Implementation on Insolvency and Bankruptcy Code, 2016 (IBC)

The Insolvency and Bankruptcy Board of India (IBBI) has invited public comments on the draft regulations for voluntary liquidation. Draft regulations were uploaded on the IBBI website (www.ibbi.gov.in) inviting public comments by 08.03.2017.

Ministry of Corporate Affairs vide order dated 22.07.2016 had set up four working groups to make recommendations on design and organisational structure of Insolvency and Bankruptcy Board of India (IBBI), Rules & Regulations and other related matters on Insolvency Professionals (IPs) & Insolvency Professional Agencies (IPAs), Insolvency & Liquidation process under the Code and Information Utilities under the Code. The recommendations have been received.

The rules and regulations based on the reports with regard to Insolvency Professional Agencies, Model Bye Laws and Governing Board of Insolvency Professional Agencies, Insolvency Professionals, Procedure for Governing Board Meetings of IBBI, Advisory Committees of IBBI, Insolvency Resolution Process and Liquidation of Corporate Persons except Voluntary Liquidation and Fast Track Insolvency Resolution Process have been notified. Various regulations for the internal functioning of the IBBI have also been notified. Public consultations on the draft regulations for Information Utilities have been completed.

This was stated by Shri Arjun Ram Meghwal, Minister of State for Corporate Affairs in written reply to a question in Lok Sabha.