To ensure that the public is involved in the decision-making process and concerns of the stakeholders are effectively addressed, the Insolvency and Bankruptcy Board of India (IBBI) has invited public comments on the regulations issued by the board under the Insolvency and Bankruptcy Code, 2016, to date.
The Code empowers the IBBI to make regulations to carry out its provisions, and in the exercise of this power, the board has released regulations concerning various matters such as voluntary liquidation process, fast-track insolvency resolution for corporate persons, etc. The press release dated May 4, 2023 states that stakeholders can share general or specific comments on the IBBI regulations by December 31, 2023.
If the board considers it necessary, the regulations would be modified as per the comments so received. It is expected that the board will notify the modified regulations before March 31, 2024.
Further, the press release points out the similarity between the process of obtaining public comments and “crowdsourcing of ideas” and also specifies how the comments may be shared.