IBBI Invites Suggestions To Simplify And Reduce Cost Of Compliance Of IBC Regulations

The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a Press Release dated 12.10.2023, inviting suggestions to simplify, ease and reduce cost of compliance of Regulations notified under the Insolvency and Bankruptcy Code, 2016 (“IBC”). The IBBI has framed IBBI (Mechanism for Issuing Regulations) Regulations, 2018 providing for the manner of consultation, framing and review of Regulations. 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; and (b) Review of regulations every three years based on set criteria including intended objectives and outcomes achieved. After the completion of three-year review process in 2021, IBBI issued a press release dated 04.05.2023 seeking public comments on Regulations for Annual review for the present year. Further, one of the Budget Announcements in the Union Budget for FY 2023-24, was as under: “100. 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.” In view of the same, IBBI has invited suggestions/comments from public and regulated entities on the Regulations under IBC for simplifying, easing and reducing cost of compliance. The comments can be provided online by visiting the IBBI website at - https://ibbi.gov.in/webfront/regulation_comment.php. The procedure to submit the comments shall be same as provided in Press Release No. IBBI/PR/2023/05 dated 04.05.2023. Ref No. IBBI/PR/2023/14 Click Here To Read/Download Press Release

IBBI Invites Suggestions To Simplify And Reduce Cost Of Compliance Of IBC Regulations

Pallavi Mishra

Tags