The Ministry of Corporate Affairs (“MCA”) as part of the process for implementing the Insolvency and Bankruptcy Code, 2016 (Code) had set-up a working group consisting of practitioners and experts for making recommendations for drafting Rules and Regulations for registration and regulation of Insolvency Professionals, Insolvency Professional Agencies and the Insolvency Resolution and Liquidation of Insolvent Corporate Persons. Based on recommendations of working group, the following Rules and Regulations have been drafted:
1. Insolvency and Bankruptcy (Registration of Insolvency Professionals) Regulations, 2016
2. Insolvency and Bankruptcy (Registration of Insolvency Professional Agencies) Regulations, 2016
3. Insolvency and Bankruptcy (Model Bye-laws of Insolvency Professional Agencies) Regulations, 2016
4. Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016
5. Insolvency and Bankruptcy (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
6. Insolvency and Bankruptcy (Liquidation of Insolvent Corporate Persons) Regulations, 2016
Comments on behalf of the Insolvency and Bankruptcy Board of India are invited from interested stakeholders on aforesaid drafts Rules and Regulations. Interested stakeholders may submit their comments on the website of the MCA latest by 28th October, 2016 for Regulation 1 to Regulation 3 mentioned above and by 31 October 2016 for Rules 4 to Regulation 6 mentioned above.
To read the notice and draft rules, please click the below link:
http://feedapp.mca.gov.in/;