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

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Showing 46 Submission(s)
700
Praveen Kumar 3 years 10 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

700
Praveen Kumar 3 years 10 months ago

I want to share that lot of workders are working in the houses of minister IAS officers and deparmental officers they should be punished .
2 in the municipals concils lot of work being done through contrators almostly it goes to higher side by 40 to 50% the same is being given by the contractors to the officer like accoountant , je, eo etc

700
Praveen Kumar 3 years 10 months ago

In respect to IBBI , I want to suggest that, the application proceedure should be simple, further, board should investigate the details of assets including any hidden asset held by bankrupts, further, the Board committee should be qualified to investigate all the details, there should be atleast 3 members for review committee for determining the application, the person declared as bankrupt should be published in public and such data should be available online for access to all people,best wishes

87040
JAGDISH PATHAK 3 years 10 months ago

In respect to IBBI , I want to suggest that, the application proceedure should be simple, further, board should investigate the details of assets including any hidden asset held by bankrupts, further, the Board committee should be qualified to investigate all the details, there should be atleast 3 members for review committee for determining the application, the person declared as bankrupt should be published in public and such data should be available online for access to all people,best wishes

9530
Rima Chhabra 3 years 10 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

400
RAM NARAIN 3 years 10 months ago

I want to share that lot of workders are working in the houses of minister IAS officers and deparmental officers they should be punished .
2 in the municipals concils lot of work being done through contrators almostly it goes to higher side by 40 to 50% the same is being given by the contractors to the officer like accoountant , je, eo etc.

87040
JAGDISH PATHAK 3 years 10 months ago

In respect to IBBI, I want to suggest that, there should be appropriate rules and regulation to control and governance of the act, the organisation structure and implementation of rules should be effective and quick, so that, delay in proceedure can be avoided, No wrong doers or misleading the system or law and no innocent person should be punished, the administration structure should be kept very strong, so , that, justice can be availed to the people, best wishes