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Suggestions Invited for Regulations for Fast Track Insolvency Resolution Process

Suggestions Invited for Regulations for Fast Track Insolvency Resolution Process
Start Date :
Apr 18, 2017
Last Date :
May 08, 2017
00:00 AM IST (GMT +5.30 Hrs)
Submission Closed

A Working Group was constituted by the Ministry of Corporate Affairs under the Chairmanship of Mr. N.K.Bhola, Regional Director (North), MCA with a mandate to deliberate and submit ...

A Working Group was constituted by the Ministry of Corporate Affairs under the Chairmanship of Mr. N.K.Bhola, Regional Director (North), MCA with 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 Voluntary 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 the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 on 31st March, 2017.

This Working Group has now submitted the draft regulations for Fast Track Corporate Insolvency Resolution Process of Corporate Persons. These regulations shall apply to such Corporate Debtors with assets and income below a certain level or such class of creditors or such amount of debt or such categories of Corporate Persons, as may be notified by Central Government under section 55 (2) of the Insolvency and Bankruptcy Code. The resolution process under Fast Track Regulations shall be completed within a period of 90 days from the insolvency commencement date and can be extended by 45 days with the permission of Adjudicating Authority under certain circumstances.

Under section 55 (2) of the Code, the Central Government may notify such categories of Corporate persons on which the Fast Track Corporate insolvency resolution process regulations shall be applicable. The working group has suggested three categories of corporate persons for applicability of Fast track regulations i.e. Small companies, as defied under subsection (85) of section 2 of Companies Act.,2013, Companies/LLP which has borrowed money not exceeding Rs. 2 crores and Start-ups as defined in DIPP notification no 180 (E) dated 17.02.2016.

It has been decided to to invite public comments on the draft regulations on fast track resolution and Eligible Corporate persons. Accordingly, comments on each provision of the draft regulations are invited. The draft regulations are available on MyGov here. The last date for submission of suggestions is 8th May, 2017.

Click here to read the Draft Regulations on Fast Track Insolvency Resolution Process for Corporate Persons

Click here to read the Draft Notification for Eligible Corporate Debtors

Showing 104 Submission(s)
Samar Sutradhar
Samar Sutradhar 8 years 3 months ago

Dear Honourable PM Sir, I am from West Bengal and I see that many people were invested their all money to the cheat funds and lost every things. In this context I request you, please keep an arrangement to finish the investigation in this regard on early basis, so that many people can get return their invested money very fast. Also request you, please keep an arrangement for refunding the invested money by selling their(Cheat fund's) properties.

Rahul Chimanbhai Mehta_1
Rahul Chimanbhai Mehta_1 8 years 3 months ago

Respected PM,
.
pls print law that a voter, in voterlist, can add his Facebook id, twitterid, sha1hash of his public key, his cellno, emailid etc and mention whether he wants to keep it open or confidential. The proposed law-draft is attached.

Deepak Jhanwar
Deepak Jhanwar 8 years 3 months ago

Kindly incorporate the following;
1. Such persons should be given minimum time period to make up the loss otherwise they should not be allowed to take loan from any other institutions.
2. Such property should be allotted to others on the basis of auction.
3. Before liquidation, person should be allowed to add more active partners for the benefit of the company.
4. The amount earned in auction should be first distributed to employees as salaries.
3.

HIMANSHU RATHORE_6
HIMANSHU RATHORE_6 8 years 3 months ago

Respected Sir,
plz look on the matter of insurance companies violence and our judicial system coz insurance companies only give the claim to rich peoples and only rich peoples get justice, coz ordinary peoples never had money to hire good lawyers, resulting that only rich peoples gets justice.

pathakjagdishi
pathakjagdishi 8 years 3 months ago

In respect to GST, Hon. PM and hon. FM has made great effort to implement as early as possible in the interest of nation as well as public interest, I want to suggest that, the SGST, which should be passed by all the states, should be instructed to pass the act in assembly of state as early as possible,further, the rate GST is very important,it should be fixed at reasonable and statndard level,so that the without lossing the revenue, minimum rate can be fixed in large public interest,best wishes

RAMESH_3443
RAMESH_3443 8 years 3 months ago

Present efforts to attach printing machine with EVMs to provide proof for voters about their choice of vote casted would be disastrous to the effort of curbing money for vote. How will we prevent any political party from taking the receipts from the masses as proof in return for the promised cash. we are creating a very big loop hole. Instead EC can provide a small screen in front of the EVM itself which will flash symbol for three seconds before the voter leaves the booth. Pls rethink

Rahul Chimanbhai Mehta_1
Rahul Chimanbhai Mehta_1 8 years 3 months ago

We request PM to print Right to Recall MLA law-draft proposed by us at Right to Recall Party (to be registered). IMO, this draft is better than RTR MLA draft proposed by Shri Varun Gandhiji. For details, pls see https://fb.com/mehtarahulc/posts/10154357792041922 . sha1 = 733526a17f245211460a6ecd6ac6c2ab030fd331

khasrini
khasrini 8 years 3 months ago

Action routed through financial institutions have a better compliance effect than through enforcement agencies. Reduce debt eligibility to Rs 1 crore for insolvency resolution process and make it cumulative for group companies thus weeding out the errant ones at the nascent stage.

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