Insolvency and Bankruptcy Board of India invites comments on the Regulations notified under the Insolvency and Bankruptcy Code, 2016 till date

Insolvency and Bankruptcy Board of India invites comments on the Regulations notified under the Insolvency and Bankruptcy Code, 2016 till date

July 14, 2017 Corporate 0

In a recent press release, the Insolvency and Bankruptcy Board of India (“IBBI”) has invited comments from public on the various regulations notified by the IBBI under the Insolvency and Bankruptcy Code, 2016 (“Code”) till date.

It is informed that the comments received between 4th July, 2017 and 31st December, 2017 will be processed together and thereafter regulations will be modified to the extent considered necessary. The IBBI intends to notify modified regulations by 31st March, 2018 and bring them into force on 1st April, 2018.

Background:

In exercise of the powers conferred by Section 240 of the Code, IBBI has notified the following regulations till date:

  1. The Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017;
  2. The Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017;
  3.  Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017;
  4.  Insolvency and Bankruptcy Board of India (Voluntary Liquidation process) Regulations, 2017;
  5.  Insolvency and Bankruptcy Board of India (Procedure for Governing Boards Meetings) Regulations, 2017;
  6. Insolvency and Bankruptcy Board of India (Advisory Committee) Regulations, 2017;
  7. Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) Regulations, 2017;
  8. Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016;
  9. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016;
  10.  Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016;
  11.  Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016;
  12.  Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016.

Way Forward:

Pursuance to the number of regulations notified by the IBBI, it is clarified that following steps must be followed for providing comments:

  1. Visit IBBI website, www.ibbi.gov.in;

2. Select ‘Public Comments’;

3. Provide your Name, and Email ID;

4. Select the stakeholder category, namely,

  • Corporate Debtor;
  • Creditor to a Corporate Debtor;
  • Insolvency Professional;
  • Insolvency Professional Agency;
  • Insolvency Professional Entity;
  • Academics;
  • Investor; or
  • Others.

5.Select the regulations, you wish to make a comment upon, from the dropdown menu;

6. The selected regulations can be found by clicking the pdf icon right next to the ‘select regulations’ option.

7. The stakeholders can select either general comments or specific comments from the comment section.

8. The stakeholders have the option to make comments on more than one regulations, or more than one regulation / sub-regulation number, by clicking on more comments and repeating the process outlined above.

Source: Press Information Bureau

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