The Insolvency and
Bankruptcy Board of India (IBBI) has invited public comments on the
draft regulations for voluntary liquidation. Draft regulations were
uploaded on the IBBI website (www.ibbi.gov.in) inviting public comments
Ministry of Corporate Affairs vide order dated 22.07.2016 had set up
four working groups to make recommendations on design and organisational
structure of Insolvency and Bankruptcy Board of India (IBBI), Rules &
Regulations and other related matters on Insolvency Professionals (IPs)
& Insolvency Professional Agencies (IPAs), Insolvency & Liquidation
process under the Code and Information Utilities under the Code. The
recommendations have been received.
The rules and regulations based on the reports with regard to Insolvency
Professional Agencies, Model Bye Laws and Governing Board of Insolvency
Professional Agencies, Insolvency Professionals, Procedure for Governing
Board Meetings of IBBI, Advisory Committees of IBBI, Insolvency
Resolution Process and Liquidation of Corporate Persons except Voluntary
Liquidation and Fast Track Insolvency Resolution Process have been
notified. Various regulations for the internal functioning of the IBBI
have also been notified. Public consultations on the draft regulations
for Information Utilities have been completed.
This was stated by Shri Arjun Ram Meghwal, Minister of State for
Corporate Affairs in written reply to a question in Lok Sabha today.