IBBI invites comments on Regulations notified under Bankruptcy Code
Published: Jul 07, 2017
By TIOLCORP News Service
NEW DELHI, JULY 07 2017: The Insolvency and Bankruptcy Board of India (IBBI) has invited comments from public, including the stakeholders and the regulated, on the regulations already notified under the Code. The comments received between July 4th, 2017 and December 31st, 2017 shall be processed together and following the due process, regulations will be modified to the extent considered necessary. IBBI seeks to notify modified regulations by March 31st, 2018 and bring them into force on April 1st, 2018.
It was clarified that this is in addition to the extant approach of inviting public comments on draft regulations before notifying them.
For providing comments, the stakeholder can visit the website of the Board, and make comments in the 'Public Comments' section. The regulations on which comment is to be made can be selected from a list of dropdown menu. The comments can be made in two categories - General and Specific. Also, the comments can be made on more than one regulation or sub regulation.
The Insolvency and Bankruptcy Code, 2016 is a modern economic legislation. Section 240 of the Code empowers the Board 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.
It has been felt that 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.