IBBI invites public comments on the draft Insolvency and Bankruptcy Rules, 2017 and Insolvency and Bankruptcy Regulations,2017

IBBI invites public comments on the draft Insolvency and Bankruptcy Rules, 2017 and Insolvency and Bankruptcy Regulations,2017

October 12, 2017 Corporate 0

The Insolvency and Bankruptcy Board of India (“IBBI”) has invited public comments on the following draft Rules and Regulations by 31st October 2017:

(i)            Draft Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Individuals and Firms) Rules, 2017 (“Rules”) and

(ii)           Draft Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Individuals and Firms) Regulations, 2017 (“Regulations”)

The process for providing comments is as follows:

  1. Visit IBBI website, http://www.ibbi.gov.in/
  2. Select ‘Public Comments’
  3. Select draft rules/regulations
  4. Select Comment Type (General/ Specific)
  5. Provide Name, and Email ID
  6. If the comment is Specific:

a. Select the draft Rules or Regulations, intended to make a comment upon, from the dropdown menu, as under:

(i) the draft Rules i.e. Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Individuals and Firms) Rules, 2017

(ii) the draft Regulations i.e. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Individuals and Firms) Regulations, 2017

b. Select draft rules or regulations number and then sub rule/ regulation number, and write comments under the selected number.

c. Click ‘Submit’

If the comment is General

Select one of the following options:

  • Inconsistency, if any, between the provisions within the draft Rules or Regulations (intra-regulations);
  • Inconsistency, if any, between the provisions in different draft rules or regulations (inter-regulations);
  • Inconsistency, if any, between the provisions in the draft Rules or Regulations with those in the Rules;
  • Inconsistency, if any, between the provisions in the draft Rules or Regulations with those in the Insolvency and Bankruptcy Code, 2016 (“Code”);
  • Inconsistency, if any, between the provisions in the draft Rules or Regulations with those in any other law;
  • Any difficulty in implementation of any of the provisions in the draft Rules or Regulations; and
  • Any provision that should have been provided in the draft Rules or Regulations, but has not been provided; or
  • Any provision that has been provided in the draft Rules or Regulations, but should not have been provided.

Then write comments under the selected option.

Click ‘Submit’

7.  One can make comments on more than one draft rule, or more than one draft regulation / sub regulation number, by repeating the process outlined above from point (iv) onwards.

Background

  1. The IBBI had constituted a Working Group to recommend the strategy and approach for implementation of the provisions of the Code dealing with insolvency and bankruptcy in respect of:
  •     Guarantors to corporate debtors i.e. personal guarantors, and
  •     Individuals having business (partnership, proprietorship or any other);

to submit a report along with Draft Rules and Regulations.

The Working Group has since submitted a report dealing with insolvency resolution process of individuals and firms. It intends to submit a separate report for bankruptcy process of individuals and firms.

2. IBBI intends to implement insolvency resolution in the first phase for the two types of persons as listed above in point 1(i) and (ii).

3. Along with the report for insolvency resolution process of individuals and firms, the Working Group has also submitted:

(i) the draft Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Individuals and Firms) Rules, 2017, and

(ii) the draft Insolvency and Bankruptcy Board of India (Insolvency Resolution

Process for Individuals and Firms) Regulations, 2017.

4. These rules and regulations are available at www.ibbi.gov.in.

Source: Press Information Bureau (Attached)

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