IBBI : Invites comments on Regulations notified under Code
Published: Jun 18, 2021
By TIOLCORPLAWS News Service
NEW DELHI JUNE 18, 2021: SECTION 240 of the Insolvency and Bankruptcy Code, 2016 (Code) empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations. Public consultation enables collective choice and hence plays an important role in the evolution of the regulatory framework. The participation of the public, particularly the stakeholders in the insolvency ecosystem ensures that the regulations are informed by the legitimate needs of those interested in and affected by the regulations.Therefore, IBBI welcomes public comments on the regulations already notified under the Code. IBBI invites comments from the public, including the stakeholders on the regulations already notified under the Code till date. The comments received between June 17, 2021 and December 31, 2021 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 March 31, 2022 and bring them into force on April 01, 2022.