Public Consultation on Draft Regulations for Information Utilities

Public Consultation on Draft Regulations for Information Utilities
Last Date Feb 08,2017 00:00 AM IST (GMT +5.30 Hrs)
Submission Closed.

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 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

See Details Hide Details
All Comments
Reset
Showing 46 Submission(s)
100
lakhu pandit 3 years 8 months ago

Provision online mandi to farmers for they have crops buy directly to consumers. Then they will take reasonable profits directly from consumers and they will profits no effect at brokers/brokerage agencies. And farmers will save

100
lakhu pandit 3 years 8 months ago

1) Many companies which are listed in India must declare the social corporate money which they are generally used for other investment or other purpose .that money should be distributed to their employees with zero interest rate & also in terms of bonus that must be shown in their balance sheet with your IU code under BLRC.
2) For personal or Individual debtors - Host bank information to be circulated to all host bank common data centers which is to be governed by IBBI.

100
lakhu pandit 3 years 8 months ago

1) Many companies which are listed in India must declare the social corporate money which they are generally used for other investment or other purpose .that money should be distributed to their employees with zero interest rate & also in terms of bonus that must be shown in their balance sheet with your IU code under BLRC.
2) For personal or Individual debtors - Host bank information to be circulated to all host bank common data centers which is to be governed by IBBI.

100
lakhu pandit 3 years 8 months ago

1) Many companies which are listed in India must declare the social corporate money which they are generally used for other investment or other purpose .that money should be distributed to their employees with zero interest rate & also in terms of bonus that must be shown in their balance sheet with your IU code under BLRC.
2) For personal or Individual debtors - Host bank information to be circulated to all host bank common data centers which is to be governed by IBBI.

100
lakhu pandit 3 years 8 months ago

Provision online mandi to farmers for they have crops buy directly to consumers. Then they will take reasonable profits directly from consumers and they will profits no effect at brokers/brokerage agencies. And farmers will save

520
Rajeev kapil 3 years 8 months ago

2)For personal or Individual debtors - Host bank information to be circulated to all host bank common data centers which is to be governed by IBBI so that person should switch over his or her debts with the least interest rate offered host bank or an information is circulated to him or her for switching over thru mail or any particular common code by host bank.

520
Rajeev kapil 3 years 8 months ago

1) Many companies which are listed in India must declare the social corporate money which they are generally used for other investment or other purpose .that money should be distributed to their employees with zero interest rate & also in terms of bonus that must be shown in their balance sheet with your IU code under BLRC.
2) For personal or Individual debtors - Host bank information to be circulated to all host bank common data centers which is to be governed by IBBI.

700
Praveen Kumar 3 years 8 months ago

Any company which is listed in India must declare the personal wealth of its promoter/ largest shareholder in the annual report of the company. This will help the board decide if the promoter is siphoning off funds to his personal accounts. Just like the salaries of board and promoters is declared in annual report