Insolvency and Bankruptcy Board of India invites public comments
Insolvency and Bankruptcy Board of India invites public comments on
Draft Regulations for Voluntary Liquidation by 8th March, 2017.
The Ministry of Corporate Affairs had
set-up four Working Groups to facilitate implementation of the Insolvency and
Bankruptcy Code, 2016. The Working Group-3 had 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 insolvency resolution and 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 (a)
the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016 and (b) the Insolvency and Bankruptcy Board
of India (Liquidation Process) Regulations, 2016.
This
Working Group has now submitted draft regulations for Voluntary Liquidation of
Corporate Persons. A corporate person who has not committed any default may
initiate voluntary liquidation subject to certain conditions. It has been
decided to to invite public comments
on the draft regulations. Accordingly, comments on each provision of the draft
regulations are invited by 8th March, 2017. The draft regulations
are available on the Board’s website at www.ibbi.gov.in. The comments may be submitted online at
‘FEEDBACK’ on the website or by email at feedback@ibbi.gov.in.
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