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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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Showing 372 Submission(s)
raghini roupan's picture

raghini roupan 1 hour 6 minutes ago

finance ministry implemented that banks shd post all promotees to necessarily serve in branches upto scale V as a post promotion condition.
PSBs are not strictly implementing and at times selectively and RBI does not enforce and govt's guideline remain in paper and spirit behind the order is lost;
RBI shd enforce and PSBs shd implement and Govt Finance ministry shd ensure.

Abhinav Kumar's picture

Abhinav Kumar 9 hours 42 minutes ago

#MyGov
Hello Sir, i am support and welcome idea of cashless India , that points to digital India .but it is not possible if you didn't provides any offer / discount on cashless payment
the cost of machine [POS] is 3K to 3.5K per month which is not affordable for common shopers. We are request you to think about it and provide us free swaping or POS machine
thank regards
we are Digitalopeners Team
we are working on e-education and Technical Training

Kama Bhatia's picture

Kama Bhatia 19 hours 23 minutes ago

शहर में पीने का पानी ज्यादातर इलाको में उपलब्ध है लेकिन क्यूंकि लोगो के पास पहले से ही उनके अपने वाटर सबमर्सिबल पंप लगे हैं इसलिए लोगो ने सरकारी स्तर पर पानी का कनेक्शन नहीं लिया हुआ है |

r e joshua's picture

r e joshua 1 day 1 hour ago

Dear sir,
The Insolvent Individual or Company's assets must be reviewed.If luxury goods like sports cars,gold beyond applicable limit,etc., is there ,necessary action to be taken for attaching .
List should include all individuals /companies with which there is unfavourable dealings .

r e joshua's picture

r e joshua 1 day 2 hours ago

Respected Sir,
There should be provision to recover money which has been unduly taken/given on loan from Banks/Financial Institutions ,i.e.,showing assets when there are none.
This can be recovered from:
1.The Company's promoters.
2.The Company's Finance Depts., who have wrongly vouched for veracity of the assets.
3.The close relatives,etc., to whom money has been transferred.
4.The banks/Financial institutions whose managers have wrongly vouched for the assets.
5.Other financers