India’s bankruptcy regulator is seeking comments from the public to simplify and reduce cost of compliance of regulations under the Insolvency and Bankruptcy Code.

The last date for submission of comments is 31 December, the Insolvency and Bankruptcy Board of India (IBBI) said in a statement.

The IBBI follows a dual-review mechanism of its regulations as follows: (a) annual review of regulations after inviting public comments, and (b) review of regulations every three years based on set criteria including intended objectives and outcomes achieved.

In May this year, the IBBI sought comments from the public on the existing regulations by 31 December, as it aims to develop a more conducive regulatory framework.

“The comments are being received and examined,” the regulator said.

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