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Review of IBC Rules: MCA Invites Stakeholder Comments

As part of the comprehensive review of existing rules being undertaken by the Ministry of Corporate Affairs (MCA), a notice has been issued inviting comments on the rules prescribed under the Insolvency and Bankruptcy Code, 2016, within 30 days.

This is in accordance with the policy, released by the Ministry in January of this year, on public consultation with respect to framing and reviewing of rules and regulations issued under legislations administered by the MCA. Notably, this policy specified that the exercise of comprehensive review has to be completed in FY 2024-25.

MCA’s notice, published last week, seeks public comments on the following rules:

  • The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
  • The IBBI (Form of Annual Statement of Accounts) Rules, 2018.
  • The IBBI (Annual Report) Rules, 2018.
  • The Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019.
  • The Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019.
  • The Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantor to Corporate Debtor) Rules, 2019.
  • The Insolvency and Bankruptcy (Pre-packaged Insolvency Resolution Process) Rules, 2021.