Section 192 of the Insolvency and Bankruptcy Code, 2016: Meetings of the Board

Section 192 governs how the Insolvency and Bankruptcy Board of India (IBBI) holds its Governing Board meetings, who presides over them and how decisions are taken. The detailed meeting procedure is prescribed under the IBBI (Procedure for Governing Board Meetings) Regulations, 2017.

Key distinction: The Board referred to in Section 192 is the Insolvency and Bankruptcy Board of India, not the board of directors of a corporate debtor or the committee of creditors in an insolvency resolution process.

What Section 192 provides

Section 192(1): Meetings and procedure

The Board must meet at the times and places and follow the rules for conducting its business, including quorum requirements, as prescribed by regulations.

Section 192(2): Person presiding

The Chairperson presides at meetings. If the Chairperson cannot attend, the members present choose another member to preside.

Section 192(3): Voting and casting vote

Questions are decided by a majority of members present and voting. If votes are equally divided, the Chairperson or other presiding member has a second, or casting, vote.

For the authoritative statutory wording, refer to the Insolvency and Bankruptcy Code, 2016 on India Code or the official Act PDF.

IBBI Governing Board Meetings Regulations, 2017

Section 192(1), read with Section 240 of the Code, provides the basis for the IBBI (Procedure for Governing Board Meetings) Regulations, 2017 (official IBBI PDF, amended up to 23 July 2019). The regulations address the conduct of Governing Board business, including:

Regulation 3: Matters to be transacted by the Governing Board, including specified regulatory, financial and administrative business; it also addresses participation by video conferencing and resolutions by circulation.
Regulation 4: At least four Governing Board meetings each year, including at least one in each quarter.
Regulation 5: Ordinarily at least seven days' notice of a meeting, with provisions for urgent meetings and agenda-related restrictions.
Regulation 6: Quorum and voting requirements.

What is the quorum for an IBBI Governing Board meeting?

Quorum means the minimum number of members required to conduct business at a meeting. Under Regulation 6(1), five members constitute the quorum when the Governing Board has eight or more members. Where the Governing Board has fewer than eight members, three members constitute the quorum.

The required quorum depends on the number of members of the Governing Board. It is not a fixed percentage applicable to all meetings.

How are decisions made?

Section 192(3) establishes a majority-vote rule among members present and voting. If the votes for and against a proposal are tied, the person presiding may exercise a casting vote in addition to their ordinary vote. Regulation 6(2) reflects this statutory rule.

For example, if six members cast three votes in favour and three against, the presiding Chairperson or member may use the casting vote to resolve the tie.

Section 188: Establishment and incorporation of the Insolvency and Bankruptcy Board of India.
Section 189: Constitution of the Board.
Section 191: Powers of the Chairperson.
Section 193: Disclosure of specified pecuniary interests and non-participation in relevant decisions.
Section 194: Certain vacancies, appointment defects and procedural irregularities do not, by themselves, invalidate Board proceedings.
Section 240: Power of the Board to make regulations, subject to the Code.

Frequently asked questions

Does Section 192 regulate meetings of a company's board of directors?

No. It concerns the IBBI Governing Board. Company board meetings are governed by separate company-law provisions.

Who chairs a meeting when the IBBI Chairperson is absent?

Another member chosen by the members present presides under Section 192(2).

Can an IBBI Governing Board member attend by video conference?

The 2017 Regulations provide for participation through video conferencing, subject to the applicable procedural requirements.

Official legal references

India Code: Insolvency and Bankruptcy Code, 2016
IBBI: Governing Board Meetings Regulations, 2017 (official consolidated PDF available for 2019)
Insolvency and Bankruptcy Board of India official website (check for subsequent amendments and notifications)

Last reviewed: 23 October 2026. This article is explanatory and does not replace the official statutory text or legal advice. Consult the latest notifications before relying on a particular procedural requirement.