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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 ...

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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
Showing 57 Submission(s)
Viresh Singhal's picture

Viresh Singhal 1 hour 33 minutes ago

Our govt is not going good on on external affairs front...
हमले में 26 जवान शहीद, 6 घायल, 8 लापता

4-5 नक्सली भी मारे गए, शहीदों के हथियार लूटे

पिछले माह भी इसी जिले में हुए थे 12 जवान शहीद

जगदलपुर, 24 मार्च। छत्तीसगढ़ के सुकमा जिले में आज दोपहर पुलिस व नक्सलियों के मध्य हुयी मुठभेड़ में सीआरपीएफ के 26 जवान शहीद एवं 6 जवान घायल हो गए हैं। पुलिस ने मुठभेड़ में 4-5 नक्सलियों के मारे जाने का दावा किया है। नक्सली शहीद जवानों के हथियार भी लूटकर ले गए। हमले के बाद से 8 जवान लापता हैं।

o v gnana prakash's picture

o v gnana prakash 2 hours 43 minutes ago

Opening and closing of business is as good as moving in a private vehicle on your own today. Things should not be so easy and can not cheat public just as some one wish. Insolvant and applicant(s) should be punished and settlement should be faster by undertaking some assests. Every business entity should undergo Insurance to substantiate their loss in case of any and to satisfy vendors and staff.

o v gnana prakash's picture

o v gnana prakash 2 hours 48 minutes ago

Highest punishment to be imposed for duplicating data. Culprits be it Accountant, Auditor etc should be taken to task. Insolvant and their co applicants should be barred for performing business in any kind atleast 3-5 years depending on the value. They should be employed in a lower cader, government should ensure they earn and pay taxes promptly and feel the pain of employees if they lift up their business in one day.

vandna rai's picture

vandna rai 3 hours 41 minutes ago

Sir namastey,i m from sagar district of madhyapradesh.we are informed about dam construction on our agricultural land before 2 years.our land comes under bundelkhand that is totally draught area.all the surveys of dam construction has done.but no further process is going to start.we all farmers are very tired from officers of water resource department.but they just replied WAIT work will be done.sir kindly do the necessary action for dam construction.

PADMANABHA_1's picture

PADMANABHA_1 4 hours 36 minutes ago

1.Punishment to promotersfor manupulated balance sheets for loan purpose
2. Scope of the project to be ensured
3.Strict follow up and end use of loan amount , ,If not , punisment to be imposed on promoters
4.Mortgage of fixed assets /other assets to be ensured
5.Asset declaration by promoters should be realastic and wrong declaration /hiding etc should be punishable
6.Quick action for defaulted loans installments

Kranti shah singh's picture

Kranti shah singh 20 hours 45 minutes ago

Modi sir,
chattisgarh me to had hi gyi phle Kashmir aur ab chattisgarh sir kuch to karo samjh nhi a rha h kuch waise akrosh jyada hai phir VI 24 crpf jawan sahid ho gye unka kuch Na kuch to krna hi hoga

biswajit adhikary's picture

biswajit adhikary 20 hours 58 minutes ago

sir new india bana na k lea 1st indian peaple ko smart bana parega,dash ma 50% peaple asa ha jo ATM,SMART PHONE NETBANKING ONLINE FORM FILL UP EA BHIM APP OR v kaha sara jo ajkal jaroorat hota ha bo una nahi ata, to ap jo skill india pa traning da raha ha up is ko v traning per samil kra ta ki people traning la saka or dash smart ban saka,thanku.

Br Chandrashekar's picture

Br Chandrashekar 1 day 1 hour ago

ಸನ್ಮಾನ್ಯ ಪ್ರಧಾನಮಂತ್ರಿಯವರೇ, ನೀವು ಅಧಿಕಾರಿವನ್ನು ವಹಿಸಿಕೊಂಡಂಗಿನಿಂದಲ್ಲೂ ಇಲ್ಲಿಯವರೆಗೆ ಆಡಳಿತದಲ್ಲಿ ಸುಧಾರಣೆಯನ್ನು ತರುತ್ತಿರುವುದು. ಅತೀ ಸಂತೋಷದ ವಿಷಯವಾಗಿರುತ್ತದೆ. ಶ್ರೀಸಮಾನ್ಯರಿಗೆ ನಿಮ್ಮ ಯೋಜನೆಗಳು ಬಹು ಉಪಯೋಗಿಕಾರಿಯಾಗಿವೆ. ಆದರೆ ಬ್ಯಾಂಕ್ ವಲಯದಲ್ಲಿನ ಬದಲಾವಣೆಗಳು ಜನಸಾಮಾನ್ಯರಿಗೆ ತುಂಬ ತೊಂದರೆಯನ್ನುಂಟು ಮಾಡುತ್ತಿವೆ. ಉದಾ: ಸ್ಟೇಟ್ ಬ್ಯಾಂಕ್ ಆಫ್ ಇಂಡಿಯಾ ತನ್ನ ಉಳಿತಾಯ ಖಾತೆಯ ಹಣವನ್ನು ರೂ. 1000 ದಿಂದ ರೂ. 5000 ಗಳಿಗೆ ಹೆಚ್ಚಿಸಿದೆ. ತನ್ನ 6 ಅಧೀನ ಬ್ಯಾಂಕ್ ಗಳ ವೀಲಿನಗೊಂಡ ಮೇಲೆ. ಆದ್ದರಿಂದ ತಾವುಗಳು ಈ ಬಗ್ಗೆ ಜನಸಾಮಾನ್ಯರಿಗೆ ಅನುಕೂಲವಾಗುವಂತೆ ಕಾರ್ಯವನ್ನು ರೂಪಿಸುವಂತೆ ತಮ್ಮನ್ನು

Mahesh A Pathak's picture

Mahesh A Pathak 1 day 3 hours ago

Dear PM Sir
If area representative ( local MALA, Nagarsewak ) hold meeting regularly with People of that area
Nagarsewak - weekly once with two chowk
MLA - monthly once & critical issues which Nagarsewak not able to resolve.

I think then problem solving become more faster

Yours sincerely