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IBBI notifies mechanism for issuing regulations under insolvency law

In case, there is an urgent need for issuing or amending regulations, then the consultation process could be done away with

Press Trust of India  |  New Delhi 

Banks' certificates not must for triggering insolvency

The (IBBI) has notified the mechanism to be followed for issuing regulations under the

A set of procedures would be followed for making or amending regulations under the (IBC).

An official release issued on Tuesday said the has notified the mechanism for issuing regulations.

Under the mechanism, a draft of regulations would be put out for public consultations as well as a statement of the problem that the proposed regulation seeks to address.

Among others, there would be an economic analysis of the proposed regulations and a statement carrying relevant norms advocated by international standard setting agencies and the international best practices.

"The shall allow at least twenty-one days for public to submit their comments... If the governing board (of the IBBI) decides to approve regulations in a form substantially different from the proposed regulations, it shall repeat the process under the issuing regulations," the release said.

In case, there is an urgent need for issuing or amending regulations, then the consultation process could be done away with.

First Published: Tue, October 23 2018. 16:20 IST
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