image

IBBI invites comments on the regulations notified Insolvency Code

PRESS RELEASE

4 th July, 2017

Insolvency and Bankruptcy Board of India invites comments from public on the regulations notified under the Insolvency and Bankruptcy Code, 2016.

The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the regulations: (a) carry out the provisions of the Code, (b) are consistent with the Code and the rules made thereunder; (c) are made by a notification published in the official gazette; and (d) are laid, as soon as possible, before each House of Parliament for 30 days.

2. The IBBI has evolved a transparent and consultative process to make regulations. It has been endeavor of the IBBI to effectively engage stakeholders in the regulation making process. The process generally starts with a working group making draft regulations. The IBBI puts these draft regulations out in public domian seeking comments threon. It holds a few round tables to discuss draft regulations with the stakeholders. It takes advice of its Advisory Committee. The process culminates with the Governing Board of the IBBI finalising regulations and the IBBI notifies them. This process endevours to factor in ground reality, secures ownership of regulations and makes regulations robust and precise, relevant to the time and for the purpose.

3. Public consultation enables collective choice and hence plays an important role in evolution of regulatory framework. The participation of the public, particularly the stakeholders and the regulated, in the regulatory process ensures that the regulations are informed by the legitimate needs of those interested in and affected by regulations.

4, Usually, a regulator prepares draft regulations and presents these to the stakeholders to revalidate its understanding of the issue the said regulations seek to address, and the appropriateness of such regulations to address the issue. Based on the inputs from the stakeholders, the regulator finalizes the regulations with modifications, as may be warranted. The IBBI has been essentially following this approach and will continue to do so.

5. Despite the best of efforts and intentions, a regulator may not always have the understanding of the ground realities, as much and as early as the stakeholders and the regulated may have, particularly in a dynamic environment. The stakeholders could, therefore, play a more active role in making regulations. They may contemplate, at leisure, the important issues in the extant regulatory framework that hinder transactions and offer alternate solutions to address them, in addition to responding urgently to draft regulations proposed by the regulator. This is akin to crowdsourcing of ideas. This would enable every idea to reach the regulator. Consequently, the universe of ideas available with the regulator would be much larger and the possibility of a more conducive regulatory framework much higher.

6. Keeping in view the above, the IBBI invites comments from public, including the stakeholders and the regulated, on the regulations already notified under the Code. The comments received between 4 th July, 2017 and 31st December, 2017 shall be processed together and following the due process, regulations will be modified to the extent considered necessary. It will be the endeavor of the IBBI to notify modified regulations by 31st March, 2018 and bring them into force on 1st April, 2018.

7. It is clarified that this is in addition to the extant approach of inviting public comments on draft regulations before notifying them.

8. For providing comments, please follow the process as under:

(i) Visit IBBI website, www.ibbi.gov.in;

(ii) Select ‘Public Comments’;

(iii) Provide your Name, and Email ID;

(iv) Select the stakeholder category, namely,

a. Corporate Debtor;

b. Creditor to a Corporate Debtor;

c. Insolvency Professional;

d. Insolvency Professional Agency;

e. Insolvency Professional Entity;

f. Academics;

g. Investor; or

h. Others.

(v) Select the regulations, you wish to make a comment upon, from the dropdown menu, as under:

a. Insolvency and Bankruptcy Board of India )Model Bye-Laws and Governing Board of Insolvency Professional Agencies( Regulations, 2016;

b. Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016;

c. Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016;

d. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016;

e. Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016;

f. Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017;

g. Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017;

h. Insolvency and Bankruptcy Board of India (Fast Track Corporate Insolvency Resolution Process) Regulations, 2017; or

i. Insolvency and Bankruptcy Board of India (Inspections and Investigations) Regulations, 2017.

Kindly note that the selected regulations can be found by clicking the pdf icon right next to the ‘select regulations’ option.

(vi) Select the kind of comments you wish to make, namely, a. General Comments; or Page 3 of 3 b. Specific Comments.

(vii) If you have selected ‘General Comments’, please select one of the following options:

a. Inconsistency, if any, between the provisions within the regulations (intraregulations);

b. Inconsistency, if any, between the provisions in different regulations (interregulations);

c. Inconsistency, if any, between the provisions in the regulations with those in the rules;

d. Inconsistency, if any, between the provisions in the regulations with those in the Code;

e. Inconsistency, if any, between the provisions in the regulations with those in any other law;

f. Any difficulty in implementation of any of the provisions in the regulations; and

g. Any provision that should have been provided in the regulations, but has not been provided; or

h. Any provision that has been provided in the regulations, but should not have been provided.

And then write comments under the selected option.

(viii) If you have selected ‘Specific Comments’, please select regulation number and then subregulation number, and write comments under the selected regulation / sub-regulation number.

(ix) You can make comments on more than one regulations, or more than one regulation / subregulation number, by clicking on more comments and repeating the process outlined above from point 8(v) onwards.

(x) Click ‘Submit’, if you have no more comments to make.

Illustration

9. If you are a creditor to a corporate debtor and wish to make a specific comment on the sub-regulation 1 of regulation 6 relating to Eligibility for appointment of Liquidator as specified in the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The steps that you need to follow are:

i. Visit IBBI website, ;

ii. Select “Public Comments”;

iii. Provide your Name and Email ID.

iv. Select the stakeholder category, which in this case is “Creditor to a Corporate Debtor”

v. Select the regulations, which in this case is “Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017;

vi. Select ‘Specific Comments’;

vii. Select the regulation / sub-regulation number, which in this case is “Regulation 6” and “Sub Regulation (1)”;

viii. Write comment in the box “Comments”;

ix. If you wish to make comment on another regulations, or another regulation number of the same regulations, repeat the process from ‘v.’ onwards by clicking the icon ‘More Comments’;

x. Click ‘Submit’, after you have made all comments.

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

29 responses to “IBBI invites comments on the regulations notified Insolvency Code”

  1. Krystalynn says:

    Thanks for sharing your thoughts. I really appreciate your efforts and I will be waiting for
    your further post thanks once again.

  2. Shandria says:

    I’m extremely pleased to discover this web site. I want to to thank you for ones time due to this fantastic read!! I definitely enjoyed every part of it and I have you saved to fav to look at new stuff on your site.

  3. Mairead says:

    Excellent, what a weblog it is! This weblog provides useful facts to us, keep it up.

  4. Jamesia says:

    Greetings! I’ve been reading your website for
    a while now and finally got the bravery to go ahead and give you a shout out from
    Lubbock Texas! Just wanted to tell you keep up the good work!

  5. Dear corporatelawreporter.com admin, Nice post!

  6. Mirranda says:

    Thanks for finally writing about > IBBI invites comments on the regulations
    notified Insolvency Code – Corporate Law Reporter < Liked it!

  7. Arvell says:

    Howdy! I could have sworn I’ve visited this site before but after going through some of the articles I realized it’s new to me. Nonetheless, I’m definitely happy I came across it and I’ll be bookmarking it and checking back frequently!

  8. Demonta says:

    Hey there excellent blog! Does running a blog like this take a large amount of work?
    I’ve absolutely no understanding of computer programming but I had been hoping to start
    my own blog in the near future. Anyways, should you have any recommendations or
    tips for new blog owners please share. I understand this
    is off topic nevertheless I just wanted to ask. Thanks!

  9. Juliane says:

    Hello, i think that i saw you visited my web site so i got here to go back the want?.I am trying to to find issues
    to enhance my site!I suppose its good enough to make use of
    a few of your ideas!!

  10. Holly says:

    Its such as you learn my thoughts! You appear to grasp a lot about this, like you wrote the guide in it or something.
    I believe that you simply could do with some p.c. to power the
    message home a little bit, however other than that, that is
    great blog. An excellent read. I’ll definitely be back.

  11. Lelia says:

    Hello just wanted to give you a quick heads up. The words in your post seem to
    be running off the screen in Internet explorer.
    I’m not sure if this is a format issue or something to do with browser compatibility but I figured I’d
    post to let you know. The design and style look great though!

    Hope you get the issue solved soon. Cheers

  12. Laurence says:

    I am not sure where you’re getting your information, but great topic.
    I needs to spend some time learning more or understanding more.
    Thanks for magnificent information I was looking for this info for my
    mission.

  13. Rachael says:

    Having read this I believed it was extremely enlightening. I appreciate you finding the time and energy
    to put this short article together. I once again find myself personally
    spending way too much time both reading and commenting.
    But so what, it was still worth it!

  14. Donte says:

    Yes! Finally something about website.

  15. Ryan says:

    When someone writes an article he/she keeps the thought of a
    user in his/her mind that how a user can understand it.

    Thus that’s why this piece of writing is perfect.

    Thanks!

  16. Mittie says:

    Excellent post. I was checking continuously this weblog and I’m inspired!
    Extremely helpful information specially the last
    part :) I care for such information a lot. I was seeking this certain information for a long time.

    Thanks and best of luck.

  17. Jennifer says:

    Hello, I want to subscribe for this webpage to take hottest updates, therefore where can i do it please help out.

  18. Lauren says:

    I have to thank you for the efforts you’ve put in penning this site.
    I really hope to view the same high-grade blog posts from you in the
    future as well. In fact, your creative writing abilities has motivated me to
    get my own blog now ;)

  19. Betsy says:

    I get pleasure from, result in I found exactly what I used to be looking
    for. You have ended my 4 day lengthy hunt!
    God Bless you man. Have a great day. Bye

  20. Isaac says:

    I every time spent my half an hour to read this website’s content daily along with a cup of coffee.

  21. Kelsey says:

    You have made some really good points there. I looked on the internet for
    more info about the issue and found most
    individuals will go along with your views on this web site.

  22. Tobias says:

    I’m truly enjoying the design and layout of your website.
    It’s a very easy on the eyes which makes it much more enjoyable for me to come here and
    visit more often. Did you hire out a developer to create your theme?
    Outstanding work!

  23. Darci says:

    Definitely imagine that which you stated.
    Your favorite reason seemed to be at the
    internet the easiest factor to keep in mind of. I say
    to you, I certainly get irked whilst folks consider
    concerns that they just do not recognize about.
    You managed to hit the nail upon the top and also defined out
    the entire thing with no need side-effects , people could take a signal.
    Will likely be again to get more. Thank you

  24. Celina says:

    I really like what you guys are up too. Such clever work and coverage!
    Keep up the terrific works guys I’ve incorporated you guys to blogroll.

  25. Ronda says:

    magnificent issues altogether, you just won a new reader.
    What might you recommend in regards to your put up that you just made a few
    days ago? Any positive?

  26. Chet says:

    Sweet blog! I found it while searching on Yahoo News.
    Do you have any tips on how to get listed in Yahoo News?

    I’ve been trying for a while but I never seem to get there!
    Appreciate it

  27. Ahmad says:

    Hello there, I found your blog by way of Google whilst
    searching for a similar subject, your web site came up, it seems to be good.
    I’ve bookmarked it in my google bookmarks.
    Hello there, simply was alert to your blog through Google, and found that it
    is truly informative. I’m gonna watch out for brussels.
    I will appreciate in the event you proceed this in future.
    Lots of other folks will be benefited out of your writing.
    Cheers!

  28. Ted says:

    Hey there just wanted to give you a brief heads up and let you know a few of the images aren’t
    loading correctly. I’m not sure why but I think its
    a linking issue. I’ve tried it in two different internet browsers and both show the same outcome.

  29. Sheryl says:

    What’s up colleagues, nice article and good arguments commented at this place, I am genuinely enjoying by these.

Leave a Reply

Your email address will not be published. Required fields are marked *

Corporate Law Referencer

Corporate Law Referencer

Corporate Law Referencer

India’s Leading Compliance Software

India’s Leading Compliance Software

Get A Demo Today !

Recent Articles

Recent Legal updates

Recent Gst Updates