Insolvency and Bankruptcy Board of India invites comments from public on the Regulations notified under the Insolvency and Bankruptcy Code, 2016. The IBBI has evolved a transparent and consultative process to make regulations. It has been the endeavour of the IBBI to effectively engage stakeholders in the regulation making process. 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. 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 30th April, 2018 and 31st December, 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 31st March, 2019 and bring them into force on 1 st April, 2019. A similar exercise was undertaken in the previous year and consequently several regulations were amended with effect from 1st April, 2018.
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;
g) Investor; or
Select the regulations, you wish to make a comment upon, from the dropdown menu,as under:
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; or
j) IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017.
Kindly note that 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’, 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
d) Inconsistency, if any, between the provisions in the regulations with those in the
e) Inconsistency, if any, between the provisions in the regulations with those in any
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
And then write comments under the selected option.