation, for reasons to be recorded in writing. (5) Notwithstanding anything contained in sub-regulation (1), the resignation of an employee shall not be effective unless it is accepted by the Board. (6) Resignation of the employee may be refused- (a) if any disciplinary proceeding is pending or is proposed to be instituted against him; (b) if he is under an obligation to serve the Board for a certain period which has not yet expired; (c) if he owes the Board any sums of money; or (d) for any other sufficient ground to be recorded in writing. 9. Superannuation and retirement. (1) An employee shall retire on the last day of the month when he completes 60 years of age: Provided that in case he attains the age of superannuation on the first day of a calendar month, he shall retire on the last day of the preceding month. (2) Notwithstanding sub-regulation (1), the Board may retire an employee on or at any time after the completion of 55 years of age or 30 years of service, whichever is earlier, by giving him three months’ notice in writing: Provided that a due process given in Schedule-II shall be followed to decide to retire an employee. (3) An employee may, if he so desires, and subject to terms of appointment to the contrary, if any, retire from service on completion of 50 years of age or 20 years of service in the Board, by giving three months’ notice to the Board in writing. (4) The Board may offer a scheme, subject to such terms and conditions as it may decide, to its employees for voluntary retirement from the services of the Board. 10. Liquidated damages. Notwithstanding anything contained in these Regulations, the Board may require an employee to pay liquidated damages, if he fails to serve the required number of years after acquiring a training. CHAPTER III RECORD OF SERVICE, SENIORITY AND PROMOTION 11. Record of service. A record of service of service of employees shall be maintained in such form and shall contain such information as may be decided by the Board. 12. Seniority. (1) An employee confirmed in the services of the Board shall rank for seniority in his Grade, according to the date of his appointment in that Grade. (2) On direct recruitment or on promotion, an employee shall rank for seniority among the employees selected along with him in the same batch according to the ranking assigned to him at the time of selection or promotion as the case may be. (3) Every year the Board shall prepare a list of the employees in its service showing their names in the order of their seniority and a copy of such list shall be made available to each employee. 13. Promotion.