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Public Consultation on Draft Regulations for Voluntary Liquidation

Public Consultation on Draft Regulations for Voluntary Liquidation
Start Date :
Feb 15, 2017
Last Date :
Mar 09, 2017
00:00 AM IST (GMT +5.30 Hrs)
Submission Closed

The Insolvency and Bankruptcy Board of India (IBBI) was established on October 1, 2016 in accordance with the provisions of The Insolvency and Bankruptcy Code, 2016. ...

The Insolvency and Bankruptcy Board of India (IBBI) was established on October 1, 2016 in accordance with the provisions of The Insolvency and Bankruptcy Code, 2016.

The Board has the responsibilities relating to the setting of a conducive ecosystem to support implementation of the insolvency and bankruptcy regime in India. This encompasses the following broad functions:
• Regulation and development of market processes and practices relating to Corporate Insolvency, Corporate Liquidation, Individual Insolvency, and Individual Bankruptcy
• Registration and regulation of service providers for the insolvency process which includes the Insolvency Professionals (IPs), Insolvency Professional Agencies (IPA), and Information Utilities (IUs)
• Oversight of markets and service providers through Surveillance, Investigation and Grievance Redressal
• Enforcement and Adjudication of service providers to ensure their orderly functioning
• Professional development and expertise through Education, Examination, Training and continuous professional enhancements.

Ministry of Corporate Affairs provided the initial handholding to the Board. It set up four Working Groups, each with a fixed time frame.

These working groups were mandated to:-
1. Deliberate and recommend the organizational structure of the Board;
2. Rules, Regulations and other related matters on Insolvency Professionals and Insolvency Professional Agencies; Rules,
3. Regulations and other related matters for the Insolvency and Liquidation Process under the Code;
4. Rules, regulations and other related matters for Information Utilities under the Code.

These Working Groups helped the Ministry of Corporate Affairs to prepare the draft regulations related to IPAs, IPs, Model Bye Laws, Insolvency Resolution Process for Corporate Persons, Insolvency Liquidation Process. The Ministry of Corporate Affairs placed these draft regulations in public domain seeking public comments by October 28/31, 2016. The Working Group-4 set up by the Ministry of Corporate Affairs to deliberate and submit its recommendations on rules, regulations and other related matters for Information Utilities under the Insolvency and Bankruptcy Code, 2016, submitted its Report including draft regulations on Information Utilities. These were put up in public domain seeking public comments by February 7, 2017.

Group-3 set up by the Ministry of Corporate Affairs to deliberate and submit its recommendations on rules, regulations and other related matters pertaining to Voluntary Liquidation process under the Insolvency and Bankruptcy Code, 2016, submitted the draft regulations on Voluntary liquidation.

The Insolvency and Bankruptcy Board of India invites public comments on each provision of the draft regulations by 8th March, 2017.

Click here to read the report

Showing 435 Submission(s)
akmodi1970@gmail.com
Ashok Modi 8 years 3 months ago

*हो गई अच्छे दिन की शुरआत*

ATM से 4 बार से अधिक पैसा निकलने पर 150 रु टैक्स और 23 रुपये सर्विस चार्ज मिलाकर कुल 173 कटेंगे ..
मोदी जी आपसे निवेदन है कि इस तरह से हम सभी को आपसे यह उम्मीद नहीं थी जरा सोचिए कि एक महिने मे चार Bank transection तो वैसे ही हो जाते हैं,इस तरह आम जनता मे आपका संदेश गलत जाता है,please make it suitable.

ramveer kumawat
ramveer kumawat 8 years 3 months ago

sir jamukasmir se dara 370 turant hata kar.ak beil pass kare ki des ke khilaf nare lagane par saja hoghi.ye kaam turant kare.hame aap se bhout umeed h.agar aap ye kaam nhi kar paye to ye des kabhi bhi bhikar jayega.notbandi se bada faisala ye h,jo aap kar sakte ho.jara soch kar deke aap ke es faisle se kya ho sakta h.aur des ko kihtana fayda hoga.des ke dusman turant neekal kar samne aa jayge.jis me sab se pahale congres hoghi.aur bhi dalo ke bare me des ko pata chal jayega. please es par action

A XAVIER RAJA
A XAVIER RAJA 8 years 3 months ago

Our Nation Crosses Veto Power Countries
Update finest Defence technology in the world
PATENT NO:201491Dated15/12/2003,D-CHE/0877GOVTOfINDIA.
Invention Model Movie in https://www.youtube.com/watch?v=mbO8zCguvPA
I submitted my patent invention to DRDO via to Prime Minister Office
But no benefit, last 19 years works for this invention,
Govt link in http://www.xavierraja.com/linkswithgovtofindia.php
A. Xavier Raja, S/O A.D.Amirtha Raj,
798/152, Op St Mary’s Tower, Maravankudiruppu, Nagerco

A XAVIER RAJA
A XAVIER RAJA 8 years 3 months ago

Our Nation Crosses Veto Power Countries
Update finest Defence technology in the world
PATENT NO:201491 Dated15/12/2003,D-CHE/0877GOVTOFINDIA.
Invention Model Movie in https://www.youtube.com/watch?v=mbO8zCguvPA
I submitted my patent invention to DRDO via to Prime Minister Office
But no benefit, last19 years works for this invention,
Govt link in http://www.xavierraja.com/linkswithgovtofindia.php
A. Xavier Raja, S/O A.D.Amirtha Raj,
798/152, Op St Mary’s Tower, Maravankudiruppu, Nagerco

A XAVIER RAJA
A XAVIER RAJA 8 years 3 months ago

Our Nation Crosses Veto Power Countries
Update finest Defence technology in the world
PATENT NO: 201491 Dated 15/12/2003, D-CHE/ 0877 GOVT OF INDIA.
Invention Model Movie in https://www.youtube.com/watch?v=mbO8zCguvPA
I submitted my patent invention to DRDO via to Prime Minister Office
But no benefit,last19 yearsworksforthis invention,
Govt link in http://www.xavierraja.com/linkswithgovtofindia.php
A. Xavier Raja, S/O A.D.Amirtha Raj,
798/152, Op St Mary’s Tower, Maravankudiruppu,

a8103937184@gmail.com
PRERNA SHARMA 8 years 3 months ago

R/SIR, IT IS REQUESTED THAT THERE SHOULD BE SOME RELAXATION IN THE RETIREMENT AGE FOR PHC WHO WISHED TO WORK MORE IN THEIR INSTITUTION/JOB,BECAUSE AFTER SO MUCH STRUGGLE THEY GET THEIR JOB .WHEN THERE IS RELAXATION IN RECURIMENT THEN THERE SHOULD BE CONSIDERATION IN RETIREMENT AGE,PLZ CONSIDER THIS SUGGATION AS TOP PRORITY , DIVYANGS WILL BE BENIFITTED UNDER THIS SUGESSION AND THEY WILL FULFIL THEIR LIABLITIES FOR THIE FAMILY .
REGARDS

shreyansshah7@gmail.com
Shreyans Shah 8 years 3 months ago

Current law doesn't understand grand bargain of capitalism which underwrites modern prosperity. Limited liability allows low equity and high debt for large enterprises but also states auditors need to raise red flags and have unlimited civil and criminal liabilities so if frauds/laundering happens India doesn't have any law to make professionals like CA,CS,lawyers accountable with unlimited civil and criminal liabilities which current laws are lacking and are not enforceable! A real tragedy!

shreyansshah7@gmail.com
Shreyans Shah 8 years 3 months ago

There is also a law needed for prosecution of bank officials, Chartered accountants, company secretary and lawyers as current law dosent have any provisions except minuscule fines and companies only hire those CAs who can create 1+1=11. Apart there is also a practice for making 3 balance sheets 1 for banks and income tax and public, 1 for tax evaded cash transaction and 1 for themselves! If you start making above mentioned professionals accountable with unlimited liabilities frauds will stop.

shreyansshah7@gmail.com
Shreyans Shah 8 years 3 months ago

cont...10) Ability for negotiation and take haircut in industrial assets where quality of unit equipment is not upto the mark ans tax and other liabilities are pending as no prospective acquirer in his right mind will pay all dues like current practices in insolvency

shreyansshah7@gmail.com
Shreyans Shah 8 years 3 months ago

cont...as current law is too idealistic and there is lack of details regarding what should happen if participants and stake holders fail to do their job from promoters,banks, credit ratings, NCLT,auditors,CAs,CSs,Lawyers etc 8) Method for asset pricing 9) Timeline for auction of assets...cont

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