IBBI Bets On Crowdsourcing Of Ideas For Making Conducive Regulatory Framework

India’s bankruptcy regulator is seeking comments from the public on the existing regulations as it aims to develop a more conducive regulatory framework.

“Public consultation enables collective choice and hence plays an important role in the evolution of the regulatory framework,” the Insolvency and Bankruptcy Board of India (IBBI) said in a statement.

IBBI asked the public, including the stakeholders, to submit the comments by 31 December 2023 on the regulations already notified under the Insolvency and Bankruptcy Code (IBC).

The regulator said it will process all the comments together and following the due process, the regulations will be modified to the extent necessary.

IBBI will try to notify the modified regulations by 31 March 2024 and bring them into force on 1 April, it added.

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