IBC Section 229: Annual report

Section 229 of Insolvency and Bankruptcy Code, 2016: Annual report

Official Bare Act Text

Override / Mandate Mens Rea (Intent) Actus Reus (Conduct) Punishment Limitation Monetary

(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.

Legal Commentary & Landmark Judgments: Section 229

Section 229 mandates the Board to submit an exhaustive Annual Report of its activities, research, and administration to the Central Government to be laid before Parliament.

Comprehensive Annual Accounting: The Board must prepare once every year an annual report giving a true and full account of its activities, policies, and developments during the previous financial year.
Submission Mandate: Copies of the report must be forwarded to the Central Government within ninety days of the end of the financial year.
Laying Before Parliament: The Central Government must cause the annual report to be laid before each House of Parliament within nine months after the close of the financial year.

Key Landmark Precedents:

Swiss Ribbons Pvt. Ltd. v. Union of India (2019) 4 SCC 17: The Supreme Court noted that the statutory obligation to table annual reports before Parliament ensures democratic oversight of the Code's economic outcomes.
Committee of Creditors of Essar Steel v. Satish Kumar Gupta (2020) 8 SCC 531: Highlighted that empirical data published in IBBI annual reports assists courts in assessing the systemic impact of resolution timelines.

Courtroom Practice & Strategic Litigation Guidance:

Practitioners can utilize data, recovery percentages, and liquidation statistics published in the IBBI Annual Report under Section 229 as authoritative empirical evidence in constitutional and public interest litigations.