Suggestions Invited for Regulations for Fast Track Insolvency Resolution Process

A Working Group was constituted by the Ministry of Corporate Affairs under the Chairmanship of Mr. N.K.Bhola, Regional Director (North), MCA with a mandate to deliberate and submit ...

See details Hide details
Suggestions Invited for Regulations for Fast Track Insolvency Resolution Process

A Working Group was constituted by the Ministry of Corporate Affairs under the Chairmanship of Mr. N.K.Bhola, Regional Director (North), MCA with a mandate to deliberate and submit its recommendations on rules and regulations and other related matters for the insolvency and liquidation process under the Insolvency and Bankruptcy Code, 2016. This Working Group had earlier developed draft regulations for Corporate Voluntary Liquidation Process. Based on these drafts and after considering public comments on the same and following the due process, the Insolvency and Bankruptcy Board of India (Board) has notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 on 31st March, 2017.

This Working Group has now submitted the draft regulations for Fast Track Corporate Insolvency Resolution Process of Corporate Persons. These regulations shall apply to such Corporate Debtors with assets and income below a certain level or such class of creditors or such amount of debt or such categories of Corporate Persons, as may be notified by Central Government under section 55 (2) of the Insolvency and Bankruptcy Code. The resolution process under Fast Track Regulations shall be completed within a period of 90 days from the insolvency commencement date and can be extended by 45 days with the permission of Adjudicating Authority under certain circumstances.

Under section 55 (2) of the Code, the Central Government may notify such categories of Corporate persons on which the Fast Track Corporate insolvency resolution process regulations shall be applicable. The working group has suggested three categories of corporate persons for applicability of Fast track regulations i.e. Small companies, as defied under subsection (85) of section 2 of Companies Act.,2013, Companies/LLP which has borrowed money not exceeding Rs. 2 crores and Start-ups as defined in DIPP notification no 180 (E) dated 17.02.2016.

It has been decided to to invite public comments on the draft regulations on fast track resolution and Eligible Corporate persons. Accordingly, comments on each provision of the draft regulations are invited. The draft regulations are available on MyGov here. The last date for submission of suggestions is 8th May, 2017.

Click here to read the Draft Regulations on Fast Track Insolvency Resolution Process for Corporate Persons

Click here to read the Draft Notification for Eligible Corporate Debtors

All Comments
#MoCA, #MyGov, #FastTrackInsolvencyResolutionProcess
Reset
Showing 104 Submission(s)
Jaydip Dadubhai Vagh's picture

Jaydip Dadubhai Vagh 2 months 2 weeks ago

dear sir,

i am accepting all decision good and benifits to our countray but my point of view education cost is more than other cost so fisrt things we can try to free of cost teaching in india bes of so many student came to middle order and they can not affort so many cost, second things is if we can creteted centerlisation to all courses and rank also in all india so we know to fees and infrastucture and improvement our education sysytem...

Nilesh Rasiklal Gandhi's picture

Nilesh Rasiklal Gandhi 2 months 2 weeks ago

Sir,

In Respect of any kind of loan or funding, it should be made compulsory to give schedule of charges, interest etc. in terms of reducing balance only.

This will reduce any misunderstanding between the bank and the customer.

Now a days loan at the rate of say 9% p.a. (Flat) for 3 years, works out to be more than 36-48 % p.a. (Reducing balance).

Transparency should be there in this respect. By these Disputes shall get reduced to at least 50 % from current level.

Nilesh Rasiklal Gandhi's picture

Nilesh Rasiklal Gandhi 2 months 2 weeks ago

Sir,

Banking at least Savings part shall be made truly service sector. Senior Citizen, Students and other special category persons shall be given all the Benefits without any min. Balance OR QAB Requirement to be fulfilled.

Nilesh Rasiklal Gandhi's picture

Nilesh Rasiklal Gandhi 2 months 2 weeks ago

Sir,

Digital India is Really nice concept. But Its my Humble request that govt. should not allow any change on general basis.

Like now a days SBI is has imposed QAB charges for all saving accounts. This is for Metro City. Now in this Metro City too many persons can't afford this. This is beyond the limit what was committed to him at the time of opening the account. Also there are many Student and Senior Citizen Accounts too.....

SUMAN AGRAWAL's picture

SUMAN AGRAWAL 2 months 2 weeks ago

Corruption in entire banks in india.If you see their expenses than can't imagine.Entire channels of banks are under corruption.If proper NPA declare than you can't imagine losses of bank

SUMAN AGRAWAL's picture

SUMAN AGRAWAL 2 months 2 weeks ago

Respected Sir,
entire Advances By Bank to farmers get NPA & new advances going to NPA.Banks are not tracking customers for depositing instalments.A lot of advances to persons not traceable & banks are showing it as performing assets.Field officers are sitting in chair & not visiting in the field,than how the advances to be recovered.Some Officers sanctioned advances in only paper but business places not there.

Jugal Mundhra's picture

Jugal Mundhra 2 months 2 weeks ago

Respected sir,
You are doing very good job for we indians,we appreciate you that we get motivation from your work.But my humble request from you is to please make any arrangement to abolish quota system from collages addmission and other job recruitment for betterment of future if india nd coming indian generation which are future of india..if govt want to give prefrence to sc/st/obc,its ok.you give all study allowance and fees free from government,no matters but please stop this worst system

Pravin Kulkarni's picture

Pravin Kulkarni 2 months 2 weeks ago

Land value is relative. It will change drastically as per the public use. Alternative uses like lakes, airport,forest,railway station, bus station, market center may be encouraged to enhance the property value. Money may be recovered by leasing or rental for the property. It requires coordination between Banks, Local bodies, state and national governments and local participation.