224. (1) There shall be formed a Fund to be called the Insolvency and
Bankruptcy Fund (hereafter in this section referred to as the "Fund") for
the purposes of insolvency resolution, liquidation and bankruptcy of persons
under the Code.
(2) There shall be credited to the Fund the following amounts, namely-
(a) the grants made by the Central Government for the purposes of the Fund;
(b) the amount deposited by persons as contribution to the Fund;
(c) the amount received in the Fund from any other source; and
(d) the interest or other income received out of the investment made from
the Fund.
(3) A person who has contributed any amount to the Fund may, in the event of
proceedings initiated in respect of such person under this Code before an
Adjudicating Authority, make an application to such Adjudicating Authority
for withdrawal of funds not exceeding the amount contributed by it, for
making payments to workmen, protecting the assets of such persons, meeting
the incidental costs during the proceedings or such other
purposes as may be prescribed.
(4) The Central Government shall, by notification, appoint an administrator
to administer the fund in such manner as may be prescribed.