IBBI invites comments from the public on the Regulations notified under the Insolvency and Bankruptcy Code, 2016
The Insolvency and Bankruptcy Board of India has invited comments on various regulations issued under the Insolvency and Bankruptcy Code, 2016 with the objective to engage stakeholders in regulation making process. 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. Further, the stakeholders may contemplate, at leisure, the important issues in the extant regulatory framework that hinder transactions and offer alternate solutions to address them. This is akin to crowdsourcing of ideas. Consequently, the universe of ideas available with the regulator would be much larger and the possibility of a more conducive regulatory framework would be much higher. The comments received between 6th May, 2022 and 31st December, 2022 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 31st March, 2023 and bring them into force on 1st April, 2023.
