Team Blitz India
NEW DELHI: The Insolvency and Bankruptcy Board of India (IBBI) has sought public comments on the regulations notified till date under the insolvency law as it looks to crowd source ideas for the regulatory framework.
Noting that public consultation enables collective choice, IBBI said participation of the public, particularly the stakeholders in the insolvency ecosystem ensures that the regulations are informed by the legitimate needs of those interested in and affected by the regulations.
IBBI is a key institution in implementing the Insolvency and Bankruptcy Code (IBC), which came into force in late 2016. “In a dynamic environment, despite the best of efforts and intentions, a regulator in such novel and emerging regulatory regime may not always be able to address the ground realities.
“Further, the stakeholders may contemplate, at leisure, the important issues in the extant regulatory framework that hinder transactions and offer alternate solutions to address them. This is akin to crowdsourcing of ideas. This enables every idea to reach the regulator,” media reports said on May 7, citing a release.
The IBC provides for a time-bound and market-linked resolution of stressed assets.
Comments from the public, including the stakeholders, have been sought till May 31 on the regulations notified under the IBC till date.