Public Consultation on Draft Regulations for Voluntary Liquidation

Public Consultation on Draft Regulations for Voluntary Liquidation
Last Date Mar 09,2017 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. 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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370
MANOJ KUMAR SINGH 3 years 4 months ago

मै चुनाव के समय होने वाली फर्जी मतदान के सम्बन्ध में यह सुझाव देना चाहता हूँ की क्यों नही वोटरलिस्ट को आधार नम्बर से जोड़ दिया जाय ताकि फर्जी मतदान मे पूर्ण रूप से रोक लग सके।

2540
manish bhagat 3 years 4 months ago

My Name is Manish Bhagat Resident of Bangalore I booked one 2bhk Flat with DreamZ Infra Limited in May 2016 with the booking amount of Rs200000 and no construction has started till now and recently came to know that Dreamz has sold the land for which I have booked the Flat.I have registerd the FIR in local Madiwala Police station but no action has taken so far.We are more than 2000 victim from this builder who has cheated us and it is a big scam of thousands crores.Please assist and advise

2540
manish bhagat 3 years 4 months ago

My Name is Manish Bhagat Resident of Bangalore I booked one 2bhk Flat with DreamZ Infra Limited in May 2016 with the booking amount of Rs200000 and no construction has started till now and recently came to know that Dreamz has sold the land for which I have booked the Flat.I have registerd the FIR in local Madiwala Police station but no action has taken so far.We are more than 2000 victim from this builder who has cheated us and it is a big scam of thousands crores.

2080
A XAVIER RAJA 3 years 4 months ago

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But no benefit, last 19 years works for this invention,
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1580
kedarnath modi 3 years 4 months ago

Any insolvency bill won't be able to curb NPA till we understand the term, "willful defaulter" and, "Forced defaulter". A willful defaulter is a person who is not willing to pay, despite of capacity to pay without selling his or her house. But a forced defaulter is a person whose money is stuck in debtors, or investments and can't get it back. Also the real NPAs are not in housing loans, they are in business loans. First laws must ensure that businessman can recover dues from debtors

1580
kedarnath modi 3 years 4 months ago

Also, there are no trainers for male riders willing to learn. Thus this rule causes problems to new learners. Also riding alone invites a penalty with new act upto rs. 5000 which no learner or rider will pay, hence people end up paying 100-500 to cops as bribe and run away. This has just been an adding to corruption

1580
kedarnath modi 3 years 4 months ago

Changes needed in the draconian motor vehicles act not yet included in the new ammendment bill too.:
1> The act asks learners learning two wheeeler to carry a licenced pillion rider all time during riding on learner's licence. However, the rule is not practically that feasible everywhere. 1st, No one wishes to ride pillion to a learner. 2nd NO one can learn balancing and riding while having someone pillion. 3rd, In places like mumbai suburbs, there are no enough grounds for learners

170
rishiraj 3 years 4 months ago

It is required mandatory that Company/Organisation in the process of liquidation shall be made known to all through regular advertisement in local aswell as national newspaper essencially in local launguage for submitting the claim

370
Chaturya K 3 years 4 months ago

My father passed away a year back and the responsibility of myfamily of4 members is on me. My mother, my unwell sister and my 13 year old brother. I am working in a school and the earning I get is insufficient We neither hv a house of our own nor we have any saving. When my mother applied for pension scheme for widows they said fmly income should be below certain amt but every yr my tax is deducted normally because money spent on spouse and own children is only considered. There shld b some way