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Ministry of Corporate Affairs

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Suggestions Invited for Regulations for Fast Track Insolvency Resolution Process

Start Date :

Apr 18, 2017

Last Date :

May 08, 2017

00:00 AM IST (GMT +5.30 Hrs)

Submission Closed

A Working Group was constituted by the Ministry of Corporate Affairs under the Chairmanship of Mr. N.K.Bhola, Regional Director (North), MCA with a mandate to deliberate and submit ...

A Working Group was constituted by the Ministry of Corporate Affairs under the Chairmanship of Mr. N.K.Bhola, Regional Director (North), MCA with a mandate to deliberate and submit its recommendations on rules and regulations and other related matters for the insolvency and liquidation process under the Insolvency and Bankruptcy Code, 2016. This Working Group had earlier developed draft regulations for Corporate Voluntary Liquidation Process. Based on these drafts and after considering public comments on the same and following the due process, the Insolvency and Bankruptcy Board of India (Board) has notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 on 31st March, 2017.

This Working Group has now submitted the draft regulations for Fast Track Corporate Insolvency Resolution Process of Corporate Persons. These regulations shall apply to such Corporate Debtors with assets and income below a certain level or such class of creditors or such amount of debt or such categories of Corporate Persons, as may be notified by Central Government under section 55 (2) of the Insolvency and Bankruptcy Code. The resolution process under Fast Track Regulations shall be completed within a period of 90 days from the insolvency commencement date and can be extended by 45 days with the permission of Adjudicating Authority under certain circumstances.

Under section 55 (2) of the Code, the Central Government may notify such categories of Corporate persons on which the Fast Track Corporate insolvency resolution process regulations shall be applicable. The working group has suggested three categories of corporate persons for applicability of Fast track regulations i.e. Small companies, as defied under subsection (85) of section 2 of Companies Act.,2013, Companies/LLP which has borrowed money not exceeding Rs. 2 crores and Start-ups as defined in DIPP notification no 180 (E) dated 17.02.2016.

It has been decided to to invite public comments on the draft regulations on fast track resolution and Eligible Corporate persons. Accordingly, comments on each provision of the draft regulations are invited. The draft regulations are available on MyGov here. The last date for submission of suggestions is 8th May, 2017.

Click here to read the Draft Regulations on Fast Track Insolvency Resolution Process for Corporate Persons

Click here to read the Draft Notification for Eligible Corporate Debtors

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Showing 104 Submission(s)

Dr B B Deshani 9 years 1 month ago

Modiji, Address the rural children to study science and to become proud scientists of our country. Though we are good only at IT programming we are far behind inventions and R&D. Encourage rural children to become Dr.APJ Kalam. I run an NGO, encouraging rural children to learn science, through setting up mini science centers in rural primary govt. schools.

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praveen kumar singh_31 9 years 1 month ago

sir i just want to mention you for saving our enviroment.the basic thing to prevent from this is to more plantation ,water conservation,saving the electricity.secondly i want some justice for former sir please do something for the formers.i want to say a simple point as in company all the workers found incentive for their best performance in particular field,same why we can not give some incentive to the formers.my openion is that if we do something for the formers we can stop the migration

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Rahul Raturi 9 years 1 month ago

Dear ModiJi, I have got to know that there is national level football event to be held in Telangana for Girls and Girls are coming from every state.According to budget only sleeper class train reservation is provided for students. They have to travel 2-3 days to reach to the places.It is tough for them to perform in games after 2-3 journey in sleepers class and there is concern of security also specially for Girls.Please provide 3rd AC facility for Girls students while going for Games.

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venkata rao pippalla 9 years 1 month ago

The assets seized , permanent like land and buildings, should be transferred in the name of the Government, without registration fee etc., and they will be having absolute rights for sale or re-utilise the same without auction. The procedure / legal requirements required for this can be passed in the respective bodies. Even the assets can be transferred to banks who have advanced.

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venkata rao pippalla 9 years 1 month ago

Regarding Bank loans , where the maounts are huge....why banks and board of directors cannot be held responsible or accountable. All the bank directors/bodies which passes through the loans which have become bad debts, can be directed to attend the courts when the cases are pending in the courts.Theyhave to attend for all the proceedings.

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venkata rao pippalla 9 years 1 month ago

For seized assets, small or big...separate process to be drafted and separate procedure to be adopted for sale of the goods/seized material. Incase of vehicles sezed by police personnel, they should have one advocate. one surveyor authorised for valuation and sell the goods within 15 days. The amount can be deposited in bank in joint names and the same can be released after the process.

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datwanichand 9 years 1 month ago

We are nation where the culture has been allowed to rot. We need to educate the masses that survival does not mean corruption or cheating others. Politicians r basic cause of the present culture hand in hand with beaurocrats, that culture needs to be guided in the appropriate direction. PM has energy, he can achieve that & allow business to thrive, allow those who want to close or change their business without interference of politically promoted labor laws. Om Tat Sat

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venkata rao pippalla 9 years 1 month ago

sir, when the assets are attached , auction process should not be delayed. S. its also true that the business/industries should not be killed because of the long process. Even I am surprised a police seizd vehicle also could ot be auctioned within 20 days. Why? Many vehicles are lying the yards of police stations. allow the borrower to deposit the market value of the asset and release the same for auction. Or the borrower himself be allowed to bring the money for the market value and release

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datwanichand 9 years 1 month ago

Humans that are born r assured death by the creator when appropriate. A business when commenced should hv the right to wind up for reasons best decided by the promoter. Government must hv no business to creat road blocks, hurdles, avenues for political and beaurocratic corruption. The old leaves must fall so new can be born. Culture of politicians and beaurocrats needs to be reined in. Let commerce prosper. there will be bad apples but dont let the nationrot away due to them.

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Swapnil Shinde 9 years 1 month ago

Dear Sir, Please regulate the digital crypto currency (Bitcoin) in India, so as we can motivate online transactions, can pay foreign trade in to it and can stand firm in front of strong currencies like Dollar and Euro. Without regulation it can be misused. Regulation will help in generating strong KYC guidelines for its traders. It’s a system generated certain currency and can’t be controlled or banned. Regulation can generate huge taxation for government as well.

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