IBBI Invites Public Comments on the Regulations Notified under the Code Till Date
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- Last Updated on 8 May, 2023
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Press Release No. IBBI/PR/2023/05, Dated 04.05.2023
The IBBI has invited public comments on the regulations already notified under the Code till date. Section 240 of the IBC empowers the IBBI to make regulations. For this purpose, IBBI has established a transparent and consultative process. It has been the endeavour of the IBBI to effectively engage stakeholders in the regulation-making process.
Public consultation enables collective choice and hence plays an important role in the evolution of the regulatory framework. The participation of the public, particularly the stakeholders in the insolvency ecosystem ensures that the regulations are informed by the legitimate needs of those interested in and affected by the regulations.
Further, the stakeholders may contemplate, at leisure, the important issues in the extant regulatory framework that hinder transactions and offer alternate solutions to address them.
In view of the above, IBBI invites comments from the public, including the stakeholders, on the regulations already notified under the Code till date. The comments received between 4th May, 2023 and 31st December, 2023 shall be processed together and following the due process, regulations will be modified to the extent considered necessary.
Further, it will be the endeavour of the IBBI to notify modified regulations by 31st March, 2024 and bring them into force on 1st April, 2024.
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