New Delhi, Feb 15: The Insolvency and Bankruptcy Board of India (IBBI) has decided to invite public comments and suggestions on the draft regulations for Voluntary Liquidation of Corporate Persons (VLCP) by March 8, 2017.
The Ministry of Corporate Affairs had set up three working groups to facilitate the implementation of Insolvency and Bankruptcy Code, 2016. The working group-3 had a mandate to deliberate and submit its recommendations on rules and regulations for the insolvency and liquidation process under the aforementioned code.
This group had earlier developed draft regulations for corporate insolvency resolution and liquidation process. Based on the draft regulations developed by this working group, and after considering public comments on the same and following due process, the IBBI has notified the IBBI Regulations, 2016 and the IBBI Liquidation Process Regulations, 2016.
The Press Information Bureau (PIB) reports that a corporate person who has not committed any default may initiate voluntary liquidation subject to certain conditions. It has been decided by the board to invite public comments on the draft regulations.
Accordingly, comments on each provision of the draft regulations are invited by 8th March 2017. The draft regulations are available on the Board’s website at www.ibbi.gov.in.
The comments may be submitted online at ‘FEEDBACK’ on the website or by email at [email protected]