The Insolvency and Bankruptcy Board of India (IBBI) the regulator of the insolvency and bankruptcy laws in the country has prepared a draft to amend the "Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017".
The IBBI released discussion paper to solicit public comments on the following issues related to a voluntary liquidation process:
Part-A: Review of Timelines
Part-B: Compliance Certificate
It is requested, to download the attached file to view the proposed amendments in the regulations, and submit your comments to the IBBI as per the guidelines mentioned below:
(a). Points mentioned in Para 31.
(b). Any specific regulations in the draft Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022, placed at Annexure A.
Comments may be submitted electronically by 22nd February 2022. For providing comments, please follow the process as under:
(i) Visit IBBI website, www.ibbi.gov.in;
(ii) Select ‘Public Comments’; and then select ‘Discussion paper – Voluntary Liquidation February, 2022';
(iii) Provide your Name, and Email ID;
(iv) Select the stakeholder category, namely, -
a) Corporate Debtor;
b) Personal Guarantor to a Corporate Debtor;
c) Proprietorship firm;
d) Partnership firm;
e) Creditor to a Corporate Debtor;
f) Insolvency Professional;
g) Insolvency Professional Agency;
h) Insolvency Professional Entity;
i) Academics;
j) Investor; or
k) Others.
(v) Select the kind of comments you wish to make, namely,
a) General Comments; or
b) Specific Comments.
(vi) If you have selected ‘General Comments’, please select one of the following options:
a) Inconsistency, if any, between the provisions within the regulations (intra regulations);
b) Inconsistency, if any, between the provisions in different regulations (inter regulations);
c) Inconsistency, if any, between the provisions in the regulations with those in the rules;
d) Inconsistency, if any, between the provisions in the regulations with those in the Code;
e) Inconsistency, if any, between the provisions in the regulations with those in any other law;
f) Any difficulty in implementation of any of the provisions in the regulations; and
g) Any provision that should have been provided in the regulations, but has not been provided; or
h) Any provision that has been provided in the regulations but should not have been provided.
And then write comments under the selected option.
(vii) If you have selected ‘Specific Comments’, please select para/regulation number and then sub-para/sub-regulation number and write comments under the selected para/sub-para or regulation/sub-regulation number.
(viii) You can make comments on more than one para/sub-para or regulation / sub-regulation number, by clicking on More Comments and repeating the process outlined above from point 33(v) onwards.
(ix) Click ‘Submit’, if you have no more comments to make.
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