For Information of Stakeholders
Comments/ Suggestions on Rules and Regulations IBC 2016:
Application to Adjudicating Authority Rules, Resolution Process for Corporate Persons
and Liquidation of Insolvent Corporate Persons Regulations

13th October 2016

 

Vide Notice for information of stakeholders dated 7th October 2016, the Institute informed that the Ministry of Corporate Affairs invited the comments/ suggestions from the stakeholders, and the Institute requested members to submit their comments/suggestions to the Institute by 23rd October 2016 on the following Regulations, so that the consolidated comments could be filed by the Institute to the Ministry of Corporate Affairs in their prescribed format on line in their portal:

 

  1. Public Notice 6.10.16 IBC 2016
  2. Insolvency and Bankruptcy (Registration of Insolvency Professionals) Regulations, 2016
  3. Insolvency and Bankruptcy (Registration of Insolvency Professionals Agencies) Regulations, 2016
  4. Insolvency and Bankruptcy (Model Bye-laws of Insolvency Professionals Agencies) Regulations, 2016

 

The Ministry of Corporate Affairs vide Public Notice dated 10th October 2016 has further hosted on their website the following Rules/ Regulations for comments/ suggestions of the stakeholders:

 

  1. Public Notice 10.10.16 IBC 2016

A. Rules

  1. Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016

B. Regulations

  1. Insolvency and Bankruptcy (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
  2. Insolvency and Bankruptcy (Liquidation of Insolvent Corporate Persons) Regulations 2016

The members of the Institute may be aware that the Government of India vide Gazette Notification dated 28th May 2016 notified "The Insolvency and Bankruptcy Code 2016" (IBC 2016) with an objective to consolidate and amend the laws relating to the reorganization and insolvency resolution of corporates, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credits and balance the interest of all stakeholders and to have an effective and adequate framework of insolvency and bankruptcy.

 

The implementation of the above Code is through Regulations and Rules to be notified by the Ministry of Corporate Affairs. For the purpose of framing the Regulations and Rules, the Ministry of Corporate Affairs, constituted Working Groups. CMA Sanjay Gupta, Vice President and CMA Dr. PVS Jagan Mohan Rao, Council Member represented the Institute as members of the Working Group-2 and Working Group-3 respectively. The technical support to Institute’s members has been provided by Technical Directorate, headed by CMA J K Budhiraja, Sr. Director (Technical).

 

Vide Public Notice dated 6th October 2016 and 10th October 2016, the Ministry of Corporate Affairs, Insolvency Section based on the recommendations of the Working Group-2 and Working Group-3 respectively, the above Regulations/ Rules were drafted by the working groups and hosted by the Ministry of Corporate Affairs on their website for public comments from interested stakeholders.

 

Copy of public notices along with the above draft Regulations/Rules on which comments are sought have been hosted on the Institute's website www.icmai.in under 'updates section'.

 

The members of Institute are requested to forward their comments/ suggestions in the following prescribed format, so that the consolidated comments/suggestions of the members in the "prescribed format of MCA" could be filed within stipulated date by the Institute:

 

Serial Number Name of Regulation Regulation Number Comments/ Suggestions
       

 

Last date for submission of comments/suggestions by email: suggestions-IBC2016@icmai.in to the Institute on the above Regulations/ Rules is as follows:

 

1. For Regulations listed at Serial number 2 to 4 is latest by 23rd October 2016.

 

2. For Rules/Regulations listed at Serial number 6 to 8 is latest by 25th October 2016

 

(J K Budhiraja)
Senior Director (Technical)