Section 229: Annual Report of the Insolvency and Bankruptcy Board of India
Section 229 of the Insolvency and Bankruptcy Code, 2016 (IBC) requires the Insolvency and Bankruptcy Board of India (IBBI) to prepare an annual report of its activities, send it to the Central Government and have it placed before both Houses of Parliament. The provision supports institutional transparency and legislative oversight.
Section 229: Full statutory text
229. (1) The Board shall prepare, in such form and at such time in each financial year as may be prescribed, its annual report, giving a full account of its activities during the previous financial year, and submit a copy thereof to the Central Government.
(2) A copy of the report received under sub-section (1) shall be laid, as soon as may be after it is received, before each House of Parliament.
Statutory text reproduced from the supplied webpage. Consult the official consolidated Code and applicable rules for the legally operative version.
Explanation of Section 229
Section 229(1): Preparation and submission of the annual report
The Board must prepare an annual report in the form and by the time prescribed under the Code. It must describe its activities during the previous financial year and a copy must be submitted to the Central Government. The word shall imposes a statutory reporting obligation, rather than leaving publication to the Board's discretion.
The report concerns the Board's activities as the insolvency regulator. Depending on the prescribed reporting format and actual work undertaken, it may describe regulatory measures, registration and oversight of insolvency professionals and related institutions, regulatory enforcement, research, awareness programmes and other functions entrusted to the Board. These are examples of possible report content, not an exhaustive statutory checklist under Section 229.
Section 229(2): Laying the report before Parliament
After the Central Government receives the report, a copy must be laid before each House of Parliament, namely the Lok Sabha and the Rajya Sabha, as soon as may be. The subsection does not specify a fixed number of days. Its wording requires action without unreasonable delay in the circumstances, subject to applicable parliamentary procedures.
Definitions and important expressions
Board: The Insolvency and Bankruptcy Board of India, established under Section 188 of the IBC.
Annual report: The report required by Section 229(1), giving a full account of the Board's activities during the preceding financial year.
Financial year: The relevant annual accounting and reporting period; for the precise period and prescribed reporting requirements, the Code must be read with the applicable rules.
Prescribed: Under Section 3(26) of the IBC, prescribed means prescribed by rules made by the Central Government under the Code.
Each House of Parliament: The Lok Sabha and the Rajya Sabha. Submission to the Central Government and laying before Parliament are separate steps.
How the annual reporting process works
- Review the reporting year: The Board compiles a full account of its activities during the previous financial year.
- Prepare the report: The Board follows the form and timing prescribed under applicable rules.
- Submit to government: A copy of the annual report is forwarded to the Central Government.
- Place before Parliament: The report received by the Central Government is laid before both Houses as soon as may be.
Section 229 itself does not specify a monetary penalty for late submission, nor does it establish an appeal mechanism for the annual report. Any compliance question should be assessed against the current statutory and subordinate legal framework.
Related provisions of the Insolvency and Bankruptcy Code
- Section 188: Establishment and incorporation of the IBBI.
- Section 196: Powers and functions of the Board; the activities covered by the annual report arise from its statutory responsibilities.
- Section 221: Grants by the Central Government.
- Section 222: The Board's Fund and its permitted applications.
- Section 223: Accounts and audit of the Board.
- Section 228: The Board's budget for the next financial year, including estimated receipts and expenditure.
For the complete legislative context, read The Insolvency and Bankruptcy Code, 2016. The India Code portal provides official legislation; the IBBI legal framework provides rules and regulations; and the IBBI official website provides Board publications and institutional information.
Frequently asked questions
Who must prepare the annual report under Section 229?
The IBBI must prepare the annual report in the prescribed form and at the prescribed time each financial year.
Which year's activities does the annual report cover?
Section 229(1) requires a full account of the Board's activities during the previous financial year.
Who receives the annual report?
The Board submits a copy to the Central Government, which must cause it to be laid before both Houses of Parliament.
Is the annual report the same as the audit report?
No. The annual activity report is governed by Section 229. Accounts and audit, including the CAG audit report, are addressed separately in Section 223.
Does Section 229 set an exact parliamentary deadline?
No fixed number of days is specified in subsection (2). The statutory expression is "as soon as may be" after the report is received.
Updated: 23 October 2026. This article is general legal information; the current official Code, rules and notifications prevail.