IBBI invites comments from public on regulations notified under Insolvency and Bankruptcy Code

The IBBI has evolved a transparent and consultative process to make regulations.

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New Delhi: The Insolvency and Bankruptcy Board of India (IBBI) has invited comments from the public, including the stakeholders and the regulated, on the regulations notified under the Insolvency and Bankruptcy Code. Section 240 of the Code empowers the 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) is 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. 

The comments received between April 30, 2018, and December 31, 2018, shall be processed together and following the due process, regulations will be amended to the extent considered necessary. "It will be the endeavour of the IBBI to notify modified regulations by March 31, 2019 and bring them into force on April 1, 2019," as per an official notification.

For providing comments, the process to be followed is:

- Visit IBBI website - www.ibbi.gov.in.

- Select ‘public comments’.

- Provide your name, and email ID.

- Select the stakeholder category, namely - corporate debtor, creditor to a corporate debtor, insolvency professional, insolvency professional agency, insolvency professional entity, academics, investor or others.

- Select the regulations, you wish to make a comment upon, from the menu -:

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

b) IBBI (Insolvency Professional Agencies) Regulations, 2016.

c) IBBI (Insolvency Professionals) Regulations, 2016.

d) IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

e) IBBI (Liquidation Process) Regulations, 2016.

f) IBBI (Information Utilities) Regulations, 2017.

g) IBBI (Fast Track Corporate Insolvency Resolution Process) Regulations, 2017.

h) IBBI (Inspections and Investigations) Regulations, 2017.

i) IBBI (Voluntary Liquidation Process) Regulations, 2017.

j) IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017.

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

- Select the kind of comments you wish to make, namely, a) general comments; or b) specific comments.

- If you have selected ‘General Comments’, following options have to be selected - a) Inconsistency, if any, between the provisions within the regulations (intra- regulations), b) Inconsistency, if any, between the provisions in different regulations (inter- regulations), 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, 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.

- Then write comments under the selected option.

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

- You can 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 from point 8 (V) onwards.

 - Click ‘Submit’, if you have no more comments to make.

(With PIB inputs)