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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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Rajendra Kumar Jain 9 years 1 month ago

मेरा नाम राजेंद्र कुमार जैन है ! मेरा आधार कार्ड न०है ३९१६-९४३९-१८४८ है ! मोदीजी पिछले तीन सालों में देश की जनता को आपने अपने मन की बात बहुत बताई जिसे सुन-सुन कर जनता ऊब चुकी है ! कृपया अब जनता की आवाज़ सुनिए ! भ्रष्टाचार चरम पर है , RTI अधिनियम की सरकारी कर्मचारिओं और अधिकारिओं द्वारा धज्जियाँ उड़ा दी गयी है ! कहाँ शिकायत करेंगे ! CIC में शिकायत करने पर दो- तीन साल सुनवाई की जाती है ! इस प्रकार आम जनता को ही परेशान किया जाता है !

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Shubham Nautiyal 9 years 1 month ago

Respected sir, This is shubham nautiyal from dehradun. I would like to suggest to start a nation wide programme regarding to utilize the bio degradable and non bio degradable waste rather than damping or burning the waste due to which there increase in global warming and pollution.

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Chandrasen Nahar 9 years 1 month ago

Sir, On the road, as rider see the traffic police, were the helmet on head otherwise on hand, only for not to penalize. Sir, Can you plan for this, to develop an system for necessarily were helmet and to think about their safety. Second any plan to generate traffic sense in public. As per me, lack of traffic sense results maximum no. of road accidents.

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Satyabhan Chaudhary 9 years 1 month ago

Hello Sir, Myself Satyabhan Chaudhary from Mathura, wants to tell you about the truth of Swachh Bharat Abhiyaan and Pradhan Matri Gram Sadak Yojna and that is in my City everywhere you can find waste pile and the drains is also not clean by the Municipal worker. It jammed and overflowed mostly places. In villages the Bitumin roads are made by black oil. Instead of rebuilt patching is done and which become dilapidated again. So, I hope you will take some prompt action to solve these problems.

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Sandy Mulchandani 9 years 1 month ago

#MoCA #MyGov #FastTrackInsolvencyResolutionProcess Hello, This is Sandeep from Ahmedabad Gujarat. I would like to suggest to start mandatory defense training in schools, which will help all the students to handle and fight the situations like natural calamities, terrorist activities, harassment, eve teasing. This will also help to increase student's physical as well as mental power. I hope the government will look into it and will take some steps to implement it ASAP.

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Neha Sharan 9 years 1 month ago

Dear Sir, I live in Baleshwar, Odisha. I wanted to inform you that the roads here are in very bad condition. Though some of them have been renovated but majority remains the same. Another biggest issue here is electricity. Almost every day we face power cut and that to for more than 7-8 hrs a day. The power cuts at any time of the day or night.We are unable to do even our daily course properly. Plz sir there is an humble request to kindly resolve our problem.

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Pramod Ranpariya 9 years 1 month ago

Please make Education Free for Everyone without any change according child ability and provide them all facility and motivate them to go ahead their life otherwise our Indian will never grow.

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Pritesh Desai 9 years 1 month ago

Sir, you are kindly requested to put Ban on Pornography immediately. This is only because of the case of gang rape which has increased. Women's and girls are under tremendous threat. Illiterate people of the country get influence by watching this. Western countries are spoiling our youth and they make money. To save the youth of the country this action is badly required. Thanking you. Warm Regards Pritesh Desai VADODARA 9898050094

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Sujoy Kumar Khan 9 years 1 month ago

Dear Sir/Madam, I reside at Gurgaon and travel via Rajesh Pilot Road every day to ASF Insignia. I'd like to grab your attention on two points 1. The condition of the road is horrible. It is full of pits and that made it a highly accident-prone road. 2. Both sides of the road are filled with plastic bags and need to be cleaned. Request your support and action on these two points. Regards Sujoy

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JAGDISH PATHAK 9 years 1 month ago

In respect to insolvency resolution process, I want to suggest that, there should be complete transparency in process, the assets and liabilities of person should be properly checked, any hidden amount transferred personally in the accounts of family members or in own accounts or in the accounts of related person in last 3 years should be properly investigated, Liabilities should also be verified properly by expert, to that, fictitious liabilities created if any should be seprated, best wishes

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