Govt solicits comment on draft regulations on Information Utilities Insolvency
Published: Jan 18, 2017
TIOLCORP News Service
NEW DELHI, JAN 18, 2017: THE backbone of the Insolvency and Bankruptcy Act lies in the success of Information Utilities which is expected to reduce disputes by reducing information asymmetry between creditors and debtors. The Ministry of Corporate Affairs had set up four Working Groups to facilitate implementation of the Insolvency and Bankruptcy Code, 2016. The Working Group- 4 had a mandate to deliberate and submit its recommendations on rules, regulations and other related matters for Information Utilities under the Insolvency and Bankruptcy Code, 2016. The said Working Group has submitted its report on Information Utilities. The Report includes draft regulations on Information Utilities.
The Governing Board of Insolvency and Bankruptcy Board of India considered the aforesaid Report in its meeting on 16th January, 2016 and decided to invite public comments. Accordingly, comments on the Report as well as on each provision of the draft regulations are invited by 7th February, 2017. The Report is available at [Report of the Working group on Information utilities].
The comments may be submitted on the draft regulations can be sent by email at editor@tiol.in or feedback@ibbi.gov.in.