New Delhi, March 8 (IANS) The Insolvency and Bankruptcy Board of India (IBBI) on Thursday invited comments from the public on its proposal to make regulations that will govern the process of making regulations and consulting the public.
The IBBI has invited comments, including from stakeholders and “the regulated”, on its website by March 31, 2018, on its draft Mechanism for Issuing Regulations.
Noting that public consultation enables collective choice and, thus, plays an important role in evolving a regulatory framework, a Corporate Affairs Ministry statement here said: “The IBBI has evolved a transparent and consultative process to make regulations.
“The process generally starts with a working group making draft regulations. The IBBI puts these draft regulations out in public domain seeking comments thereon.
“It holds a few round tables to discuss draft regulations with the stakeholders and takes advice of its advisory committee.”
“This process endeavours to factor in ground reality, secures ownership of regulations, imparts democratic legitimacy and makes regulations robust and precise, relevant to the time and for the purpose.”
According to the Ministry, the process culminates with the IBBI finalising the regulations and notifying them, while these are to be “laid, as soon as possible, before each House of Parliament for 30 days”.
The Insolvency and Bankruptcy Code, 2016, empowers the IBBI to make regulations to carry out the provisions of the Code.