Supreme Court: Issues of Party Capacity and Maintainability Must Be Decided by Arbitral Tribunal  ||  Supreme Court: Omissions in Chief Examination Can Be Rectified During Cross-Examination  ||  Supreme Court: Items Given by Accused to Police Are Not Section 27 Recoveries under Evidence Act  ||  Gujarat High Court: Waqf Institutions Must Pay Court Fees When Filing Disputes in State Tribunal  ||  Allahabad High Court: Law Treats All Equally, State Cannot Gain Undue Benefit from Delay Condonation  ||  SC: SARFAESI Act Was Not Applicable in Nagaland Before its 2021 Adoption, Dismisses Creditor’s Plea  ||  SC: Lis Pendens Applies To Money Suits on Mortgaged Property, Including Ex Parte Proceedings  ||  Kerala HC: Civil Courts Cannot Grant Injunctions in NCLT Matters and Such Orders Can Be Set Aside  ||  Bombay High Court: Technical Breaks to Temporary Employees Cannot Deny Maternity Leave Benefits  ||  NCLAT: Appellate Jurisdiction Limited to Orders Deciding Parties’ Rights, Not Procedural Directions    

IBBI invites suggestions to simplify, ease and reduce cost of compliance of Regulations notified under the Insolvency and Bankruptcy Code, 2016- (Press Information Bureau) (12 Oct 2023)

MANU/PIBU/3228/2023

Insolvency

The Insolvency and Bankruptcy Board of India (IBBI) invites suggestions/comments from public and regulated entities, on the Regulations for simplifying, easing and reducing cost of compliance.

The suggestions are invited in pursuance of the announcement made in the Union Budget for FY 2023-24 by the Union Finance Minister:

"To simplify, ease and reduce cost of compliance, financial sector regulators will be requested to carry out a comprehensive review of existing regulations. For this, they will consider suggestions from public and regulated entities. Time limits to decide the applications under various regulations will also be laid down."

Apart from wide and transparent public consultation before making regulations, the IBBI follows a dual-review mechanism of its regulations, as under -

a. Annual review of Regulations after inviting public comments.

b. Review of regulations every three years based on set criteria including intended objectives and outcomes achieved.

The three-year review process has been completed in the year 2021 and IBBI has issued a press release on 4th May 2023 seeking public comments on Regulations for Annual review for this year. The last date for submission of comments and suggestions is 31st December 2023. The comments are being received and examined.

Section 240 read with sections 188 and 196 of the Insolvency and Bankruptcy Code, 2016 (Code) empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations. IBBI has framed IBBI (Mechanism for Issuing Regulations) Regulations, 2018 providing for the manner of consultation, framing and review of Regulations.

Tags : SUGGESTIONS   COST   COMPLIANCE   REGULATIONS  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved