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IBBI invites public comments on Draft regulations for Fast Track Resolution process for Eligible Corporate Persons

Insolvency and Bankruptcy Board of India (IBBI) vide Press Release dated 18th April 2017 issued ‘Draft Regulations for Fast Track Resolution Process for Eligible Corporate Persons’

'A draft notification under Section 55(2) of IBC, 2016 for eligible corporate debtors' has also been issued specifying the threshold for initiating the Fast Track Corporate Insolvency Resolution Process.

The Board has invited public comments on the draft regulations on 1) Fast Track Insolvency Resolution Process for Corporate persons and 2) for eligible Corporate Debtor under Fast Track Insolvency Resolution Process, separately.

The aforesaid draft Regulations are available on IPA as well as Institute’s websites, www.ipaicmai.in and www.icmai.in respectively; and also on IBBI website www.ibbi.gov.in .

To facilitate members, the Institute will send the consolidated comments/ suggestions of members/stakeholders to the IBBI.

In view of the above, it is requested that the members may send their comments/suggestions on each provision of the draft regulations by email at: ipa@icmai.in latest by May 5th 2017 to enable the Institute to submit the consolidated comments of the members by 8th May 2017 in the following format:

Regulation No. Sub-Regulation No. Page No/ Line No Comments Justification

Enrolment is open under Regulation 5 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulation 2016. Any person, who has passed ‘Limited Insolvency Examination’ and meets qualification and experience criteria under Regulation 4 of the said Regulations, may enroll with ‘Insolvency Professional Agency of Institute of Cost Accountants of India’. The details regarding eligibility and other details concerning enrolment and registration are given at www.ipaicmai.in

CMA J K Budhiraja
CEO, IPA of ICAI and
Senior Director (Technical), ICAI