- The public is invited to comment on the rules announced under the 2016 Insolvency and Bankruptcy Code of the Insolvency and Bankruptcy Board of India.
Public consultation allows for collaborative decision-making and hence plays an important part in the regulatory framework's evolution. The involvement of the general public, particularly stakeholders in the bankruptcy ecosystem, ensures that regulations are informed by the genuine demands of people who are interested in and affected by the regulations.
Furthermore, stakeholders may consider at their leisure the critical concerns in the existing regulatory framework that impede transactions and propose alternative ideas to overcome them.
In consideration of the aforementioned, IBBI invites public, including stakeholders, opinions on the regulations that have already been notified under the Code. The comments submitted between the 4th of May, 2023 and the 31st of December, 2023 will be processed collectively, and rules will be updated to the degree deemed essential following the proper process.
- Insolvency and Bankruptcy Board of India is seeking feedback and public comments on the regulations that have already been announced under the Code to date from the general public and stakeholders. The comments received between 4 May 4, 2023, & 31st Dec, 2023, must be processed collectively. After the proper procedure is followed thereafter, Insolvency and Bankruptcy Code regulations will be updated as appropriate. The Insolvency and Bankruptcy Board of India shall make an effort to notify amended regulations by March 31, 2024, and to implement them on April 1, 2024.
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