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Insolvency and Bankruptcy Board of India (IBBI) invites comments on draft IBBI (Mechanism for Issuing Regulations) Regulations, 2018;

News and Press Release - Dated:- 8-3-2018 - Comments may be e-mailed at feedback@ibbi.gov.in by 31st March, 2018, with subject line Mechanism for Issuing Regulations . The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the regulations: (a) carry out the provisions of the Code, (b) are consistent with the Code and the rules made the .....

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on. It holds a few round tables to discuss draft regulations with the stakeholders. It takes advice of its Advisory Committee. The process culminates with the Governing Board of the IBBI finalising regulations and the IBBI notifies them. This process endeavours to factor in ground reality, secures ownership of regulations, imparts democratic legitimacy and makes regulations robust and precise, relevant to the time and for the purpose. Public consultation enables collective choice and hence plays .....

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g regulations. In fact, section 196 (1) (s) of the Code requires the IBBI to specify mechanisms for issuing regulations, including the conduct of public consultation processes, before notification of regulations. In sync with this philosophy and the statutory requirement, the IBBI proposes to make regulations to govern the process of making regulations and consulting the public. The IBBI invites comments from public, including the stakeholders and the regulated, on the draft Insolvency and Bankr .....

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Y AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the [__DAY, __ MONTH], 2018 No. IBBI/2018-19/GN/REG-. In exercise of the powers conferred by clause (s) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations, namely:- CHAPTER I PRELIMINARY 1. Short title and commencement. (1) These regulations may be called the Insolvency and Bankruptcy Board of In .....

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s the Insolvency and Bankruptcy Code, 2016 (31 of 2016); and (c) Governing Board means the Board of Members constituted under sub-section (1) of section 189 of the Code. (2) Words and expressions used and not defined in these regulations but defined in the Code shall have the meanings respectively assigned to them in the Code. CHAPTER II MAKING OF REGULATIONS 3. Making regulations. The Board may make regulations to carry out the provisions of the Code with the approval of its Governing Board, in .....

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standard setting agencies and the international best practices, if any, relevant to the proposed regulation; (f) the manner of implementation of the proposed regulations; and (g) the manner, process and timelines for receiving comments from the public. (2) The Board shall allow at least 21 days for public to submit their comments. (3) The Board shall consider the public comments received and upload the same on its website along with a general statement of its response on the comments, not later .....

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egulation, the Board may consult stakeholders and advisory committees, as it may consider appropriate for making regulations. 5. Economic Analysis. (1) The Board shall cause an economic analysis of the proposed regulations to be made. (2) The economic analysis shall cover the following:- (a) expected costs to be incurred by, and the benefits that will accrue to, the society, economy, stakeholders and the Board, both directly and indirectly on account of the proposed regulation; and (b) how the p .....

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