New Delhi: 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 the 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.
