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Public Consultation on Draft Regulations for Voluntary Liquidation

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 Voluntary Liquidation

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. The Working Group-4 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, submitted its Report including draft regulations on Information Utilities. These were put up in public domain seeking public comments by February 7, 2017.

Group-3 set up by the Ministry of Corporate Affairs to deliberate and submit its recommendations on rules, regulations and other related matters pertaining to Voluntary Liquidation process under the Insolvency and Bankruptcy Code, 2016, submitted the draft regulations on Voluntary liquidation.

The Insolvency and Bankruptcy Board of India invites public comments on each provision of the draft regulations by 8th March, 2017.

Click here to read the report

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jitendra's picture

jitendra 2 months 2 weeks ago

sir in rajasthan SUMPRK is web for any comp but no any action file any comp in thid web
i m complent in this web 2015 my id is 0616149813287 but till to day no any action

Mir Ameer Ali's picture

Mir Ameer Ali 2 months 2 weeks ago

The report talks about the process which is very detailed. But, it does not cover the repercussions to the partners/directors the entity. Whether the CIBIL score will be impacted. Whether Banks will be notified to exercise caution against the individual partner/director for the next borrowing

Mahalingam_3's picture

Mahalingam_3 2 months 2 weeks ago

Namasthe, am working in opposite to SBI atm . there was people getting more trouble to withdraw money, and printing pass book. no security service at ATM

BASAVARAJ BIDARI's picture

BASAVARAJ BIDARI 2 months 2 weeks ago

Respected Sir, I have information of black money and Benamy property of HESCOM Superintendent Engineer ( DISCOM Company Karnaka ). Is this right platform to share information , if yes kindly let me know how to share.

Ramraj Singh's picture

Ramraj Singh 2 months 2 weeks ago

Dear Sir/ Madam,

Sub: Digital India in shortest time.

Just like radio app on our mobile why we can't get assess to bank and gov. Apps free of cost? The cost involved will be paid by advertisiement on these apps.

A new AADHAR basesed social networking app for indian can join all youths and can give a big boost to digitalisation.

A subsidised smartphone can help in achieving target of digital , cashless India in shortest time.

P Nethesh Bhat's picture

P Nethesh Bhat 2 months 2 weeks ago

Once India becomes digitalised we can create a system to block the aadhar card to all the defaulters. The bank people should also take action to block the passort of the persons after resonable notice has been given. As passport is dealt electronically in the imigration the banks also shouod also be given neccessary equipment to block their paspport in case they run from the country. The process should be immediate and effective.