IBBI notifies mechanism for issuing regulations under insolvency law
23-October-2018
The Insolvency and Bankruptcy Board of India (IBBI) on Tuesday notified the mechanism for making or amending regulations under the insolvency law.
For the purpose of making or amending any regulations, the IBBI would upload the draft of proposed regulations on its website along with an economic analysis of the proposed regulations, according to the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018 notified on Tuesday.
IBBI would also explain the problem that the proposed regulation seeks to address, the specific provision of the Insolvency and Bankruptcy Code (IBC) under which the regulations are proposed and the manner of implementation of such regulations, an official statement said.
"The IBBI shall allow at least twenty-one days for public to submit their comments. It 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 than the date of notification of regulations," it said.
However, if certain regulations are required urgently, it could be done with the approval of the governing board without following the consultation process.-IANS
Actress Tamannaah Bhatia Summoned by Maharashtra Cyber Police in Online Betting Scandal
Delhi Police Use Fire Brigade Crane To Bring Down TN Farmers From Mobile Tower
NRI Medical Professional Pemmasani Chandra Sekhar: The Richest Candidate in Lok Sabha Elections 2024
AI-Enabled SaaS Platform Accacia Raises $6.5 Million in Funding
Natch Snacks and Recircles Team Up for Sustainable Waste Management