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Public Consultation on Draft Regulations for Information Utilities

The Insolvency and Bankruptcy Board of India (IBBI) was established on October 1, 2016 in accordance with the provisions of The Insolvency and Bankruptcy Code, 2016. ...

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Public Consultation on Draft Regulations for Information Utilities

The Insolvency and Bankruptcy Board of India (IBBI) was established on October 1, 2016 in accordance with the provisions of The Insolvency and Bankruptcy Code, 2016.

The Board has the responsibilities relating to the setting of a conducive ecosystem to support implementation of the insolvency and bankruptcy regime in India. This encompasses the following broad functions:
• Regulation and development of market processes and practices relating to Corporate Insolvency, Corporate Liquidation, Individual Insolvency, and Individual Bankruptcy
• Registration and regulation of service providers for the insolvency process which includes the Insolvency Professionals (IPs), Insolvency Professional Agencies (IPA), and Information Utilities (IUs)
• Oversight of markets and service providers through Surveillance, Investigation and Grievance Redressal
• Enforcement and Adjudication of service providers to ensure their orderly functioning
• Professional development and expertise through Education, Examination, Training and continuous professional enhancements.

Ministry of Corporate Affairs provided the initial handholding to the Board. It set up four Working Groups, each with a fixed time frame.

These working groups were mandated to:-
1. Deliberate and recommend the organizational structure of the Board;
2. Rules, Regulations and other related matters on Insolvency Professionals and Insolvency Professional Agencies; Rules,
3. Regulations and other related matters for the Insolvency and Liquidation Process under the Code;
4. Rules, regulations and other related matters for Information Utilities under the Code.

These Working Groups helped the Ministry of Corporate Affairs to prepare the draft regulations related to IPAs, IPs, Model Bye Laws, Insolvency Resolution Process for Corporate Persons, Insolvency Liquidation Process. The Ministry of Corporate Affairs placed these draft regulations in public domain seeking public comments by October 28/31, 2016.

Working Group-4 was set up by the Ministry of Corporate Affairs to deliberate and submit its recommendations on rules, regulations and other related matters for Information Utilities under the Insolvency and Bankruptcy Code, 2016. The Report submitted by the Working Group is enclosed herewith. The Report includes draft regulations on Information Utilities.

The Insolvency and Bankruptcy Board of India invites public comments on the Report as well as on each provision of the draft regulations by 7th February, 2017.

Click here to read the Report

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Showing 46 Submission(s)
raghavendra rao raghunathan's picture

raghavendra rao raghunathan 1 month 2 weeks ago

NAMASTEJI I SUGGEST AND REQUEST YOU TO GIVE OPINION BY ALL PEOPLE TO ALL NATIONALISED BANKS
SCHEDULED BANKS AND NBFC INSITITUTIONS FOR ESTABLISHMENT OF THIS IBBI BOARD AND CODE OF2016 SHOULD GIVEPUBLIC NOTICESIN ALL BRANCHES OF ALL BANKSAND FINANCIAL INSTITUTIONS ALONG WITH ALL
NEWSPAPAERS AND TV MEDIASADVT FOR KNOWING ALL PROVISIONS AND ACTS TO PUBLIC UTILITIES WITH
ALL INFORMATIONS FOR SAFEGUARD OF BANK ASSETS AND INCOME AND PROVISION OF BADAND DOUBTFUL DEBTS BY CA AUDITORS

o v gnana prakash's picture

o v gnana prakash 1 month 2 weeks ago

Formation of Board is a good move by this government, Board should frame a rule that Insolvant(s) should not be allowed to perform any kind of business activity for next three years after this is Over. This should be controlled through AADHAR + PAN + Passport etc.

karishma's picture

karishma 1 month 2 weeks ago

But one thing i dint understand that why the name of the people kept secret in case of party fund. So all the political parties should anounce information about this issue so that it becomes more trasparent .

Biswajit Halder_1's picture

Biswajit Halder_1 1 month 2 weeks ago

govt must announce that a certain percentage of amount say 15-30 only can be spent in cash of total income. then liquid cash which become black money will get reduce and paper cash can be less used. then the vision of cash less will be succeeded.
IT IS ALSO REQUIRED THAT TO BUY A CAR OR SOME THING ELSE PRICED MORE THAN 15 LAKHS BUYER MUST PRODUCE INCOME TAX RETURN COPY AT THE TIME OF BUYING THAT LUXURY GOODS.

JAGDISH PATHAK's picture

JAGDISH PATHAK 1 month 2 weeks ago

Hon. PM vision and effort of development of nation shows to be achieved by the hon. FM has presented the Budget for 17-18, the budget proposal are very benificial for poor, medium and service class people as well as businesman and industrialist of small and medium catagory will be benifited by encoraging the corporate sector, also benifit given to housing sector, while, to control the black money cash transaction limit, trust and political party is important, congratulation and best wishes

Ranjeet Kumar's picture

Ranjeet Kumar 1 month 3 weeks ago

Respected PM,
Namaskar and Vasant panchami ki subhkamnayen.
Your government is unbeatable and uncomparable to any past government. But in our system each and everywhere those types of people are on dignified positions who is constantly pulling leg or creating obstacle to young and motivated people who is daring to do something but these corrupt and kamchor people trap in various other unproductive and useless things.

JAGDISH PATHAK's picture

JAGDISH PATHAK 1 month 3 weeks ago

Hon. PM great concept and vision to make quick development of nation and relief and employment to poor and needy people including agriculturist, while, Hon. PM has made great effort to implement the various policies for development of various projects and increase the employment and relief to poor, needy and agriculturist including middle class and service class people, I wish that the budget to be presented tomorrow will be favourable to all, best wishes for budget in advance, thanks